Catalyst Biosciences, Inc (CBIO) saw its loss narrow to $4.77 million, or $0.40 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $5.05 million, or $0.93 a share. Revenue during the quarter was stable at $0.11 million, when compared with the previous year period.
Operating loss for the quarter was $5.71 million, compared with an operating loss of $3.88 million in the previous year period.
"During the third quarter, we refocused the Company on developing our highly potent next-generation Factor VIIa and IX programs using subcutaneous dosing. We and our collaborator ISU Abxis of South Korea remain on track to initiate a Phase 1/2 clinical trial for our next-generation Factor IX CB 2679d/ISU304 in the first quarter of 2017," said Nassim Usman, Ph.D., Catalyst’s president and chief executive officer. "Since all currently approved hemophilia drugs are infused intravenously, they have significant limitations regarding convenient dosing and the ability to maintain suitable levels of factor activity. We believe that a subcutaneously injected therapy that consistently maintains high factor levels may provide a simpler dosing method and improved long-term clinical outcomes for patients."
Working capital drops significantly
Catalyst Biosciences, Inc has witnessed a decline in the working capital over the last year. It stood at $18.78 million as at Sep. 30, 2016, down 46.26 percent or $16.17 million from $34.95 million on Sep. 30, 2015. Current ratio was at 1.59 as on Sep. 30, 2016, down from 1.92 on Sep. 30, 2015. Days sales outstanding went down to 47 days for the quarter compared with 278 days for the same period last year.
Debt comes down
Catalyst Biosciences, Inc has recorded a decline in total debt over the last one year. It stood at $29.67 million as on Sep. 30, 2016, down 14.69 percent or $5.11 million from $34.78 million on Sep. 30, 2015. Targacept has recorded a decline in short-term debt over the last one year. It stood at $29.67 million as on Sep. 30, 2016, down 14.69 percent or $5.11 million from $34.78 million on Sep. 30, 2015. Total debt was 57.48 percent of total assets as on Sep. 30, 2016, compared with 46.67 percent on Sep. 30, 2015. Debt to equity ratio was at 1.51 as on Sep. 30, 2016, up from 0.96 as on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
