PUMA BIOTECHNOLOGY (PBYI) saw its loss widen to $65.80 million, or $2.02 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $60.40 million, or $1.87 a share. On the other hand, adjusted net loss for the quarter widened to $36 million, or $1.11 a share from a loss of $35.50 million or $1.10 a share, a year ago. The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $66 million, compared with an operating loss of $60.70 million in the previous year period.
"During the third quarter, we achieved several key milestones, including the European Medicines Agencys (EMA) validation of the Marketing Authorization Application (MAA) for neratinib as an extended adjuvant treatment of HER2-positive early stage breast cancer in Europe, and the U.S. Food and Drug Administrations (FDA) acceptance of the New Drug Application (NDA) for neratinib as an extended adjuvant treatment for patients with early stage HER2-overexpressed amplified breast cancer who have received prior adjuvant trastuzumab (Herceptin)-based therapy," said Alan H. Auerbach, chairman, chief executive officer and president of Puma.
Operating cash flow remains negative
PUMA BIOTECHNOLOGY has spent $100.70 million cash to meet operating activities during the nine month period as against cash outgo of $121.40 million in the last year period. Cash flow from investing activities was $121.40 million for the nine month period as against cash outgo of $125.50 million in the last year period.
Cash flow from financing activities was $0.30 million for the nine month period, down 99.87 percent or $231.70 million, when compared with the last year period.
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