Global Blood Therapeutics, Inc. (GBT) saw its loss widen to $20.98 million, or $0.58 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $14.76 million, or $0.90 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $21.14 million, compared with an operating loss of $14.78 million in the previous year period.
"We continue to make important progress across our GBT440 development programs and are particularly excited to have reached agreement with the FDA on key elements of our Phase 3 HOPE Study design for GBT440 in sickle cell disease (SCD)," said Ted W. Love, M.D., president and chief executive officer of GBT. "SCD is an urgent unmet medical need, and we believe the HOPE Study is uniquely designed to demonstrate the benefit of GBT440's mechanism of action. We look forward to initiating clinical trial sites for this Phase 3 study and beginning to screen patients by December."
Working capital increases sharply
Global Blood Therapeutics, Inc. has recorded an increase in the working capital over the last year. It stood at $208.11 million as at Sep. 30, 2016, up 35 percent or $53.95 million from $154.15 million on Sep. 30, 2015. Current ratio was at 16.82 as on Sep. 30, 2016, down from 24.45 on Sep. 30, 2015.
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