CytRx Corporation (CYTR) saw its loss widen to $12.18 million, or $0.13 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $7.07 million, or $0.11 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $11.70 million, compared with an operating loss of $10.66 million in the previous year period.
"This month we expect to report additional data from our pivotal, global Phase 3 clinical trial of aldoxorubicin in patients with second-line soft tissue sarcomas (STS)," said Steven A. Kriegsman, CytRx's chairman and chief executive officer. "We then plan to schedule a pre-NDA meeting with the FDA. Additionally, we recently completed enrollment in the aldoxorubicin Phase 2b clinical trial in second-line small cell lung cancer in September. We now estimate that top-line results will be available in the first half of 2017 as the number of progression events has not yet been reached."
Working capital drops significantly
CytRx Corporation has witnessed a decline in the working capital over the last year. It stood at $41.49 million as at Sep. 30, 2016, down 31.66 percent or $19.22 million from $60.71 million on Sep. 30, 2015. Current ratio was at 3.06 as on Sep. 30, 2016, down from 5.59 on Sep. 30, 2015.
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