Neothetics, Inc (NEOT) saw its loss narrow to $2.36 million, or $0.17 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $17.26 million, or $1.26 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $1.87 million, compared with an operating loss of $16.98 million in the previous year period.
“Our primary focus is on the development of LIPO-202 for submental fat reduction,” said Mr. Jeffrey Nugent, a member of Neothetics’ chief executive officer. “There exists now an established regulatory pathway for injectable drugs for submental fat reduction and the submental fat reduction market is expected to be larger than the $2.5B U.S. toxin and filler market. Moreover, our recent commercial research suggests that LIPO-202 could have exceptional potential in this market.”
Working capital drops significantly
Neothetics, Inc has witnessed a decline in the working capital over the last year. It stood at $13.44 million as at Sep. 30, 2016, down 66.77 percent or $27 million from $40.45 million on Sep. 30, 2015. Current ratio was at 10.39 as on Sep. 30, 2016, up from 4.36 on Sep. 30, 2015.
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