OncoMed Pharmaceuticals Inc (OMED) saw its loss narrow to $22.61 million, or $0.61 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $27.21 million, or $0.90 a share. Revenue during the quarter went down marginally by 2.16 percent to $6.21 million from $6.35 million in the previous year period.
Operating loss for the quarter was $22.76 million, compared with an operating loss of $27.25 million in the previous year period.
“We continue to drive forward our strong immuno-oncology R&D pipeline, including anti-TIGIT, wholly-owned GITRL-Fc trimer, and our novel undisclosed immuno-oncology discovery programs ��" as well as advancing programs in our Celgene collaboration to $98 million in potential opt-in payments within the next two years,” said Paul J. Hastings, OncoMed’s chairman and chief executive officer. “With more than two years cash, we are dedicated to advancing our pipeline while exploring partnering opportunities to advance all of our programs.”
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