Madrigal Pharmaceuticals, Inc. (MDGL) saw its loss widen to $14.05 million, or $1.34 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $1.80 million, or $0.25 a share.
Operating loss for the quarter was $14.09 million, compared with an operating loss of $0.88 million in the previous year period.
"During the third quarter, we successfully completed a merger with Synta to transition to a public company and, within 90 days, advanced our lead drug candidate MGL-3196 into a Phase II clinical program in non-alcoholic steatohepatitis (NASH)," said Paul Friedman, M.D., Madrigal chairman and chief executive officer. "Further, we completed a worldwide exclusive out-license of our HSP90 drug conjugate non-core program to Tarveda Therapeutics, Inc. which included upfront and potential milestone payments totaling up to $163 million on the first product developed."
Working capital drops significantly
Madrigal Pharmaceuticals, Inc. has witnessed a decline in the working capital over the last year. It stood at $37.28 million as at Sep. 30, 2016, down 37.45 percent or $22.32 million from $59.59 million on Sep. 30, 2015. Current ratio was at 10.52 as on Sep. 30, 2016, up from 2.95 on Sep. 30, 2015.
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