Ritter Pharmaceuticals Enters Into a $10 Million Common Stock Purchase Agreement With Aspire Capital Fund
2015年12月21日 - 8:15PM
Marketwired
Ritter Pharmaceuticals Enters Into a $10 Million Common Stock
Purchase Agreement With Aspire Capital Fund
LOS ANGELES, CA-(Marketwired - Dec 21, 2015) - Ritter
Pharmaceuticals, Inc. (NASDAQ: RTTR) ("Ritter Pharmaceuticals" or
the "Company"), a pharmaceutical company developing novel
therapeutic products that modulate the human gut microbiome to
treat gastrointestinal diseases, today announced that it has
entered into a $10 million common stock purchase agreement (the
"Purchase Agreement") and a registration rights agreement with
Aspire Capital Fund, LLC ("Aspire"), a Chicago-based institutional
investor.
On signing of the agreement, Aspire made an initial purchase of
$1 million worth of common stock at $2.00 per share, which
represents a 14% premium over the December 18 closing sale price of
$1.75. Pursuant to the terms of the Purchase Agreement, Ritter
Pharmaceuticals has agreed to file a registration statement
covering the sale by Aspire of the securities issued to Aspire
under the Purchase Agreement. Once the registration statement has
been filed and declared effective by the SEC, the remaining $9
million may be sold to Aspire over a 30-month period during which
Ritter Pharmaceuticals controls the timing and amount of each
additional sale. Any future sales will be made at prices based on
the market price at the time of each sale. Proceeds from the
agreement will be used for general corporate purposes, including
research and development activities.
"Having this funding agreement in place provides Ritter
Pharmaceuticals with significant financial flexibility heading into
2016," said Michael D. Step, Chief Executive Officer of Ritter
Pharmaceuticals. "Most notably, in the first quarter we plan to
initiate a Phase 2b/3 trial of our lead product candidate RP-G28
for the treatment of lactose intolerance. We believe that a
significant market opportunity exists for the treatment of lactose
intolerance, and our product has the potential to be the first
FDA-approved therapy for this condition. With access to this
capital, we have extended our cash runway in a sensible manner for
the Company and its shareholders. We are excited to have Aspire as
an investor and believe its support is further validation of our
product's ability and the opportunity that exists."
Steven G. Martin, Managing Member of Aspire, commented, "We
believe Ritter Pharmaceuticals' is making great progress in gut
microbiome research and we are enthused by their clinical
development of RP-G28, which represents a unique development-stage
asset. We are very pleased to make an initial investment and
further support the development of RP-G28 by providing the Company
with additional access to an efficient and flexible source of
capital."
Under the agreement, Aspire has committed to purchase the
remaining $9 million if and when the Company decides to sell shares
to Aspire. For this commitment, the Company has issued 188,864
shares as a commitment fee to Aspire. The agreement does not
contain any financial covenants, restrictions on future financings,
rights of first refusal, limits to the use of any of the proceeds,
participation rights or penalties whatsoever. Ritter
Pharmaceuticals can terminate the agreement at any time without any
cost or penalty.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities nor will there be
any sale of these securities in any state or other jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or other jurisdiction.
Details of the purchase agreement and registration rights
agreement have been filed with the SEC on Form 8-K today.
About Ritter Pharmaceuticals Ritter Pharmaceuticals, Inc.
develops novel therapeutic products that modulate the human gut
microbiome to treat gastrointestinal diseases. The Company is
advancing human gut health research by exploring the metabolic
capacity of gut microbiota, and translating the functionality of
these microbiome modulators into safe and effective applications.
Their lead drug candidate, RP-G28, has the potential to become the
first FDA-approved drug for lactose intolerance, a condition that
affects more than one billion people worldwide.
About Aspire Capital Fund, LLC Aspire Capital is an
institutional investor based in Chicago, Illinois, with a focus on
making direct investments in publicly traded companies in a broad
range of industries and investment structures. The company offers
innovative investments designed for companies whose prospects are
bright, but who need additional capital to fuel growth.
Forward-Looking Statements This release may contain
forward-looking statements, which express the current beliefs and
expectations of Ritter Pharmaceuticals' management. Such statements
involve a number of known and unknown risks and uncertainties that
could cause the Company's future results, performance or
achievements to differ significantly from the results, performance
or achievements expressed or implied by such forward-looking
statements. Any statements contained herein that do not describe
historical facts are forward-looking statements that involve risks
and uncertainties that could cause actual results to differ
materially from those discussed in such forward-looking statements.
These forward-looking statements are made only as of the date
hereof, and the Company undertakes no obligation to update or
revise the forward-looking statements, whether as a result of new
information, future events or otherwise.
Contacts Investor Contact: David Burke dburke@theruthgroup.com
(646) 536-7009 Media Contact: Eric Kim ekim@theruthgroup.com (646)
536-7023
Ritter Pharmaceuticals (NASDAQ:RTTR)
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Ritter Pharmaceuticals (NASDAQ:RTTR)
過去 株価チャート
から 7 2023 まで 7 2024