Anavex Life Sciences Corp. (AVXL) saw its loss narrow to $3.15 million, or $0.08 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $3.95 million, or $0.12 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $3.17 million, compared with an operating loss of $4.53 million in the previous year period.
"We are entering 2017 with a strong balance sheet and a strengthened corporate and scientific advisory team coupled with encouraging 57-week safety and tolerability data for ANAVEX 2-73 in a Phase 2a clinical trial in Alzheimer's disease," said Christopher U. Missling, PhD, president and chief executive officer of Anavex. "We are now able to initiate subsequent placebo-controlled efficacy and safety trials in Alzheimer's and Parkinson's disease as well as Rett syndrome, the latter of 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 $19.13 million as at Dec. 31, 2016, up 66.46 percent or $7.64 million from $11.49 million on Dec. 31, 2015. Current ratio was at 9.71 as on Dec. 31, 2016, up from 5.54 on Dec. 31, 2015.
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