Aquinox Pharmaceuticals, Inc (AQXP) saw its loss widen to $8.15 million, or $0.46 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $5.04 million, or $0.43 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $8.28 million, compared with an operating loss of $4.92 million in the previous year period.
“In September we commenced enrollment in the LEADERSHIP 301 Phase 3 clinical trial with AQX-1125 in interstitial cystitis/bladder pain syndrome (IC/BPS) and we are continuing to add sites and jurisdictions to the trial as planned,” said David Main, president and chief executive officer of Aquinox. “Our objective remains to release top-line data from this first Phase 3 trial in the fourth quarter of 2017 and we will provide an enrollment update when we release year-end 2016 financial results in early 2017. Our recent financing, together with cash on-hand, positions us well to advance AQX-1125 and broaden our clinical and research activities.”
Working capital increases sharply
Aquinox Pharmaceuticals, Inc has recorded an increase in the working capital over the last year. It stood at $154.71 million as at Sep. 30, 2016, up 35.62 percent or $40.64 million from $114.08 million on Sep. 30, 2015. Current ratio was at 19.07 as on Sep. 30, 2016, down from 30.56 on Sep. 30, 2015.
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