UPDATE: Needham Reiterates Hold on NuPathe On 3Q13 Financials And Zecuity Launch Preparations

In a report published Friday, Needham analyst Elliot Wilbur reiterated a Hold rating on NuPathe

. In the report, Needham says "PATH announced 3Q13 financials and an update on the Zecuity launch preparations. The company continues to make progress, but no commercial partnership has been secured and given the cash runway of $10MM (as of 9/30/13) that only extends to January 2014, PATH is paring back expenses postponing the expected 4Q13 launch of Zecuity indefinitely until a partner and additional capital are secured. PATH expects to continue the validation of the Zecuity manufacturing processes and have launch supplies manufactured by the end of 2013. While the company's need for capital is urgent, we continue to believe a commercial partner can be secured to proceed with a 2014 Zecuity launch." NuPath closed on Thursday at $1.86.