ContraFect Corporation (CFRX) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $0.59 million, or $ 0.01 a share in the quarter, against a net loss of $7.59 million, or $0.28 a share in the last year period. The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $6.71 million, compared with an operating loss of $7.49 million in the previous year period.
"Our team is focused on progressing the development of our lead candidate CF-301, a lysin therapeutic candidate for the treatment of Staphylococcus aureus (Staph aureus) bloodstream infections and endocarditis. Based on our continued progress, we remain on track for a mid-2017 start for our Phase 2 trial," said Steven C. Gilman, Ph.D., ContraFect's Chairman and Chief Executive Officer.
Working capital increases marginally
ContraFect Corporation has recorded an increase in the working capital over the last year. It stood at $31.76 million as at Dec. 31, 2016, up 4.72 percent or $1.43 million from $30.33 million on Dec. 31, 2015. Current ratio was at 8.19 as on Dec. 31, 2016, down from 9.05 on Dec. 31, 2015.
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