Histogenics Corporation (HSGX) saw its loss widen to $9.32 million, or $0.70 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $8.08 million, or $0.61 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $6.65 million, compared with an operating loss of $8.04 million in the previous year period.
"We continue to execute on our strategy and operating initiatives in the third quarter of 2016. We have now enrolled more than three-quarters of the 245 patients required to complete our NeoCart Phase 3 clinical trial, and made continued progress on the manufacturing elements of the NeoCart development program. Enrollment is expected to be completed prior to the end of the second quarter of 2017, and we are preparing for the top-line data in the middle of 2018 and a BLA submission shortly thereafter," stated Adam Gridley, president and chief executive officer of Histogenics. "Furthermore, we believe that the financing completed in the third quarter of 2016 was in large part due to our execution over the last year and the recognition of the market opportunity for this important therapy. We believe we are now funded to our expected top-line Phase 3 data read-out in mid-2018," continued Mr. Gridley.
Working capital decreases marginally
Histogenics Corporation has witnessed a decline in the working capital over the last year. It stood at $30.99 million as at Sep. 30, 2016, down 1.31 percent or $0.41 million from $31.40 million on Sep. 30, 2015. Current ratio was at 5.30 as on Sep. 30, 2016, down from 5.69 on Sep. 30, 2015.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
