MEI Pharma, Inc. (MEIP) saw its loss narrow to $4.27 million, or $0.12 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $4.62 million, or $0.13 a share.
Revenues for the quarter were $1.10 million. The company has not recorded any revenues for the previous year period.
Operating loss for the quarter was $4.32 million, compared with an operating loss of $4.65 million in the previous year period.
"The past quarter was one of unprecedented achievement for the company, highlighted by the receipt of Breakthrough Therapy Designation and a global strategic partnership for Pracinostat," said Daniel P. Gold, Ph.D., president and chief executive officer of MEI Pharma. "Now we approach the end of the calendar year in a position of significant strength, armed with a fully funded Phase III program, a pipeline of drug candidates advancing in the clinic and a healthy cash position that affords us the ability to not only execute our clinical development plan, but also to enhance our pipeline with the right opportunity."
Working capital declines
MEI Pharma, Inc. has witnessed a decline in the working capital over the last year. It stood at $43.42 million as at Sep. 30, 2016, down 21.74 percent or $12.06 million from $55.49 million on Sep. 30, 2015. Current ratio was at 3.52 as on Sep. 30, 2016, down from 18.74 on Sep. 30, 2015.
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