Axovant Sciences Ltd. (AXON) saw its loss widen to $42.25 million, or $0.43 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $15.17 million, or $0.15 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $41.52 million, compared with an operating loss of $15.14 million in the previous year period.
"We are pleased to announce that patient recruitment in the MINDSET study is expected to conclude by the end of 2016," stated Vivek Ramaswamy, chief executive officer of Axovant Sciences. "An important part of our mission is to accelerate the development of promising drug candidates to improve the lives of patients and their families. We are delighted with the rapid enrollment of the MINDSET study, in which we are evaluating intepirdine as an oral, once-daily, add-on therapy to the current standard of care in mild-to-moderate Alzheimer's disease. We look forward to announcing the results from the MINDSET study, the HEADWAY-DLB study, and our broader set of pipeline programs throughout 2017."
Working capital drops significantly
Axovant Sciences Ltd. has witnessed a decline in the working capital over the last year. It stood at $205.80 million as at Sep. 30, 2016, down 34.07 percent or $106.34 million from $312.14 million on Sep. 30, 2015. Current ratio was at 8.19 as on Sep. 30, 2016, down from 31.08 on Sep. 30, 2015.
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