Tetraphase Pharmaceuticals Inc (TTPH) saw its loss widen to $29.46 million, or $0.79 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $16.74 million, or $0.46 a share. Revenue during the quarter dropped 24.31 percent to $1.48 million from $1.96 million in the previous year period.
Operating loss for the quarter was $29.60 million, compared with an operating loss of $16.81 million in the previous year period.
“We have continued to make significant advancements across all of our development programs, particularly for IV eravacycline with the early completion of enrollment of IGNITE4 in complicated intra-abdominal infections (cIAI), and the initiation of IGNITE3 in complicated urinary tract infections (cUTI), for which enrollment is progressing well,” said Guy Macdonald, president and chief executive officer of Tetraphase. “Preparations are ongoing for the submission of a Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) for the treatment of cIAI in the third quarter of this year and we look forward to top-line data from IGNITE4 also in the third quarter, which would support a subsequent U.S. New Drug Application (NDA) filing.”
Working capital drops significantly
Tetraphase Pharmaceuticals Inc has witnessed a decline in the working capital over the last year. It stood at $117.47 million as at Mar. 31, 2017, down 38.34 percent or $73.03 million from $190.51 million on Mar. 31, 2016. Current ratio was at 8.24 as on Mar. 31, 2017, down from 19.60 on Mar. 31, 2016. Days sales outstanding went down to 177 days for the quarter compared with 185 days for the same period last year.
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