Pain Therapeutics Inc (PTIE) saw its loss narrow to $2.52 million, or $0.06 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $4.52 million, or $0.10 a share. The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $2.54 million, compared with an operating loss of $4.53 million in the previous year period.
The Company also announced that Peter S. Roddy recently resigned, effective March 9, 2017, to pursue a job opportunity in the San Francisco Bay Area. “Mr. Roddy is well-respected and will be missed,” said Remi Barbier, chairman, president and chief executive officer. “We are grateful for his 14 years of service to the Company and wish him all the best in his future endeavors.”
Working capital drops significantly
Pain Therapeutics Inc has witnessed a decline in the working capital over the last year. It stood at $18.40 million as at Dec. 31, 2016, down 36.84 percent or $10.74 million from $29.14 million on Dec. 31, 2015. Current ratio was at 28.68 as on Dec. 31, 2016, up from 12.42 on Dec. 31, 2015.
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