Athersys, Inc. (ATHX) saw its loss narrow to $6 million, or $0.07 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $6.50 million, or $0.08 a share.
Revenue during the quarter dropped 21.46 percent to $0.31 million from $0.40 million in the previous year period.
Operating loss for the quarter was $6.21 million, compared with an operating loss of $6.70 million in the previous year period.
"During the third quarter, we achieved two very important regulatory milestones that support our progression into late stage clinical development and towards commercialization. Most notably, the agreement with the FDA on the conduct of a pivotal study under a SPA is a significant achievement, since it defines a clear and efficient path forward for the development of MultiStem for the treatment of ischemic stroke patients. We remain actively engaged with international regulators, as well as focused on other important activities in anticipation of this important study," said Dr. Gil Van Bokkelen, chairman & chief executive officer of Athersys, Inc.
Working capital increases marginally
Athersys, Inc. has recorded an increase in the working capital over the last year. It stood at $15.37 million as at Sep. 30, 2016, up 2.79 percent or $0.42 million from $14.95 million on Sep. 30, 2015. Current ratio was at 3.98 as on Sep. 30, 2016, up from 2.05 on Sep. 30, 2015.
Days sales outstanding went up to 523 days for the quarter compared with 313 days for the same period last year.
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