Xenon Pharmaceuticals (XENE) saw its loss widen to $7.71 million, or $0.51 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $3.83 million, or $0.27 a share. Revenue during the quarter plunged 90.38 percent to $0.41 million from $4.29 million in the previous year period.
Operating loss for the quarter was $7.33 million, compared with an operating loss of $0.82 million in the previous year period.
Dr. Simon Pimstone, Xenons president and chief executive officer, said, "We have continued our momentum with a strong quarter, which included the completion of a successful public offering that bolstered our balance sheet and supports our program goals going forward. We completed enrollment in our XEN801 Phase 2 clinical trial in patients with moderate to severe acne, and have advanced our other key programs toward important inflection points. We believe we are on the cusp of several major milestones over the next 6 to 12 months that have the potential to accelerate the growth trajectory of our company, including: the topline data read-out from our XEN801 Phase 2 acne clinical trial; the advancement of the Nav1.7 pain program in collaboration with Genentech into a Phase 2 clinical trial; and a topline data read-out from the Phase 2b clinical trial in post-herpetic neuralgia in our partnership with Teva."
Working capital increasesXenon Pharmaceuticals has recorded an increase in the working capital over the last year. It stood at $67.37 million as at Sep. 30, 2016, up 10.85 percent or $6.60 million from $60.78 million on Sep. 30, 2015. Current ratio was at 17.95 as on Sep. 30, 2016, up from 12.39 on Sep. 30, 2015. Days sales outstanding went up to 21 days for the quarter compared with 5 days for the same period last year.
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
