Acceleron Pharma Inc. (XLRN) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $25.41 million, or $ 0.66 a share in the quarter, against a net profit of $5.06 million, or $0.13 a share in the last year period.
Revenue during the quarter plunged 79.64 percent to $3.70 million from $18.20 million in the previous year period.
Operating loss for the quarter was $25.86 million, compared with an operating loss of $3.96 million in the previous year period.
"In the first quarter, we made significant progress across our entire pipeline. Our luspatercept program in MDS and beta-thalassemia continues to build momentum, as we look to complete enrollment of the MEDALIST and BELIEVE Phase 3 studies ahead of schedule, and expand into additional patient populations where there are limited treatment options, including first-line, lower-risk MDS and myelofibrosis," said Habib Dable, President and Chief Executive Officer of Acceleron. "As we continue to explore further expansion opportunities for luspatercept, we are also preparing to expand our wholly-owned pipeline into a second neuromuscular disease, with the expected initiation by mid-year of a Phase 2 study with ACE-083 in patients with Charcot-Marie-Tooth disease."
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
