MacroGenics, Inc. (MGNX) saw its loss widen to $37.66 million, or $1.08 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $30.36 million, or $0.88 a share.
Revenue during the quarter dropped 27.79 percent to $2.06 million from $2.85 million in the previous year period.
Operating loss for the quarter was $38.21 million, compared with an operating loss of $30.63 million in the previous year period.
"MacroGenics' broad pipeline of clinical compounds continues to make encouraging progress. In addition to advancing our HER2 and B7-H3-based franchises, our PD-1-targeted franchise has matured with the submission of an IND related to MGD013, the first of our next-generation PD-1-based bispecific molecules with the potential for enhanced anti-tumor activity. By targeting the two different checkpoint molecules, PD-1 and LAG-3, MGD013 has demonstrated enhanced T-cell response in vitro versus what has been observed with targeting PD-1 or LAG-3 alone or in combination," said Scott Koenig, M.D., Ph.D., President and CEO of MacroGenics. "I look forward to sharing updates on our other clinical programs and further defining our future development strategies over the course of the year."
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