Prothena Corporation plc (PRTA) saw its loss widen to $35.38 million, or $0.99 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $27.52 million, or $0.81 a share. Revenue during the quarter went down marginally by 2.26 percent to $0.26 million from $0.26 million in the previous year period.
Operating loss for the quarter was $36.27 million, compared with an operating loss of $27.41 million in the previous year period.
“Enrollment is now complete in our Phase 2b PRONTO study evaluating NEOD001 for the potential treatment of AL amyloidosis and we expect topline results from this study in the second quarter of 2018,” said Gene Kinney, PhD, president and chief executive officer of Prothena. “Later this month, we also expect to meet an important milestone by completing over-enrollment of our Phase 3 VITAL Amyloidosis Study evaluating NEOD001 in newly diagnosed, treatment naïve patients with AL amyloidosis and cardiac dysfunction. Our balance sheet enables us to progress our clinical programs through key milestones and we are steadily advancing a diverse pipeline of protein immunotherapies across multiple therapeutic categories while strengthening our organization to plan for commercialization of our lead program, NEOD001.”
Working capital increases marginally
Prothena Corporation plc has recorded an increase in the working capital over the last year. It stood at $480.52 million as at Mar. 31, 2017, up 4.72 percent or $21.67 million from $458.86 million on Mar. 31, 2016. Current ratio was at 15.27 as on Mar. 31, 2017, down from 20.75 on Mar. 31, 2016. Days sales outstanding went down to 88 days for the quarter compared with 260 days for the same period last year.
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