Sophiris Bio Inc. (SPHS) saw its loss widen to $4.28 million, or $0.17 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $3.66 million, or $0.22 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $3.67 million, compared with an operating loss of $3.48 million in the previous year period.
"Sophiris has been successful in building on a series of positive clinical milestones that we believe will enable us to further the development of topsalysin," said Randall Woods, president and chief executive officer of Sophiris Bio. "In the wake of announcing positive data from our Phase 2a proof-of-concept study in localized prostate cancer as well as from our Phase 3 trial in BPH that met its primary endpoint, the Company was able to raise additional funds in the public market in the third quarter to strengthen our balance sheet and enable us to fund an additional clinical trial. Over the past quarter, we have made significant progress in preparing to initiate a Phase 2b clinical trial of topsalysin for the treatment of localized prostate cancer, which is expected to report initial results by the end of 2017."
Working capital increases sharply
Sophiris Bio Inc. has recorded an increase in the working capital over the last year. It stood at $29.80 million as at Sep. 30, 2016, up 289.78 percent or $22.15 million from $7.65 million on Sep. 30, 2015. Current ratio was at 16.19 as on Sep. 30, 2016, up from 3.04 on Sep. 30, 2015.
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