Mirati Therapeutics Inc (MRTX) saw its loss widen to $19.72 million, or $0.99 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $18.42 million, or $0.96 a share. The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $19.85 million, compared with an operating loss of $18.49 million in the previous year period.
“We have made significant progress which positions us to report key data from all of our programs in 2017,” said Charles M. Baum, M.D., Ph.D., president and chief executive officer of Mirati. “Earlier this year, we presented glesatinib data demonstrating clinical responses in non-small cell lung cancer patients with MET driver alterations. In addition, preliminary data from our Phase 1b trial of sitravatinib has shown clinical benefit in patients with RET mutations. We plan to provide updates for both glesatinib and sitravatinib in the second half of this year.
Working capital drops significantly
Mirati Therapeutics Inc has witnessed a decline in the working capital over the last year. It stood at $44.55 million as at Dec. 31, 2016, down 61.46 percent or $71.05 million from $115.60 million on Dec. 31, 2015. Current ratio was at 3.97 as on Dec. 31, 2016, down from 12.80 on Dec. 31, 2015. D
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