Minerva Neurosciences, Inc (NERV) saw its loss widen to $10.64 million, or $0.30 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $8 million, or $0.29 a share. The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $10.48 million, compared with an operating loss of $7.76 million in the previous year period.
“We recently had a meeting with the U.S. Food and Drug Administration (FDA) to obtain feedback and guidance related to the Phase III clinical development of MIN-101 as a treatment for negative symptoms of schizophrenia,” said Dr. Remy Luthringer, president and chief executive officer of Minerva. “We expect to initiate Phase III development of this compound in the second half of 2017.”
Working capital increases sharply
Minerva Neurosciences, Inc has recorded an increase in the working capital over the last year. It stood at $73.25 million as at Mar. 31, 2017, up 90.90 percent or $34.88 million from $38.37 million on Mar. 31, 2016. Current ratio was at 6.64 as on Mar. 31, 2017, up from 6.51 on Mar. 31, 2016.
Debt comes down
Minerva Neurosciences, Inc has recorded a decline in total debt over the last one year. It stood at $7.56 million as on Mar. 31, 2017, down 24.55 percent or $2.46 million from $10.02 million on Mar. 31, 2016. Total debt was 5.59 percent of total assets as on Mar. 31, 2017, compared with 10.61 percent on Mar. 31, 2016. Debt to equity ratio was at 0.07 as on Mar. 31, 2017, down from 0.15 as on Mar. 31, 2016. 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
