Zafgen, Inc (ZFGN) saw its loss narrow to $13.01 million, or $0.48 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $17.74 million, or $0.65 a share. The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $13.26 million, compared with an operating loss of $17.86 million in the previous year period.
“We recently achieved an important milestone in our clinical program for ZGN-1061, reporting positive topline data from the Phase 1 clinical trial of ZGN-1061, a MetAP2 inhibitor which has been optimized to improve glycemic control and body weight, with a favorable safety profile,” said Thomas Hughes, Ph.D., president and chief executive officer of Zafgen. “The safety data and the early efficacy signals support the further development of this compound, and we plan to advance ZGN-1061 into a Phase 2 clinical trial in the second half of this year in patients with type 2 diabetes who are overweight or obese.”
Working capital drops significantly
Zafgen, Inc has witnessed a decline in the working capital over the last year. It stood at $110.09 million as at Mar. 31, 2017, down 29.42 percent or $45.88 million from $155.96 million on Mar. 31, 2016. Current ratio was at 13.81 as on Mar. 31, 2017, up from 13.11 on Mar. 31, 2016.
Debt comes down significantly
Zafgen, Inc has recorded a decline in total debt over the last one year. It stood at $2.84 million as on Mar. 31, 2017, down 50.39 percent or $2.88 million from $5.72 million on Mar. 31, 2016. Total debt was 2.38 percent of total assets as on Mar. 31, 2017, compared with 3.36 percent on Mar. 31, 2016. Debt to equity ratio was at 0.03 as on Mar. 31, 2017, down from 0.04 as on Mar. 31, 2016.
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