Nexvet Biopharma plc (NVET) saw its loss widen to $5.10 million, or $0.44 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $3.96 million, or $0.35 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $5.70 million, compared with an operating loss of $5.60 million in the previous year period.
“Throughout the quarter, our top priority has been maintaining the development momentum of ranevetmab and frunevetmab, our lead anti-nerve growth factor (NGF) monoclonal antibody (mAb) programs for chronic pain in dogs and cats, respectively. We were pleased to recently initiate a pivotal safety study of frunevetmab. For both lead product candidates, we also recently achieved significant progress across regulatory and Chemistry, Manufacturing and Controls (CMC) activities,” commented Dr. Mark Heffernan, chief executive officer of Nexvet.
Working capital drops significantly
Nexvet Biopharma plc has witnessed a decline in the working capital over the last year. It stood at $24.84 million as at Sep. 30, 2016, down 45.91 percent or $21.08 million from $45.92 million on Sep. 30, 2015. Current ratio was at 7.70 as on Sep. 30, 2016, down from 13.06 on Sep. 30, 2015.
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