GTx, Inc. (GTXI) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $6.91 million, or $ 0.05 a share in the quarter, against a net profit of $34.87 million, or $0.04 a share in the last year period.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $6.93 million, compared with an operating loss of $5.86 million in the previous year period.
"In October 2016, the Company completed a registered direct offering of its common stock resulting in net proceeds of approximately $13.6 million. Under the terms of the offering, the Company sold 17.3 million shares of its common stock at a purchase price of $0.81 per share, which was the consolidated closing bid price of the Company's common stock on October 11, 2016. The investors in the offering consisted of certain existing shareholders of the Company, including J.R. Hyde, III, its largest shareholder and Lead Director of the Company's Board of Directors (the "Board"), Robert J. Wills, the Board's Executive Chairman, and Marc S. Hanover, the Company's chief executive officer and a member of the Board."
Working capital increases sharply
GTx, Inc. has recorded an increase in the working capital over the last year. It stood at $12.17 million as at Sep. 30, 2016, up 252.55 percent or $8.72 million from $3.45 million on Sep. 30, 2015. Current ratio was at 4.62 as on Sep. 30, 2016, up from 1.10 on Sep. 30, 2015.
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