Eleven Biotherapeutics, Inc. (EBIO) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $19.49 million, or $ 0.91 a share in the quarter, against a net loss of $9.69 million, or $0.50 a share in the last year period.
Revenue during the quarter surged 42,661.19 percent to $28.65 million from $0.07 million in the previous year period.
Operating income for the quarter was $19.53 million, compared with an operating loss of $9.36 million in the previous year period.
"This is an exciting period for Eleven. We completed the Roche licensing deal, including $30 million in upfront and milestone payments received to date. We also completed the acquisition of Viventia Bio Inc. which allowed us to become a late stage oncology company. Perhaps most excitingly, we are making significant progress in moving forward what we believe could be therapeutics that materially improve patients' lives. We anticipate complete enrollment in the first half of next year for our Phase 3 clinical trial of ViciniumTM as a potential treatment for high-grade non-muscle invasive bladder cancer, and expect topline data in the first half of 2018," said Stephen Hurly, president and chief executive officer of Eleven Biotherapeutics.
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