Lipocine Inc. (LPCN) saw its loss narrow to $3.24 million, or $0.18 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $6.37 million, or $0.35 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $3.29 million, compared with an operating loss of $6.43 million in the previous year period.
"We were pleased to have completed our Post Action meeting with the FDA, which we believe was very productive and identified a path to bring our NDA for LPCN 1021 into a position for approval, as we remained committed to the product," said Dr. Mahesh Patel, chairman, president and chief executive officer of Lipocine. "In addition, we continue to make substantial progress with both of our other pipeline products, most notably delivering positive clinical data for LPCN 1111 during the quarter.”
Working capital drops significantly
Lipocine Inc has witnessed a decline in the working capital over the last year. It stood at $27.84 million as at Sep. 30, 2016, down 30.59 percent or $12.27 million from $40.11 million on Sep. 30, 2015. Current ratio was at 18.71 as on Sep. 30, 2016, down from 19.41 on Sep. 30, 2015.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
