La Jolla Pharmaceutical Company (LJPC) saw its loss widen to $21.25 million, or $1.23 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $10.47 million, or $0.70 a share.
Revenue during the quarter plunged 93.20 percent to $0.04 million from $0.65 million in the previous year period.
Operating loss for the quarter was $21.30 million, compared with an operating loss of $10.49 million in the previous year period.
"The first nine months of 2016 have been productive for La Jolla, highlighted by continued enrollment of our ATHOS 3 Phase 3 trial of LJPC-501 and encouraging results from our Phase 1 trial of LJPC-401, which demonstrated a clear dose-dependent effect of LJPC-401 on serum iron, a clinically important measure," said George Tidmarsh, M.D., Ph.D., La Jolla’s President and Chief Executive Officer. "We look forward to building on this positive momentum, with the anticipation of reporting results from our ATHOS 3 Phase 3 trial of LJPC-501 in the first quarter of 2017 and initiation of our pivotal trial for LJPC-401 in mid-2017."
Working capital drops significantly
La Jolla Pharmaceutical Co has witnessed a decline in the working capital over the last year. It stood at $79.50 million as at Sep. 30, 2016, down 39.68 percent or $52.29 million from $131.80 million on Sep. 30, 2015. Current ratio was at 11.99 as on Sep. 30, 2016, down from 31.36 on Sep. 30, 2015.
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