Ritter Pharmaceuticals Reports Third Quarter 2016 Financial Results and Provides Business Update
2016年11月7日 - 10:30PM
Marketwired
Ritter Pharmaceuticals Reports Third Quarter 2016 Financial
Results and Provides Business Update
LOS ANGELES, CA-(Marketwired - Nov 7, 2016) - 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 reported financial results
and a business update for the third quarter ending September 30,
2016.
Recent Highlights
- Completed last patient dosing and all monitoring visits in its
Phase 2b/3 clinical trial of RP-G28 for the treatment of lactose
intolerance on schedule;
- Topline results of the trial are expected to be announced in
the first quarter of 2017;
- Initiated a 12-month extension study to evaluate the long-term
durability of RP-G28 on a subset of Phase 2b/3 clinical trial
patients; and
- Raised gross proceeds of approximately $5,000,000, in an
underwritten public offering to support operations and other
general corporate purposes.
"The recent months have been of significant importance to Ritter
Pharmaceuticals and the development of RP-G28 for the treatment of
lactose intolerance," said Andrew J. Ritter, Co-Founder and
President of Ritter Pharmaceuticals. "Notably, we completed patient
dosing and monitoring in our Phase 2b/3 clinical trial of RP-G28,
which enrolled 377 patients. We accomplished this in less than
eight months, which was within the timeline we had laid out for
investors, keeping us on path for data announcement in Q1 2017. Not
only does this demonstrate solid execution by our clinical team,
but it also underscores the significant patient need for a lactose
intolerance treatment."
In the United States alone, lactose intolerance is a large and
underserved market with over 40 million Americans suffering from
the condition. Current spending on overthecounter lactose
intolerance aids in the United States is estimated at approximately
$2.45 billion, but no product on the market today provides reliable
or long-term relief. Globally, over a staggering 1 billion
individuals suffer from lactose intolerance.
Michael Step, Chief Executive Officer of Ritter Pharmaceuticals
further added, "We successfully raised approximately $5 million in
the month of October in a follow-on offering, extending our cash
runway based on our current cash burn. With the completion of our
successful financing and a very significant milestone on the
horizon, we are excited about the Company's prospects in 2017 and
beyond."
Third Quarter 2016 Financial Results For the third quarter of
2016, Ritter Pharmaceuticals reported a net loss attributable to
common stockholders of approximately $3.5 million compared to a net
loss of approximately $3.1 million for the third quarter of 2015.
Basic and diluted net loss per share was $0.41 for the three months
ended September 30, 2016 compared to basic and diluted net loss per
share of $0.40 for the same period in 2015.
Research and development expenses totaled approximately $2.3
million for the quarter ended September 30, 2016 compared to
approximately $1.5 million for the comparable period in 2015. This
increase was primarily attributable to the Phase 2b/3 clinical
trial that was ongoing during the quarter.
General and administrative expenses for the third quarter of
2016 were approximately $1.1 million compared to approximately $1.6
million for the third quarter of 2015. This decrease was primarily
due to a decrease of approximately $0.5 million in stock-based
compensation expense for the third quarter of 2016 as compared to
the third quarter of 2015.
Total operating expenses for the third quarter of 2016 were
approximately $3.5 million, compared to approximately $3.1 for the
previous year period.
As of September 30, 2016, Ritter Pharmaceuticals had cash and
cash equivalents of approximately $8.5 million.
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. The Company's 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.
Forward-Looking Statements
This release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements related to our release of topline results from
our Phase 2b/3 clinical trial of RP-G28. Management believes that
these forward-looking statements are reasonable as and when made.
However, 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. These risks and uncertainties
include, but are not limited to, risks associated with the drug
development process generally, including the outcomes of planned
clinical trials and the regulatory review process. For a discussion
of certain risks and uncertainties affecting Ritter
Pharmaceuticals' forward-looking statements, please review the
Company's reports filed with the Securities and Exchange
Commission, including, but not limited to, its Annual Report on
Form 10-K for the period ended December 31, 2015 and Quarterly
Reports on Form 10-Q for the periods ended March 31, 2016, June 30,
2016 and September 30, 2016. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date on which they are made. These statements are
based on management's current expectations and Ritter
Pharmaceuticals does not undertake any responsibility to revise or
update any forward-looking statements contained herein, except as
expressly required by law.
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RITTER PHARMACEUTICALS, INC.
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CONDENSED STATEMENTS OF OPERATIONS
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(Unaudited)
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Three Months Ended September 30,
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|
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Nine Months Ended September 30,
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|
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2016
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2015
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2016
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2015
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Operating costs and expenses:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Research and development
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$
|
2,348,755
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$
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1,505,116
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$
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7,112,177
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$
|
1,584,086
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Patent costs
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98,908
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|
|
47,611
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|
|
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199,888
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|
|
|
160,033
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|
General and administrative
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|
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1,091,647
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|
|
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1,555,938
|
|
|
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3,533,608
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|
|
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4,860,676
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|
|
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Total operating costs and expenses
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3,539,310
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|
|
|
3,108,665
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|
|
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10,845,673
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|
|
|
6,604,795
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|
|
Operating loss
|
|
|
(3,539,310
|
)
|
|
|
(3,108,665
|
)
|
|
|
(10,845,673
|
)
|
|
|
(6,604,795
|
)
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|
|
|
|
|
|
|
|
|
|
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Other income:
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Interest income
|
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13,239
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|
|
|
18,853
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|
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50,466
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|
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23,157
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Other income
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|
-
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|
|
9,590
|
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|
|
1,214
|
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|
|
16,682
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Total other income
|
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|
13,239
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|
|
|
28,443
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|
|
51,680
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|
|
39,839
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Net loss
|
|
$
|
(3,526,071
|
)
|
|
$
|
(3,080,222
|
)
|
|
$
|
(10,793,993
|
)
|
|
$
|
(6,564,956
|
)
|
Cumulative preferred stock dividends
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
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(327,569
|
)
|
Accretion of discount on Series C preferred stock
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(63,283
|
)
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Net loss applicable to common shareholders
|
|
$
|
(3,526,071
|
)
|
|
$
|
(3,080,222
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)
|
|
$
|
(10,793,993
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)
|
|
$
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(6,955,808
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)
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Net loss per common share - basic and diluted
|
|
$
|
(0.41
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)
|
|
$
|
(0.40
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)
|
|
$
|
(1.26
|
)
|
|
$
|
(2.35
|
)
|
Weighted-average common shares outstanding - basic and
diluted
|
|
|
8,585,406
|
|
|
|
7,792,050
|
|
|
|
8,584,442
|
|
|
|
2,961,263
|
|
|
|
|
|
|
|
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|
|
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RITTER PHARMACEUTICALS, INC.
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CONDENSED BALANCE SHEETS
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September 30, 2016
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December 31, 2015
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(audited)
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ASSETS
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Current assets
|
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Cash and cash equivalents
|
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$
|
8,452,128
|
|
|
$
|
15,819,566
|
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Prepaid expenses
|
|
|
246,228
|
|
|
|
189,136
|
|
|
|
Total current assets
|
|
|
8,698,356
|
|
|
|
16,008,702
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|
|
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|
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Other assets
|
|
|
10,326
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|
|
|
10,326
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Property and equipment, net
|
|
|
24,857
|
|
|
|
20,688
|
|
|
|
Total Assets
|
|
$
|
8,733,539
|
|
|
$
|
16,039,716
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|
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LIABILITIES AND STOCKHOLDERS' EQUITY
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|
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|
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Current liabilities
|
|
|
|
|
|
|
|
|
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Accounts payable
|
|
$
|
2,870,379
|
|
|
$
|
739,357
|
|
|
Accrued expenses
|
|
|
907,934
|
|
|
|
614,141
|
|
|
Other liabilities
|
|
|
14,064
|
|
|
|
1,223
|
|
|
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Total current liabilities
|
|
|
3,792,377
|
|
|
|
1,354,721
|
|
|
|
|
|
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Stockholders' equity
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|
|
|
|
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|
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Preferred stock, $0.001 par value; 5,000,000 shares authorized;
0 shares issued and outstanding as of September 30, 2016 and
December 31, 2015
|
|
|
-
|
|
|
|
-
|
|
Common stock, $0.001 par value; 25,000,000 shares authorized;
8,592,912 and 8,582,004 shares issued and outstanding as of
September 30, 2016 and December 31, 2015, respectively
|
|
|
8,593
|
|
|
|
8,582
|
|
Additional paid-in capital
|
|
|
42,809,504
|
|
|
|
41,759,355
|
|
Accumulated deficit
|
|
|
(37,876,935
|
)
|
|
|
(27,082,942
|
)
|
|
|
Total stockholders' equity
|
|
|
4,941,162
|
|
|
|
14,684,995
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders' Equity
|
|
$
|
8,733,539
|
|
|
$
|
16,039,716
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Contacts Investor Contact: David Burke dburke@theruthgroup.com
(646) 536-7009 Media Contact: Chris Hippolyte
chippolyte@theruthgroup.com 646.536.7023
Ritter Pharmaceuticals (NASDAQ:RTTR)
過去 株価チャート
から 6 2024 まで 7 2024
Ritter Pharmaceuticals (NASDAQ:RTTR)
過去 株価チャート
から 7 2023 まで 7 2024