Emisphere Technologies, Inc. (EMIS) saw its loss narrow to $10.04 million, or $0.17 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $40.38 million, or $0.67 a share.
Revenue during the year surged 190.75 percent to $1.20 million from $0.41 million in the previous year.
Operating loss for the year was $7.84 million, compared with an operating loss of $18.10 million in the previous year.
"The last twelve months have been a pivotal time for Emisphere," said Alan L. Rubino, president and chief executive officer of Emisphere. "With our most advanced partner, Novo Nordisk A/S (NYSE:NVO), commencing Phase 3a development with oral semaglutide, a once daily treatment for Type 2 diabetes which utilizes SNAC, one of our Eligen Technology carriers. We expanded on the Novo Nordisk partnership during the fourth quarter of 2015 with the execution of a new license agreement for the potential development of four new oral formulations targeting major metabolic disorders, and have been working on expanding this key collaboration to continue the validation for our Eligen Technology and its ability to facilitate absorption from the gastrointestinal tract."
Working capital remains negative
Working capital of Emisphere Technologies, Inc. was negative $3.16 million on Dec. 31, 2016 compared with negative $7.08 million on Dec. 31, 2015. Current ratio was at 0.67 as on Dec. 31, 2016, down from 0.69 on Dec. 31, 2015.
Days sales outstanding went down to 93 days for the year compared with 337 days for the same period last year.
Days inventory outstanding has decreased to 8 days for the year compared with 694 days for the previous year period.
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