Titan Pharmaceuticals Inc (TTNP) saw its loss widen to $3 million, or $0.16 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $1.85 million, or $0.09 a share. Revenues for the quarter were $0.04 million. The company has not recorded any revenues for the previous year period.
Operating loss for the quarter was $3.44 million, compared with an operating loss of $1.83 million in the previous year period.
Titan management will host a live conference call today at 4:15 p.m. ET / 1:15 p.m. PT to discuss the company's financial results as of March 31, 2017. The call will be hosted by Sunil Bhonsle, president and chief executive officer; Kate Beebe, Ph.D., executive vice president and chief development officer; Brian Crowley, vice president of finance; and Marc Rubin, M.D., executive chairman. A summary of the first quarter 2017 results and other highlights will be included in a press release to be issued prior to the call.
Working capital increases sharply
Titan Pharmaceuticals Inc has recorded an increase in the working capital over the last year. It stood at $10.04 million as at Mar. 31, 2017, up 69.94 percent or $4.13 million from $5.91 million on Mar. 31, 2016. Current ratio was at 5.42 as on Mar. 31, 2017, up from 2.16 on Mar. 31, 2016.
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