Chimerix (CMRX) saw its loss narrow to $17.02 million, or $0.37 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $32.45 million, or $0.70 a share.
Revenue during the quarter plunged 71.25 percent to $0.65 million from $2.27 million in the previous year period.
Operating loss for the quarter was $17.42 million, compared with an operating loss of $32.75 million in the previous year period.
"We are optimistic about 2017 and believe our novel intravenous formulation of brincidofovir may prove to be the optimal way to prevent or treat DNA viral infections, by achieving effective drug levels in the plasma and infected organs while avoiding gastrointestinal side-effects," said M. Michelle Berrey, MD, MPH, president and chief executive officer of Chimerix. "In addition, the learnings from AdVise, specifically the stepwise reduction in mortality observed in pediatric patients as the study progressed, underscore the potential for oral brincidofovir in these patients with life-threatening adenovirus infection. A shorter time from diagnosis to first dose of brincidofovir is thought to be a significant driver of the observed improvement. Early identification of adenovirus and intervention with brincidofovir are being incorporated in the design of our next comparative trial of oral brincidofovir which we expect to initiate in 2017. Additionally, we are excited to announce CMX521 from the Chimerix Chemical Library as our lead clinical candidate for the treatment of norovirus."
Working capital increases
Chimerix has recorded an increase in the working capital over the last year. It stood at $244.75 million as at Sep. 30, 2016, up 17.43 percent or $36.32 million from $208.43 million on Sep. 30, 2015. Current ratio was at 26.45 as on Sep. 30, 2016, up from 10.89 on Sep. 30, 2015.
Days sales outstanding went up to 189 days for the quarter compared with 57 days for the same period last year.
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