Ritter Pharmaceuticals Reports Third Quarter 2017 Financial Results and Provides Business Update
2017年10月31日 - 7:45PM
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 with an initial
focus on developing the first FDA approved treatment for lactose
intolerance, today reported financial results and a business update
for the third quarter ended September 30, 2017.
Recent Highlights
- Announced Phase 3 plans after its End-of-Phase 2 Meeting with
the FDA regarding the path forward toward a New Drug Application
submission for RP-G28 for the treatment of lactose intolerance
- Raised approximately $23 million in an underwritten public
offering, before deducting underwriting discounts, commissions and
other offering expenses, to fund the initiation of its Phase 3
clinical program of RP-G28
- Initiating the first of two Phase 3 clinical trials in the
first half of 2018
“We are very much committed and focused on the
clinical development of RP-G28 to NDA submission,” said Michael D.
Step, Chief Executive Officer of Ritter Pharmaceuticals. “I’m proud
of our clinical and regulatory team’s swift and diligent effort to
get us Phase 3 ready and we look forward to initiating our first
phase 3 trial in the first half of 2018.”
Andrew J. Ritter, President of Ritter
Pharmaceuticals, added, “With Phase 3 guidance from the FDA from
our End of Phase 2 Meeting and our recent successful capital raise
behind us, we have a clear regulatory pathway and we have
sufficient funding to execute the first pivotal Phase 3 clinical
trial of RP-G28 through data readout.”
Third Quarter 2017 Financial Results
For the third quarter of 2017, Ritter
Pharmaceuticals reported a net loss attributable to common
stockholders of approximately $2.0 million compared to a net loss
of approximately $3.5 million for the third quarter of 2016. Basic
and diluted net loss per share was $0.14 for the three months ended
September 30, 2017 compared to basic and diluted net loss per share
of $0.41 for the same period in 2016.
Research and development expenses totaled
approximately $0.9 million for the quarter ended September 30, 2017
versus $2.3 million for the comparable quarter ended September 30,
2016. The quarter over quarter decrease of approximately $1.4
million was primarily driven by a decrease in activity related to
our Phase 2b/3 clinical trial which was initiated in March 2016 and
completed in the fourth quarter of 2016. Research and development
costs incurred in the quarter ended September 30, 2017 were
primarily attributable to Phase 2b/3 extension study fees and Phase
3 program planning expenses.
General and administrative expenses were
approximately $1.1 million for both the third quarter of 2017 and
2016.
Total operating expenses for the third quarter
of 2017 were approximately $2.0 million compared to approximately
$3.5 million for the third quarter of 2016. The decrease of
approximately $1.5 million is primarily attributable to the
decrease in research and development costs as described above.
As of September 30, 2017, Ritter Pharmaceuticals
had cash and cash equivalents of approximately $3.6 million. In
addition, the company raised approximately $21.0 million, net of
fees, through an underwritten public offering that closed on
October 3, 2017.
About Ritter Pharmaceuticals
Ritter Pharmaceuticals, Inc.
(www.RitterPharma.com, @RitterPharma) develops novel therapeutic
products that modulate the gut microbiome to treat gastrointestinal
diseases. Its lead product, RP-G28, has the potential to become the
first FDA-approved treatment for lactose intolerance, a condition
that affects millions worldwide. The Company is further exploring
the functionality and discovering the therapeutic potential gut
microbiome changes may have on treating/preventing a variety of
conditions including: gastrointestinal diseases, immuno-oncology,
metabolic, and liver disease.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements regarding the timing of
our two Phase 3 clinical trials. 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. 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,
2016 and Quarterly Reports on Form 10-Q for the periods ended March
31, 2017, June 30, 2017 and September 30, 2017. 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.
Contacts Jeffrey Benjamin 310-203-1000
jeffrey@ritterpharma.com
|
|
|
|
|
|
|
RITTER PHARMACEUTICALS, INC. |
CONDENSED STATEMENTS OF
OPERATIONS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
Operating costs
and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research
and development |
|
$ |
915,268 |
|
|
$ |
2,348,755 |
|
|
$ |
2,121,898 |
|
|
$ |
7,112,177 |
|
Patent
costs |
|
|
47,431 |
|
|
|
98,908 |
|
|
|
175,794 |
|
|
|
199,888 |
|
General
and administrative |
|
|
1,052,236 |
|
|
|
1,091,647 |
|
|
|
3,367,781 |
|
|
|
3,533,608 |
|
Total
operating costs and expenses |
|
|
2,014,935 |
|
|
|
3,539,310 |
|
|
|
5,665,473 |
|
|
|
10,845,673 |
|
Operating loss |
|
|
(2,014,935 |
) |
|
|
(3,539,310 |
) |
|
|
(5,665,473 |
) |
|
|
(10,845,673 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
|
4,083 |
|
|
|
13,239 |
|
|
|
18,362 |
|
|
|
50,466 |
|
Other
income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,214 |
|
Total
other income |
|
|
4,083 |
|
|
|
13,239 |
|
|
|
18,362 |
|
|
|
51,680 |
|
Net
loss |
|
$ |
(2,010,852 |
) |
|
$ |
(3,526,071 |
) |
|
$ |
(5,647,111 |
) |
|
$ |
(10,793,993 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
common share ― basic and diluted |
|
$ |
(0.14 |
) |
|
$ |
(0.41 |
) |
|
$ |
(0.42 |
) |
|
$ |
(1.26 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common
shares outstanding — basic and diluted |
|
|
14,756,521 |
|
|
|
8,585,406 |
|
|
|
13,443,007 |
|
|
|
8,584,442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RITTER PHARMACEUTICALS, INC. |
CONDENSED BALANCE SHEETS |
|
|
|
|
|
|
|
|
|
September 30, 2017 |
|
|
December 31, 2016 |
|
|
|
(unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
3,558,874 |
|
|
$ |
7,046,282 |
|
Prepaid
expenses |
|
|
260,597 |
|
|
|
156,752 |
|
Total
current assets |
|
|
3,819,471 |
|
|
|
7,203,034 |
|
|
|
|
|
|
|
|
|
|
Other assets |
|
|
10,326 |
|
|
|
10,326 |
|
Deferred offering
costs |
|
|
310,786 |
|
|
|
— |
|
Property and equipment,
net |
|
|
19,606 |
|
|
|
23,542 |
|
Total Assets |
|
$ |
4,160,189 |
|
|
$ |
7,236,902 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
2,745,370 |
|
|
$ |
1,896,368 |
|
Accrued
expenses |
|
|
196,578 |
|
|
|
1,222,735 |
|
Other
liabilities |
|
|
15,927 |
|
|
|
14,736 |
|
Total
current liabilities |
|
|
2,957,875 |
|
|
|
3,133,839 |
|
|
|
|
|
|
|
|
|
|
Stockholders’
equity |
|
|
|
|
|
|
|
|
Preferred stock, $0.001
par value; 15,000,000 shares authorized; 0 shares issued and
outstanding as of September 30, 2017 and December 31, 2016 |
|
|
— |
|
|
|
— |
|
Common stock, $0.001
par value; 225,000,000 shares authorized; 14,756,521 and 11,619,197
shares issued and outstanding as of September 30, 2017 and December
31, 2016, respectively |
|
|
14,757 |
|
|
|
11,619 |
|
Additional paid-in
capital |
|
|
52,302,244 |
|
|
|
49,559,020 |
|
Accumulated
deficit |
|
|
(51,114,687 |
) |
|
|
(45,467,576 |
) |
Total
stockholders’ equity |
|
|
1,202,314 |
|
|
|
4,103,063 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders’ Equity |
|
$ |
4,160,189 |
|
|
$ |
7,236,902 |
|
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