GTx, Inc (GTXI) saw its loss widen to $6.86 million, or $0.44 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $3.23 million, or $0.40 a share. The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $6.86 million, compared with an operating loss of $5.96 million in the previous year period.
“In 2016, we broadened our clinical development efforts for enobosarm beyond breast cancer with the initiation of our clinical trial in SUI in postmenopausal women. Early results in this study are very promising, and we have added additional clinical sites and expect to receive top-line results from this trial in the third quarter. Later this year, we also expect to initiate a first in human clinical trial of a SARD in men with advanced prostate cancer,” said Robert J. Wills, Ph.D., Executive Chairman of GTx. “There is a great deal of interest in our SARD program based on data we have generated that demonstrate our SARD compounds degrade and inhibit multiple forms of the androgen receptor, including AR splice variants, and may therefore potentially treat CRPC in men who are non-responsive to current androgen therapy.”
Working capital increases sharply
GTx, Inc has recorded an increase in the working capital over the last year. It stood at $19.69 million as at Dec. 31, 2016, up 1,046.59 percent or $17.97 million from $1.72 million on Dec. 31, 2015. Current ratio was at 5.27 as on Dec. 31, 2016, up from 1.06 on Dec. 31, 2015.
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