Synergy Pharmaceuticals Inc (SGYPW) saw its loss widen to $64.60 million, or $0.30 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $59.94 million, or $0.51 a share. Revenues for the quarter were $0.10 million. The company has not recorded any revenues for the previous year period.
Operating loss for the quarter was $62.73 million, compared with an operating loss of $27.55 million in the previous year period.
“The first three months of this year have been among the most significant in the company’s history and are highlighted by several important milestones that demonstrate our continued commitment to scientifically driven innovation and providing novel treatment options for patients and healthcare providers,” said Gary S. Jacob, PhD, Chairman and Chief Executive Officer of Synergy Pharmaceuticals Inc. “Following the early FDA approval of TRULANCE for the treatment of adults with CIC in January, our commercial team initiated TRULANCE promotion on March 20th and we are very pleased with the encouraging feedback from patients and key prescribers, as well as the early uptake of TRULANCE after only a few weeks of marketing. In addition, we have made tremendous progress moving conversations forward with payers and will continue all efforts to increase access for patients. While it is still early in the launch, everything we are seeing reinforces the significant opportunity for TRULANCE to treat adults with CIC over the coming years. Looking ahead, we will continue to focus on the TRULANCE launch in CIC, while working with the FDA to broaden the product label with the IBS-C indication. We look forward to updating you on our progress in the coming months.”
Working capital increases sharply
Synergy Pharmaceuticals Inc has recorded an increase in the working capital over the last year. It stood at $119.78 million as at Mar. 31, 2017, up 75.49 percent or $51.52 million from $68.25 million on Mar. 31, 2016. Current ratio was at 3.75 as on Mar. 31, 2017, down from 4.54 on Mar. 31, 2016.
Debt comes down significantly
Synergy Pharmaceuticals Inchas recorded a decline in total debt over the last one year. It stood at $16.77 million as on Mar. 31, 2017, down 77.81 percent or $58.79 million from $75.56 million on Mar. 31, 2016. Synergy Pharmaceuticals has recorded a decline in long-term debt over the last one year. It stood at $16.77 million as on Mar. 31, 2017, down 77.81 percent or $58.79 million from $75.56 million on Mar. 31, 2016. Total debt was 10.21 percent of total assets as on Mar. 31, 2017, compared with 85.49 percent on Mar. 31, 2016. 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
