Sophiris Bio Inc. (SPHS) saw its loss narrow to $0.55 million, or $0.02 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $2.50 million, or $0.15 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $2.21 million, compared with an operating loss of $2.33 million in the previous year period.
"During 2016, Sophiris has made significant clinical development progress in advancing topsalysin, a novel and first-in-class targeted biologic," said Randall E. Woods, president and chief executive officer of Sophiris. "We believe that topsalysin may be an effective treatment to address significant unmet medical needs in two major commercial markets. Topsalysin could potentially provide a new intermediate treatment that may delay or even obviate the need for more radical treatment approaches in both localized prostate cancer as well as BPH. Topsalysin also has the potential to maintain or improve a patient's quality of life post-treatment while at the same time remaining attractive to payors."
Working capital increases sharply
Sophiris Bio Inc. has recorded an increase in the working capital over the last year. It stood at $27.75 million as at Dec. 31, 2016, up 394.72 percent or $22.14 million from $5.61 million on Dec. 31, 2015. Current ratio was at 13.50 as on Dec. 31, 2016, up from 2.73 on Dec. 31, 2015.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
