XOMA Corporation (XOMA) saw its loss widen to $12.52 million, or $2.08 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $0.48 million, or $0.08 a share. Revenue during the quarter plunged 69.38 percent to $0.64 million from $2.07 million in the previous year period.
Operating loss for the quarter was $12.09 million, compared with an operating loss of $23.68 million in the previous year period.
“In the third quarter, we accelerated activity in our XOMA 358 clinical trials in patients with hypoglycemia due to congenital hyperinsulinism (CHI) or post-bariatric surgery (PBS). In mid-September, we presented promising initial data from the first nine patients in these studies, which clearly demonstrated that XOMA 358 impacts insulin signaling. We also opened our first clinical site in Germany, which is actively enrolling patients age 12 years and older into our CHI study. Additionally, our proposal to UK regulators to initiate a multi-dose Phase 2 clinical study of XOMA 358 in children over the age of two with CHI was accepted in principle. We are pleased with the progress we are making in the XOMA 358 development program and are optimistic this first-in-class allosteric modulating antibody will offer a significant benefit for the treatment of CHI and PBS patients,” said John Varian, Chief Executive Officer of XOMA.
Working capital turns negative
Working capital of XOMA Corporation has turned negative to $0.39 million on Sep. 30, 2016 from positive $15.13 million on Sep. 30, 2015. Current ratio was at 0.98 as on Sep. 30, 2016, down from 1.26 on Sep. 30, 2015. Days sales outstanding went down to 247 days for the quarter compared with 931 days for the same period last year.
Debt comes down significantly
XOMA Corporation has recorded a decline in total debt over the last one year. It stood at $12.47 million as on Sep. 30, 2016, down 74.33 percent or $36.12 million from $48.58 million on Sep. 30, 2015. Total debt was 50.50 percent of total assets as on Sep. 30, 2016, compared with 61.48 percent on Sep. 30, 2015. 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
