Palatin Technologies, Inc. (PTN) saw its loss narrow to $10.03 million, or $0.06 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $13.25 million, or $0.08 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $9.44 million, compared with an operating loss of $12.63 million in the previous year period.
"We are confident that AMAG's commercial capabilities and expertise will drive a successful approval and launch of Rekynda in early 2019." said Carl Spana, Ph.D., chief executive officer of Palatin Technologies. "We are excited to now be able to devote significant resources and attention to our other development programs, which address diseases such as heart failure and inflammatory bowel diseases using targeted, receptor-specific peptides which we developed."
Working capital turns negative
Working capital of Palatin Technologies, Inc. has turned negative to $5.28 million on Dec. 31, 2016 from positive $25.12 million on Dec. 31, 2015. Current ratio was at 0.73 as on Dec. 31, 2016, down from 3.52 on Dec. 31, 2015.
Debt comes down
Palatin Technologies, Inc. has recorded a decline in total debt over the last one year. It stood at $17.67 million as on Dec. 31, 2016, down 10.01 percent or $1.96 million from $19.63 million on Dec. 31, 2015. Total debt was 122.10 percent of total assets as on Dec. 31, 2016, compared with 55.46 percent on Dec. 31, 2015.
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