Puma Biotechnology, Inc. (PBYI) saw its loss widen to $72.90 million, or $1.97 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $71 million, or $2.19 a share. On the other hand, adjusted net loss for the quarter widened to $43.10 million, or $1.16 a share from a loss of $41.50 million or $1.28 a share, a year ago.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $73.20 million, compared with an operating loss of $71.20 million in the previous year period.
"We made significant progress with our lead investigational drug, neratinib, during the first quarter of 2017," said Alan H. Auerbach, chairman, chief executive officer and President of Puma. “We look forward to continuing to work with the U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA) as they review our New Drug Application (NDA) and Marketing Authorization Application (MAA) filings, respectively, and we look forward to presenting the data on neratinib at the upcoming FDA Oncologic Drugs Advisory Committee on May 24th.
Operating cash flow remains negative
Puma Biotechnology, Inc. has spent $36 million cash to meet operating activities during the quarter as against cash outgo of $35 million in the last year period.
The company has spent $54.10 million cash to meet investing activities during the quarter as against cash inflow of $81.50 million in the last year period.
Cash flow from financing activities was $0.70 million for the quarter, up 250 percent or $0.50 million, when compared with the last year period.
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