Portola Pharmaceuticals, Inc. (PTLA) saw its loss widen to $92.89 million, or $1.64 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $55.16 million, or $1.05 a share.
Revenue during the quarter surged 220.12 percent to $9.32 million from $2.91 million in the previous year period.
Operating loss for the quarter was $91.44 million, compared with an operating loss of $55.56 million in the previous year period.
"We have made important progress toward bringing both betrixaban and AndexXa to market. We submitted an NDA for betrixaban in the United States and plan to submit an MAA in the EU," said Bill Lis, chief executive officer of Portola. "Also, we continue to engage in positive, productive dialogue with the FDA to resolve outstanding questions regarding the Complete Response Letter for AndexXa, most of which are focused on manufacturing."
Working capital declines
Portola Pharmaceuticals, Inc. has witnessed a decline in the working capital over the last year. It stood at $254.27 million as at Sep. 30, 2016, down 22.32 percent or $73.04 million from $327.31 million on Sep. 30, 2015. Current ratio was at 6.36 as on Sep. 30, 2016, down from 7.66 on Sep. 30, 2015.
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