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Inovio Pharmaceuticals, Inc (INO) saw its loss widen to $73.74 million, or $1.01 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $29.19 million, or $0.44 a share. Revenue during the year dropped 12.83 percent to $35.37 million from $40.57 million in the previous year.
Operating loss for the year was $76.24 million, compared with an operating loss of $34.28 million in the previous year.
Dr. J. Joseph Kim, President and Chief executive officer, said: “In 2016 Inovio made significant progress on all three focuses of its Vision 2020 plan, which are HPV-related precancer, immuno-oncology, and infectious diseases, with notable data, multiple trial completions, progressive clinical study preparations, and multiple valuable collaborations and funding agreements. In 2017 we expect to report immune response data from clinical studies in six different diseases; the initiation of our phase 3 study of cervical dysplasia and two immuno-oncology combination studies, one by MedImmune and one by Inovio; and additional business development steps. We look forward to a highly productive year in advancing our unique immunotherapy platform and products.”
Working capital drops significantly
Inovio Pharmaceuticals, Inc has witnessed a decline in the working capital over the last year. It stood at $80.77 million as at Dec. 31, 2016, down 42.46 percent or $59.61 million from $140.38 million on Dec. 31, 2015. Current ratio was at 2.84 as on Dec. 31, 2016, down from 5.46 on Dec. 31, 2015. Days sales outstanding went up to 142 days for the year compared with 82 days for the same period last year.
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