Ritter Pharmaceuticals Reports Year End 2018 Financial Results and Provides Business Update
2019年3月29日 - 10:00PM
Ritter Pharmaceuticals, Inc. (Nasdaq: RTTR) (“Ritter
Pharmaceuticals” or the “Company”), a developer of therapeutic
products that modulate the gut microbiome to treat digestive
disorders and gastrointestinal diseases with an initial focus on
the development of RP-G28, a drug candidate with the potential to
be the first FDA-approved treatment for lactose intolerance (“LI”),
today reported financial results for the year ended December 31,
2018 and provided a business update.
Recent
Highlights
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- Recently enrolled the last of approximately 557 patients in our
ongoing Phase 3 clinical trial of RP-G28, known as “Liberatus”. The
trial was fully-enrolled ahead of schedule and the pace of
enrollment exceeded expectations. Top line data is expected to be
released early in the fourth quarter of 2019.
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- Hosted a call with Dr. William Chey, a leading gastrointestinal
disease expert to highlight the unmet medical need in LI and the
potential of RP-G28 in LI.
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- Presented additional data from its previously completed Phase
2b clinical trial of RP-G28 exhibiting colonic microbiome
adaptation and improved lactose tolerance in LI patients at the
American College of Gastroenterology annual scientific
meeting.
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“Our ability to fully enroll all patients in the
Liberatus clinical trial in approximately eight months highlights
both the operational improvements we have made as well as the
intense patient interest there is in new pharmaceutical approaches
to treat this affliction,” said Andrew J. Ritter, Chief Executive
Officer of Ritter Pharmaceuticals. “Our focus in 2019 will be on
the successful completion of this study, exploration of potential
commercial partners for RP-G28 and pipeline growth by evaluating
RP-G28 in other indications.”
Year ended December 31, 2018 Financial
Results As of December 31, 2018, we had
$14.8 million in cash, cash equivalents and short-term
investments in marketable debt securities, compared to
$22.6 million in cash, cash equivalents and short-term
investments in marketable debt securities as of December 31,
2017. The net decrease in cash, cash equivalents and short-term
investments in marketable debt securities in 2018 was due to our
use of cash to fund our Phase 3 clinical study of RP-G28, increased
personnel costs and for other general corporate purposes offset by
proceeds from our November 2018 private placement.
Operating expenses increased to
$17.0 million for the year ended December 31, 2018 from
$7.9 million for the year ended December 31, 2017. The
increase in total operating expense in 2018 was primarily a result
of an increase in development expenses due to the progression of
RP-G28 into the Liberatus Phase 3 clinical study, as well as an
increase in consulting and professional outside services and
personnel and related costs to support these increased development
activities, offset by reductions in non-cash stock-based
compensation.
For the year ended December 31, 2018, net
loss applicable to common stockholders increased to $19.4 million,
or $3.66 per share, from $11.0 million, or $4.95 per share, for the
year ended December 31, 2017. Net loss applicable to common
stockholders included non-cash, deemed dividends of $2.5 million,
or $0.48 per share, and stock-based compensation charges of
$0.6 million, or $0.12 per share, as compared to deemed
dividends of $3.1 million, or $1.40 per share, and stock-based
compensation of $0.9 million, or $0.40 per share, for the years
ended December 31, 2018 and 2017, respectively. The non-cash deemed
dividend charges resulted from our November 2018, $6.0 million
private placement and our October 2017, $23.0 million public
offering.
About Ritter
Pharmaceuticals
Ritter Pharmaceuticals, Inc.
(www.RitterPharma.com, @RitterPharma) develops innovative
therapeutic products that modulate the gut microbiome to treat
digestive disorders and 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 over one billion people worldwide. RP-G28 is in Phase
3 clinical development with its first Phase 3 clinical trial, known
as “Liberatus,” currently underway. 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 Statements
This 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. Any statements
contained herein that do not describe historical facts are
forward-looking statements, including statements related to our
anticipated timing for completion of the Liberatus study, our
release of data from the study and the funding and timing of future
clinical studies. Forward-looking statements 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. Some of the 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. Ritter cautions readers not to place undue reliance on
any forward-looking statements, which speak only as of the date
they were made. The Company undertakes no obligation to update or
revise forward-looking statements, except as otherwise required by
law, whether as a result of new information, future events or
otherwise.
ContactsInvestor Contact:John Beck 310-203-1000
john@ritterpharma.com
RITTER PHARMACEUTICALS,
INC.STATEMENTS OF OPERATIONS
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For the Year Ended |
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December 31, |
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2018 |
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2017 |
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Operating costs
and expenses: |
|
|
|
|
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Research
and development |
|
$ |
11,366,117 |
|
|
$ |
2,874,184 |
|
Patent
costs |
|
|
204,396 |
|
|
|
250,372 |
|
General
and administrative |
|
|
5,425,033 |
|
|
|
4,777,902 |
|
Total
operating costs and expenses |
|
|
16,995,546 |
|
|
|
7,902,458 |
|
Operating loss |
|
$ |
(16,995,546 |
) |
|
$ |
(7,902,458 |
) |
|
|
|
|
|
|
|
|
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Other income
(expense): |
|
|
|
|
|
|
|
|
Interest
income |
|
|
126,835 |
|
|
|
40,227 |
|
Other
expense |
|
|
― |
|
|
|
(1,627 |
) |
Total
other income |
|
|
126,835 |
|
|
|
38,600 |
|
Net
loss |
|
$ |
(16,868,711 |
) |
|
$ |
(7,863,858 |
) |
Deemed dividend of
preferred stock |
|
|
(2,537,844 |
) |
|
|
(3,111,020 |
) |
Net loss applicable to
common stockholders |
|
$ |
(19,406,555 |
) |
|
$ |
(10,974,878 |
) |
Net loss per common
share – basic and diluted |
|
$ |
(3.66 |
) |
|
$ |
(4.95 |
) |
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding – basic and diluted |
|
|
5,304,667 |
|
|
|
2,214,951 |
|
|
|
|
|
|
|
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RITTER PHARMACEUTICALS,
INC.BALANCE SHEETS
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December 31, 2018 |
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December 31, 2017 |
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ASSETS |
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Current assets |
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Cash and
cash equivalents |
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$ |
7,812,259 |
|
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$ |
22,631,971 |
|
Accrued
interest receivable |
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|
54,456 |
|
|
|
― |
|
Investment in marketable securities |
|
|
6,988,780 |
|
|
|
― |
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Prepaid
expenses |
|
|
421,522 |
|
|
|
167,400 |
|
Total
current assets |
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15,277,017 |
|
|
|
22,799,371 |
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Other assets |
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22,725 |
|
|
|
10,326 |
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Property and equipment,
net |
|
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20,160 |
|
|
|
23,873 |
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Total
Assets |
|
$ |
15,319,902 |
|
|
$ |
22,833,570 |
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LIABILITIES AND
STOCKHOLDERS’ EQUITY |
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Current
liabilities |
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|
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Accounts
payable |
|
$ |
4,512,316 |
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$ |
2,237,579 |
|
Accrued
expenses |
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1,407,843 |
|
|
|
454,252 |
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Other
liabilities |
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13,359 |
|
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|
15,757 |
|
Total
current liabilities |
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5,933,518 |
|
|
|
2,707,588 |
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|
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Stockholders’
equity |
|
|
|
|
|
|
|
|
Series A preferred
stock, $0.001 par value; 15,000,000 shares authorized; 4,080 and
9,140 shares issued and outstanding as of December 31, 2018 and
2017, respectively |
|
|
2,289,324 |
|
|
|
5,128,536 |
|
Series B preferred
stock, $0.001 par value; 6,000 shares authorized; 5,608 and 0
shares issued and outstanding as of December 31, 2018 and 2017,
respectively |
|
|
3,906,931 |
|
|
|
― |
|
Series C preferred
stock, $0.001 par value; 1,880 shares authorized; 1,880 and 0
shares issued and outstanding as of December 31, 2018 and 2017,
respectively |
|
|
1,880,000 |
|
|
|
― |
|
Common stock, $0.001
par value; 225,000,000 and 25,000,000 shares authorized; 6,036,562
and 4,940,652 shares issued and outstanding as of December 31, 2018
and 2017, respectively |
|
|
6,037 |
|
|
|
4,940 |
|
Additional paid-in
capital |
|
|
71,505,160 |
|
|
|
68,323,940 |
|
Accumulated other
comprehensive loss |
|
|
(923 |
) |
|
|
― |
|
Accumulated
deficit |
|
|
(70,200,145 |
) |
|
|
(53,331,434 |
) |
Total
stockholders’ equity |
|
|
9,386,384 |
|
|
|
20,125,982 |
|
Total
Liabilities and Stockholders’ Equity |
|
$ |
15,319,902 |
|
|
$ |
22,833,570 |
|
|
|
|
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Ritter Pharmaceuticals (NASDAQ:RTTR)
過去 株価チャート
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Ritter Pharmaceuticals (NASDAQ:RTTR)
過去 株価チャート
から 7 2023 まで 7 2024