Aevi Genomic Medicine, Inc (MDGN) saw its loss widen to $41.90 million, or $1.19 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $37.99 million, or $1.45 a share. The company has not recorded any revenues for the current as well as previous year.
Operating loss for the year was $41.88 million, compared with an operating loss of $36.57 million in the previous year.
"2016 was an important and productive year for the Company,” said Mike Cola, chief executive officer of Aevi Genomic Medicine. “We made significant progress, advancing both our genomic medicine strategy and our lead program, AEVI-001 in the Phase 2/3 SAGA trial in adolescents with mGluR+ ADHD. We remain on track to share top-line results from the trial later this month, and to begin two signal finding studies of AEVI-001 in the coming months, the first in Autism Spectrum Disorders (ASD) and the second in Pediatric Generalized Anxiety Disorder (PGAD).
Working capital drops significantly
Aevi Genomic Medicine, Inc has witnessed a decline in the working capital over the last year. It stood at $34.59 million as at Dec. 31, 2016, down 30.69 percent or $15.31 million from $49.90 million on Dec. 31, 2015. Current ratio was at 7.20 as on Dec. 31, 2016, down from 13.77 on Dec. 31, 2015. D
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