MEI Pharma, Inc. (MEIP) saw its loss narrow to $0.60 million, or $0.02 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $5.37 million, or $0.16 a share.
Revenues for the quarter were $4.50 million. The company has not recorded any revenues for the previous year period.
Operating loss for the quarter was $0.67 million, compared with an operating loss of $5.41 million in the previous year period.
"I am proud of the progress we have made over the past quarter, with a steadfast focus on clinical study planning and execution, while maintaining a healthy cash position," said Daniel P. Gold, Ph.D., President and Chief Executive Officer of MEI Pharma. "We have been working diligently with our partners at Helsinn on the design and implementation of a large, international Phase 3 study of Pracinostat in acute myeloid leukemia (AML) and a Phase 2 dose-optimization study in myelodysplastic syndrome (MDS), and expect to enroll the first patients next month. We also look forward to presenting new genetic analysis data from our Phase 2 study in AML at ASCO, which increases our understanding of the study's patient demographics."
Working capital increases
MEI Pharma, Inc. has recorded an increase in the working capital over the last year. It stood at $54.53 million as at Mar. 31, 2017, up 17.32 percent or $8.05 million from $46.48 million on Mar. 31, 2016. Current ratio was at 11.93 as on Mar. 31, 2017, down from 12.55 on Mar. 31, 2016.
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