Titan Pharmaceuticals, Inc (TTNP) saw its loss widen to $2.62 million, or $0.12 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $1.81 million, or $0.09 a share. Revenues for the quarter were $0.03 million. The company has not recorded any revenues for the previous year period.
Operating loss for the quarter was $2.62 million, compared with an operating loss of $1.80 million in the previous year period.
"We are very pleased with the progress Braeburn has made in training health care providers to provide Probuphine to their patients, and in rapidly obtaining third-party payor coverage," said Titan President and Chief executive officer Sunil Bhonsle. "We believe that these efforts along with Braeburn's aggressive commercialization plans lay a strong foundation for the increasing adoption of Probuphine. While this positive activity was not fully reflected in our third quarter financial results due to the current lag times between ordering of implants and the shipment of product, we look forward to increasing revenues from Probuphine as Braeburn's commercialization efforts bear fruit. Our current cash position is strong, and we remain well positioned to advance our ProNeura-based product portfolio.
Working capital increases sharply
Titan Pharmaceuticals, Inc has recorded an increase in the working capital over the last year. It stood at $15.96 million as at Sep. 30, 2016, up 72.40 percent or $6.70 million from $9.26 million on Sep. 30, 2015. Current ratio was at 3.38 as on Sep. 30, 2016, up from 3.01 on Sep. 30, 2015.
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