Pain Therapeutics Inc (PTIE) saw its loss narrow to $2.74 million, or $0.06 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $5.80 million, or $0.13 a share. The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $2.76 million, compared with an operating loss of $5.83 million in the previous year period.
“We believe we continue to make expeditious progress with REMOXY, our lead drug candidate, while maintaining fiscal discipline,” said Remi Barbier, president and chief executive officer of Pain Therapeutics, Inc. “In addition, in the quarter ahead we expect to announce news and updates around our program in Alzheimer’s Disease, which to date we have advanced primarily with funding from competitive, peer-reviewed grant awards.”
Working capital drops significantly
Pain Therapeutics Inc has witnessed a decline in the working capital over the last year. It stood at $16.51 million as at Mar. 31, 2017, down 34.15 percent or $8.56 million from $25.07 million on Mar. 31, 2016. Current ratio was at 19.69 as on Mar. 31, 2017, up from 8.50 on Mar. 31, 2016.
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