MabVax Therapeutics Holdings, Inc (MBVX) saw its loss narrow to $4.36 million, or $0.86 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $5.28 million, or $1.51 a share.
The company has not recorded any revenues for the current quarter. However, it has reported a revenue of $0.13 million for the previous year period.
Operating loss for the quarter was $4.09 million, compared with an operating loss of $5.28 million in the previous year period.
“We look forward to disclosing on Monday the progress that we have been making with both our clinical trials of our lead antibody development program,” stated president and chief executive officer, J. David Hansen. “Specifically, we will be talking about interim phase I clinical results of MVT-5873 as a therapeutic antibody for pancreatic cancer and other malignancies that express the same target antigen present on many gastrointestinal cancers. We will also share our progress in evaluating the use of MVT-2163 as an immuno-PET imaging agent. And we will explain the significance of being issued a patent by the United States Patent and Trademark Office for our fully-human monoclonal antibody that forms the basis for both our MVT-5873 and MVT-2163 clinical development programs.”
Working capital increases sharply
MabVax Therapeutics Holdings, Inc has recorded an increase in the working capital over the last year. It stood at $3.14 million as at Sep. 30, 2016, up 350.41 percent or $2.45 million from $0.70 million on Sep. 30, 2015. Current ratio was at 1.73 as on Sep. 30, 2016, up from 1.14 on Sep. 30, 2015.
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