Ignyta, Inc. (RXDX) saw its loss widen to $103.64 million, or $2.69 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $92.46 million, or $3.44 a share. The company has not recorded any revenues for the current as well as previous year.
Operating loss for the year was $100.68 million, compared with an operating loss of $90.58 million in the previous year.
"In 2016, we continued to advance our pipeline of molecularly targeted therapies for the benefit of patients with cancer, including the STARTRK-2 registration-enabling Phase 2 clinical trial of our lead product candidate, entrectinib, our CNS-active tyrosine kinase inhibitor targeting tumors that harbor TRK, ROS1 or ALK fusions," said Jonathan Lim, M.D., chairman and chief executive officer of Ignyta. "We demonstrated robust clinical proof-of-concept data for entrectinib, as well as RXDX-105��"our investigational, VEGFR-sparing, potent RET inhibitor-and made significant preclinical progress on RXDX-106, which represents a novel class of immunomodulatory agents that appears to restore innate immunity in preclinical models via potent inhibition of the TYRO3, AXL and MER (or TAM) family of receptors. Furthermore, in 2016, our in-house Trailblaze PharosTM diagnostic assay achieved multiple regulatory milestones; we bolstered our balance sheet; and strengthened our leadership team."
Working capital declinesIgnyta, Inc. has witnessed a decline in the working capital over the last year. It stood at $94.33 million as at Dec. 31, 2016, down 15.36 percent or $17.12 million from $111.45 million on Dec. 31, 2015. Current ratio was at 6.39 as on Dec. 31, 2016, up from 5.50 on Dec. 31, 2015.
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