Ritter Pharmaceuticals Reports Fourth Quarter and Full Year 2017 Financial Results and Provides Business Update
2018年3月19日 - 7:35PM
Ritter Pharmaceuticals, Inc. (NASDAQ: RTTR)
(“Ritter Pharmaceuticals” or the “Company”), a developer of novel
therapeutic products that modulate the gut microbiome to treat
gastrointestinal diseases with an initial focus on the development
of the first FDA-approved treatment for lactose intolerance, today
reported financial results and a business update for the fourth
quarter and year ended December 31, 2017.
Recent Highlights
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Closed approximately $23 million in equity in the fourth quarter of
2017 in an underwritten public offering to fund initiation of the
Phase 3 clinical program of RP-G28 for lactose intolerance. |
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Completed the Phase 2b Extension Trial in which a subset of
patients from our Phase 2b clinical trial was observed for
durability of treatment. |
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Announced top-line microbiome data results from our Phase 2b
clinical trial, reporting beneficial adaptation of the gut
microbiome. The results of the analysis were consistent with the
results noted in the Phase 2a study and further support our
proposed mechanism of action for RP-G28. |
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Strengthened the clinical development team with the appointment of
Diane J. Plotkin, Ph.D., as Vice President of Clinical
Development. |
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Appointed Distinguished Gastroenterologist, William Chey, M.D., to
the Company’s Medical Advisory Board. |
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Initiated a Phase 1 clinical pharmacology safety study of RP-G28 to
support our planned Phase 3 program. |
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Announced approval for a 1-for-10 reverse stock split of the
company’s common stock, anticipated effective date on or before
March 23, 2018. |
“Our focus in 2018 is on the initiation of our
first pivotal Phase 3 clinical trial of RP-G28 in lactose
intolerance for which we are currently on track to start screening
in the second quarter,” said Michael D. Step, Chief Executive
Officer of Ritter Pharmaceuticals. “With collaboration and feedback
from the FDA, we have diligently laid out our Phase 3 program and
trial design and we are now vigilantly preparing to launch the
trial.”
Andrew J. Ritter, President of Ritter
Pharmaceuticals, added, “We believe that RP-G28 can serve as an
effective treatment for people suffering from lactose intolerance,
a significant unmet need, as there are no currently approved
therapies. While we focus our efforts on the Phase 3 trial, we are
also continuing to explore the therapeutic potential of RP-G28 to
positively effect gut microbiome adaptation in treating and/or
preventing a variety of other conditions.”
Fourth Quarter and year ended December
31, 2017 Financial Results
For the fourth quarter of 2017, Ritter
Pharmaceuticals reported a net loss attributable to common
stockholders of approximately $5.1 million compared to a net loss
of approximately $7.6 million for the fourth quarter of 2016. Basic
and diluted net loss per share was $0.11 for the three months ended
December 31, 2017 compared to basic and diluted net loss per share
of $0.74 for the same period in 2016. For the year ended
December 31, 2017, Ritter Pharmaceuticals reported a net loss
attributable to common stockholders of approximately $11.0 million
compared to a net loss of approximately $18.4 million for the year
ended December 31, 2016. Basic and diluted net loss per share was
approximately $0.50 for the year ended December 31, 2017 compared
to basic and diluted net loss per share of approximately $2.04 for
the same period in 2016.
Research and development expenses totaled
approximately $0.5 million for the quarter ended December 31, 2017
versus approximately $6.1 million for the comparable period of
2016. The quarter-over-quarter decrease of approximately $5.6
million was primarily driven by a decrease in activity related to
our Phase 2b clinical trial; which was completed in the fourth
quarter of 2016.
For the year ended December 31, 2017, research
and development expenses totaled approximately $2.9 million
compared to approximately $13.3 million for the year ended December
31, 2016. The decrease in research and development expenses was
attributable to the completion of our Phase 2b clinical trial in
2016.
General and administrative expenses for both the
fourth quarters of 2017 and 2016 were approximately $1.4
million.
For the year ended December 31, 2017, general
and administrative expenses were approximately $4.8 million,
compared to approximately $4.9 million for the year ended December
31, 2016. The decrease in general and administrative costs for the
year was primarily attributable to a decrease in stock-based
compensation expense offset by an increase in professional
fees.
For the year ended December 31, 2017, total
operating expenses were approximately $7.9 million, compared to
approximately $18.4 million for the year ended December 31, 2016.
The decrease was driven primarily by the decrease in research and
development expense attributable to the completion of our Phase 2b
clinical trial in the fourth quarter of 2016.
As of December 31, 2017, Ritter Pharmaceuticals
had cash and cash equivalents of approximately $22.6 million.
About Ritter
Pharmaceuticals
Ritter Pharmaceuticals, Inc.
(www.RitterPharma.com, @RitterPharma) develops novel therapeutic
products that modulate the gut microbiome to treat gastrointestinal
diseases. The Company’s lead product candidate, RP-G28, has the
potential to become the first FDA-approved treatment for lactose
intolerance, a condition that affects millions worldwide. RP-G28
has been studied in Phase 2 trials and is now ready to commence
Phase 3 clinical development. 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 release may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 that express the current beliefs and
expectations of Ritter Pharmaceuticals’ management. Any statements
contained herein that do not describe historical facts are
forward-looking statements that are subject to risks and
uncertainties that could cause actual results, performance and
achievements to differ materially from those discussed in such
forward-looking statements. Factors that could affect our actual
results are included in the periodic reports on Form 10-K and Form
10-Q that we file with the Securities and Exchange Commission.
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, except as otherwise required
by law, whether as a result of new information, future events or
otherwise.
Contacts
Jeffrey Benjamin
310-203-1000
jeffrey@ritterpharma.com
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