Business & Finance
ESSA Pharma incurs lower net loss of USD4.5m for fiscal year ended 30 September 2017
12 December 2017 -

Pharmaceutical company ESSA Pharma Inc (TSX-V:EPI) (NASDAQ:EPIX) stated on Monday that it recorded a net loss of USD4.5m (USD0.15 loss per common share) for the year ended 30 September 2017.

This marks a rise in earnings when compared with a higher net loss of USD13.1m (USD0.49 loss per common share) for the year ended 30 September 2016.

R&D expenditures of USD5.73m were recorded net (USD10.92m gross) for the year ended 30 September 2017, a decline over R&D of USD13.6m (net and gross) for the year ended 30 September 2016.

The company said the decrease in R&D expenditures for the full year was primarily related to decrease in manufacturing and clinical trial costs as it approached the completion of the Phase I clinical study of EPI-506.

As of 30 September 2017, cash on hand was USD3.98m and working capital of USD1.28m, reflecting the USD2.0 current portion of the SVB Term Loan.

There were no revenues collected in both years.

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