Ritter Pharmaceuticals Reports First Quarter 2018 Financial Results and Provides Business Updates
2018年5月16日 - 5:10AM
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 for the first quarter ended March 31,
2018 and provided other business updates.
Recent Highlights
- Engaged Medpace as the Company’s clinical research organization
(CRO) for its first pivotal Phase 3 clinical trial of RP-G28 in
lactose intolerance.
- Reported clinical microbiome data from the Company’s Phase 2b
clinical trial of RP-G28 indicating that RP-G28 promoted beneficial
adaptation of the gut microbiome.
- Completed 1-for-10 reverse stock split.
- Conducted a Phase 1 clinical pharmacology study of RP-G28 to
support the Company’s planned Phase 3 program.
- Welcomed William Chey, M.D. to the Company’s Medical Advisory
Board.
- Appointed Diane J. Plotkin, Ph.D. as Vice President of Clinical
Development.
“We began 2018 with several important corporate and product
development updates, each with significant impact on our strategic
execution of our first Phase 3 pivotal trial,” said Michael D.
Step, Chief Executive Officer of Ritter Pharmaceuticals. “Our
efforts have centered around finalizing the Phase 3 trial protocol
design based on the Food and Drug Administration’s feedback and
guidance, completion of manufacturing of drug supply and securing
additional late-stage clinical development personnel to assist us
in the execution of the program.” Andrew J. Ritter, co-founder and
President of Ritter Pharmaceuticals, added, “ We continue to
be committed to ensuring that the clinical development of RP-G28 is
executed safely and with scientific rigor, and we look forward to
initiating our first pivotal Phase 3 Trial later this quarter.”
First Quarter 2018 Financial ResultsFor the
first quarter of 2018, Ritter Pharmaceuticals reported a net loss
attributable to common stockholders of approximately $2.0 million
compared to a net loss of approximately $1.7 million for the first
quarter of 2017. Basic and diluted net loss per share was $0.41 for
the three months ended March 31, 2018 compared to basic and diluted
net loss per share of $1.44 for the same period in 2017. Research
and development expenses for the first quarter of 2018 totaled
approximately $850,000 compared to approximately $432,000 for the
first quarter of 2017. This increase was due to the Company’s
preparation for its Phase 3 clinical trial. General and
administrative expenses for the first quarter of 2018 and 2017 were
approximately $1.1 million and $1.2 million, respectively. As of
March 31, 2018, Ritter Pharmaceuticals had cash and cash
equivalents of approximately $18.9 million.
About Ritter PharmaceuticalsRitter
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 of people worldwide. RP-G28 has been studied in
Phase 2 trials, and is expected to commence Phase 3 clinical
development in the second quarter of 2018. The Company is further
exploring the therapeutic potential that gut microbiome changes may
have on treating/preventing a variety of diseases including:
gastrointestinal diseases, cancer, metabolic, and liver
disease.
Forward-Looking StatementsThis press 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, including statements regarding the timing and
commencement of our first Phase 3 clinical trial. 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 Shaun Novin 310-203-1000
shaun@ritterpharma.com
|
|
RITTER PHARMACEUTICALS, INC. |
|
CONDENSED STATEMENTS OF
OPERATIONS |
|
(Unaudited) |
|
|
|
|
For the Three Months Ended March
31, |
|
|
|
|
|
2018 |
|
2017 |
Operating costs
and expenses |
|
|
|
|
|
|
Research and
development |
|
$ |
849,683 |
|
|
$ |
432,154 |
|
Patent costs |
|
|
63,088 |
|
|
|
77,702 |
|
General and
administrative |
|
|
1,125,891 |
|
|
|
1,171,325 |
|
Total operating costs
and expenses |
|
|
2,038,662 |
|
|
|
1,681,181 |
|
Operating loss |
|
|
(2,038,662 |
) |
|
|
(1,681,181 |
) |
Other
income |
|
|
|
|
|
|
Interest income |
|
|
25,972 |
|
|
|
7,946 |
|
Total other income |
|
|
25,972 |
|
|
|
7,946 |
|
Net
loss |
|
$ |
(2,012,690 |
) |
|
$ |
(1,673,235 |
) |
Net loss per common
share - basic and diluted |
|
$ |
(0.41 |
) |
|
$ |
(1.44 |
) |
Weighted average common
shares outstanding - basic and diluted |
|
|
4,944,763 |
|
|
|
1,161,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RITTER PHARMACEUTICALS, INC. |
|
CONDENSED BALANCE SHEETS |
|
|
|
March 31, 2018 |
|
December 31, 2017 |
|
|
(unaudited) |
|
|
ASSETS |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
18,917,043 |
|
|
$ |
22,631,971 |
|
Prepaid expenses |
|
|
177,085 |
|
|
|
167,400 |
|
Total current
assets |
|
$ |
19,094,128 |
|
|
$ |
22,799,371 |
|
Other assets |
|
|
10,326 |
|
|
|
10,326 |
|
Property and equipment,
net |
|
|
22,510 |
|
|
|
23,873 |
|
Total
Assets |
|
$ |
19,126,964 |
|
|
$ |
22,833,570 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
640,545 |
|
|
$ |
2,237,579 |
|
Accrued expenses |
|
|
145,216 |
|
|
|
454,252 |
|
Other liabilities |
|
|
15,303 |
|
|
|
15,757 |
|
Total current
liabilities |
|
|
801,064 |
|
|
|
2,707,588 |
|
STOCKHOLDER’S
EQUITY |
|
|
|
|
|
|
Preferred stock, $0.001
par value; 15,000,000 shares authorized, 8,820 and 9,140 shares
issued and outstanding as of March 31, 2018 and December 31, 2017,
respectively |
|
|
4,948,981 |
|
|
|
5,128,536 |
|
Common stock, $0.001
par value; 225,000,000 shares authorized, 5,020,652 and 4,940,652
shares issued and outstanding as of March 31, 2018 and December 31,
2017, respectively |
|
|
5,021 |
|
|
|
4,941 |
|
Additional paid-in
capital |
|
|
68,716,022 |
|
|
|
68,323,939 |
|
Accumulated
deficit |
|
|
(55,344,124 |
) |
|
|
(53,331,434 |
) |
Total stockholders’
equity |
|
|
18,325,900 |
|
|
|
20,125,982 |
|
|
|
|
|
|
|
|
Total
Liabilities and Stockholders’ Equity |
|
$ |
19,126,964 |
|
|
$ |
22,833,570 |
|
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