Lipocine Inc. (LPCN) saw its loss narrow to $4.86 million, or $0.26 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $7.01 million, or $0.38 a share. The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $4.91 million, compared with an operating loss of $7.07 million in the previous year period.
"During 2017, we have made substantial progress in advancing our product candidates in preparation for upcoming data disclosures and planned regulatory filings," said Dr. Mahesh Patel, chairman, president and chief executive officer of Lipocine. “We plan to report top-line results from the on-going LPCN 1021 studies in June and expect to resubmit our NDA to the FDA in the third quarter of 2017. For LPCN 1107, we are preparing to submit the proposed Phase 3 trial design via an SPA in the second quarter of 2017."
Working capital drops significantly
Lipocine Inc. has witnessed a decline in the working capital over the last year. It stood at $24.75 million as at Mar. 31, 2017, down 30.57 percent or $10.90 million from $35.65 million on Mar. 31, 2016. Current ratio was at 11.55 as on Mar. 31, 2017, down from 12.90 on Mar. 31, 2016.
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