Tetraphase Pharmaceuticals, Inc (TTPH) saw its loss widen to $22.46 million, or $0.61 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $18.12 million, or $0.50 a share. Revenue during the quarter plunged 55.89 percent to $1.09 million from $2.47 million in the previous year period.
Operating loss for the quarter was $22.56 million, compared with an operating loss of $18.13 million in the previous year period.
“2016 marked a year of important progress for Tetraphase as we advanced our phase 3 global development program for IV eravacycline with initiation of IGNITE4 in complicated intra-abdominal infections (cIAI), in which enrollment is proceeding well, and the recent commencement of IGNITE3 in complicated urinary tract infections (cUTI),” said Guy Macdonald, President and Chief Executive Officer of Tetraphase. “We have laid the groundwork for an event-driven 2017 and look forward to several important IV eravacycline milestones, including the submission of a Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) for the treatment of cIAI during the second half of the year and top-line data from IGNITE4 during the fourth quarter, which would support a subsequent NDA filing.”
Working capital drops significantly
Tetraphase Pharmaceuticals, Inc has witnessed a decline in the working capital over the last year. It stood at $138.96 million as at Dec. 31, 2016, down 31.57 percent or $64.11 million from $203.07 million on Dec. 31, 2015. Current ratio was at 13.09 as on Dec. 31, 2016, down from 19.98 on Dec. 31, 2015.
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