Proteon Therapeutics Inc (PRTO) saw its loss widen to $28.53 million, or $1.72 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $21.38 million, or $1.30 a share. The company has not recorded any revenues for the current as well as previous year.
Operating loss for the year was $28.70 million, compared with an operating loss of $20.87 million in the previous year.
"The results from PATENCY-1 provided us critical insights into studying vonapanitase that have allowed us to strengthen the PATENCY-2 trial," said Timothy Noyes, president and chief executive officer of Proteon Therapeutics. "We are encouraged by the high degree of engagement by the FDA and appreciate their continued guidance with respect to our ongoing Phase 3 trial."
Working capital drops significantly
Proteon Therapeutics Inc has witnessed a decline in the working capital over the last year. It stood at $37.68 million as at Dec. 31, 2016, down 39.69 percent or $24.80 million from $62.48 million on Dec. 31, 2015. Current ratio was at 8.42 as on Dec. 31, 2016, down from 16.12 on Dec. 31, 2015.
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