Verastem, Inc. (VSTM) saw its loss widen to $13 million, or $0.35 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $8.29 million, or $0.22 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $13.15 million, compared with an operating loss of $8.43 million in the previous year period.
"Following the presentation of positive data from the DYNAMO study of duvelisib in indolent non-Hodgkins Lymphoma (iNHL) at the American Society of Hematology conference in December 2016, we are focused on executing against the important milestones that lie ahead, beginning with reporting top-line duvelisib data from the Phase 3 DUO study in chronic lymphocytic leukemia (CLL), which is expected mid-year 2017," said Robert Forrester, president and chief executive officer of Verastem. "We continue to believe duvelisib has significant potential as a convenient, oral monotherapy for patients with relapsed CLL and possibly other lymphomas, where there remains an unmet medical need."
Working capital drops significantly
Verastem, Inc. has witnessed a decline in the working capital over the last year. It stood at $60.77 million as at Mar. 31, 2017, down 35.63 percent or $33.64 million from $94.41 million on Mar. 31, 2016. Current ratio was at 5.59 as on Mar. 31, 2017, down from 16.42 on Mar. 31, 2016.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
