Galena Biopharma (GALE) saw its loss narrow to $6.93 million, or $0.03 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $18.03 million, or $0.11 a share. The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $6.47 million, compared with an operating loss of $8.64 million in the previous year period.
"Over the past several weeks we have collaborated with regulatory experts and world leaders in the treatment of myeloproliferative neoplasms on key elements of the trial design for our pivotal, Phase 3 trial that we expect to initiate in the second quarter of 2017," said Mark W. Schwartz, Ph.D., president and chief executive officer. "Essential thrombocythemia is a chronic condition in patients presenting with elevated platelets and the limited available treatment options often include challenging side effects. We believe that GALE-401, our controlled release version of anagrelide, could be both effective at lowering platelets and improve the side effect profile from the immediate release version currently available."
Working capital drops significantlyGalena Biopharma has witnessed a decline in the working capital over the last year. It stood at $1.92 million as at Sep. 30, 2016, down 88.77 percent or $15.18 million from $17.10 million on Sep. 30, 2015. Current ratio was at 1.05 as on Sep. 30, 2016, down from 1.46 on Sep. 30, 2015.
Debt increases substantially
Galena Biopharma has witnessed an increase in total debt over the last one year. It stood at $23.72 million as on Sep. 30, 2016, up 316.76 percent or $18.03 million from $5.69 million on Sep. 30, 2015. Total debt was 32.56 percent of total assets as on Sep. 30, 2016, compared with 6.89 percent on Sep. 30, 2015. Debt to equity ratio was at 0.99 as on Sep. 30, 2016, up from 0.18 as on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
