OncoMed Pharmaceuticals, Inc. (OMED) saw its loss narrow to $22.33 million, or $0.60 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $24.78 million, or $0.82 a share. On an adjusted basis, net loss for the quarter stood at $23.84 million, or $0.64 a share compared with a net profit of $45.27 million, or $1.50 a share in the last year period.
Revenue during the quarter dropped 9.05 percent to $6.22 million from $6.84 million in the previous year period.
Operating loss for the quarter was $22.39 million, compared with an operating loss of $24.82 million in the previous year period.
"With eight OncoMed-discovered therapeutic candidates in the clinic, 14 ongoing clinical trials and active discovery efforts continuing, we are committed to discovering and developing novel drugs that will improve the lives of patients with cancer. 2017 is an important year for OncoMed. We expect to deliver data from a total of three randomized Phase 2 trials for demcizumab and tarextumab in the first half of the year," said Paul J. Hastings, chairman and chief executive officer of OncoMed. "We are also making important progress for our immuno-oncology candidates and expect to dose patients with anti-TIGIT and file an IND for GITRL-Fc trimer in the first half of the year. Simultaneously, we continue development of multiple other therapeutic candidates."
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