Genocea Biosciences, Inc (GNCA) saw its loss widen to $13.74 million, or $0.48 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $9.75 million, or $0.35 a share. The company has not recorded any revenues for the current quarter. However, it has reported a revenue of $0.24 million for the previous year period.
Operating loss for the quarter was $13.38 million, compared with an operating loss of $9.43 million in the previous year period.
Chip Clark, president and chief executive officer of Genocea commented on the results: “These long-term durability data reinforce our conviction that GEN-003 could become the cornerstone treatment for patients with genital herpes. We believe the data suggest a single course of treatment of GEN-003 could offer significant clinical, virologic and convenience benefits to patients generally, and especially those dissatisfied with current treatments, for at least 2 years with no maintenance dosing. Given our successful End of Phase 2 meeting with the FDA, we continue to plan a Phase 3 program design consistent with previous guidance. We believe that these new data, together with the body of positive clinical results to date and these FDA discussions, give us momentum to advance our pioneering product candidate to Phase 3 readiness this year.”
Debt moves up marginally
Genocea Biosciences Inc has witnessed an increase in total debt over the last one year. It stood at $17.08 million as on Mar. 31, 2017, up 2.96 percent or $0.49 million from $16.59 million on Mar. 31, 2016. Short-term debt stood at $17.08 million as on Mar. 31, 2017. Total debt was 30.70 percent of total assets as on Mar. 31, 2017, compared with 16.16 percent on Mar. 31, 2016. Debt to equity ratio was at 0.52 as on Mar. 31, 2017, up from 0.20 as on Mar. 31, 2016.
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