TRACON Pharmaceuticals Inc (TCON) saw its loss widen to $7.15 million, or $0.44 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $6.53 million, or $0.54 a share. Revenue during the quarter plunged 48.26 percent to $0.63 million from $1.21 million in the previous year period.
Operating loss for the quarter was $6.92 million, compared with an operating loss of $6.29 million in the previous year period.
“We made several important advancements in our pipeline and corporate operations since the beginning of 2017. Following the receipt of guidance from European regulators and an SPA agreement from the FDA, we initiated dosing in the TAPPAS trial, the first pivotal study of TRC105 in patients with angiosarcoma. In addition, we recently initiated the first-in-human clinical trial of TRC253, one of the two compounds TRACON in-licensed from Janssen last year, in patients with prostate cancer,” said Charles Theuer, M.D., Ph.D., president and chief executive officer of TRACON. “Our agreement with Aspire Capital provides TRACON with additional flexibility to execute on our business plan and deliver important data points throughout the remainder of 2017.”
Working capital declines
TRACON Pharmaceuticals Inc has witnessed a decline in the working capital over the last year. It stood at $30 million as at Mar. 31, 2017, down 7.98 percent or $2.60 million from $32.60 million on Mar. 31, 2016. Current ratio was at 4.82 as on Mar. 31, 2017, up from 3.30 on Mar. 31, 2016.
Debt comes down
TRACON Pharmaceuticals Inc has recorded a decline in total debt over the last one year. It stood at $7.09 million as on Mar. 31, 2017, down 21.25 percent or $1.91 million from $9 million on Mar. 31, 2016. Total debt was 18.70 percent of total assets as on Mar. 31, 2017, compared with 19.16 percent on Mar. 31, 2016. Debt to equity ratio was at 0.31 as on Mar. 31, 2017, down from 0.36 as on Mar. 31, 2016. D
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