Anavex Life Sciences Corp. (AVXL) saw its loss narrow to $1.55 million, or $0.04 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $2.03 million, or $0.06 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $3.61 million, compared with an operating loss of $2.18 million in the previous year period.
"We are continuing 2017 with a stronger balance sheet than the previous quarter and a strengthened corporate team," said Christopher U. Missling, PhD, president and chief executive officer of Anavex. "We are on track to initiate placebo-controlled efficacy and safety trials this year in Alzheimer's and Parkinson's disease as well as Rett syndrome, for which ANAVEX 2-73 was granted Orphan Drug Designation (ODD) by the U.S. Food and Drug Administration (FDA)."
Working capital increases sharply
Anavex Life Sciences Corp. has recorded an increase in the working capital over the last year. It stood at $21.43 million as at Mar. 31, 2017, up 121.37 percent or $11.75 million from $9.68 million on Mar. 31, 2016. Current ratio was at 11.11 as on Mar. 31, 2017, up from 4.98 on Mar. 31, 2016.
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