Medgenics, Inc (MDGN) saw its loss widen to $33.42 million, or $0.97 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $31.53 million, or $1.30 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $33.40 million, compared with an operating loss of $30.13 million in the previous year period.
“We are pleased with the Company’s accomplishments during the first nine months of 2016,” stated Mike Cola, chief executive officer of Medgenics. “The phenotype/genotype data presented during the recent AACAP conference confirms the prevalence of mGluR mutations in the targeted pediatric and adolescent ADHD populations, and demonstrates the Company’s ability to identify genetically stratified patient populations. We continue to make good progress in our study of NFC-1 in mGluR mutation positive (mGluR+) ADHD, and look forward to presenting top-line data from this study, expected around year end.”
Working capital increases sharply
Medgenics, Inc has recorded an increase in the working capital over the last year. It stood at $42.35 million as at Sep. 30, 2016, up 393.76 percent or $33.77 million from $8.58 million on Sep. 30, 2015. Current ratio was at 8.71 as on Sep. 30, 2016, up from 1.84 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
