Intra-Cellular Therapies Inc (ITCI) saw its loss narrow to $30.27 million, or $0.70 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $32.16 million, or $0.91 a share.
Operating loss for the quarter was $30.18 million, compared with an operating income of $32.35 million in the previous year period.
“We are committed to bringing ITI-007 to patients suffering from schizophrenia, bipolar depression, dementia, and other neuropsychiatric and neurodegenerative conditions,” said Dr. Sharon Mates, chairman and chief executive officer of ITCI. “Patients suffering from these conditions are in urgent need of new medications that are effective, safer, and better tolerated over standard of care. We are excited about the potential of ITI-007 to improve the lives of patients and their caregivers.”
Working capital declines
Intra-Cellular Therapies Inc has witnessed a decline in the working capital over the last year. It stood at $401.13 million as at Sep. 30, 2016, down 20.07 percent or $100.75 million from $501.88 million on Sep. 30, 2015. Current ratio was at 3.85 as on Sep. 30, 2016, down from 49.32 on Sep. 30, 2015.
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