Portola Pharmaceuticals, Inc. (PTLA) saw its loss narrow to $53.84 million, or $0.95 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $66.11 million, or $1.23 a share.
Revenue during the quarter surged 210.22 percent to $13.69 million from $4.41 million in the previous year period.
Operating loss for the quarter was $55.20 million, compared with an operating loss of $66.28 million in the previous year period.
"We are working towards gaining approval of both betrixaban, our investigational oral Factor Xa inhibitor, and andexanet alfa, our investigational antidote for oral Factor Xa inhibitors, in the United States and Europe over the next year," said Bill Lis, chief executive officer of Portola. "Each has the potential to become the first product approved for their respective indications and both are highly anticipated by the medical community. We are confident in the robust clinical data for both products, and are focused on addressing the regulatory risks that remain."
Working capital drops significantly
Portola Pharmaceuticals, Inc. has witnessed a decline in the working capital over the last year. It stood at $263.26 million as at Dec. 31, 2016, down 36.48 percent or $151.17 million from $414.43 million on Dec. 31, 2015. Current ratio was at 5.01 as on Dec. 31, 2016, down from 9.10 on Dec. 31, 2015.
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