Ritter Pharmaceuticals Reports First Quarter 2017 Financial Results and Provides Business Updates
May 09 2017 - 7:26AM
Marketwired
Ritter Pharmaceuticals Reports First Quarter 2017 Financial
Results and Provides Business Updates
LOS ANGELES, CA-(Marketwired - May 9, 2017) - Ritter
Pharmaceuticals, Inc. (NASDAQ: RTTR) ("Ritter Pharmaceuticals" or
the "Company"), a leading developer of novel therapeutic products
that modulate the human gut microbiome to treat gastrointestinal
diseases, today reported financial results for the first quarter
ended March 31, 2017 and provided other business updates.
Recent Highlights
- Clinical microbiome data from the Company's Phase 2a clinical
trial of RP-G28 in patients with lactose intolerance was published
in the Proceedings of the National Academy of Science;
- Appointed William Merino, Ph.D., to the Company's Board of
Directors;
- Rang the closing bell at NASDAQ;
- Established a partnership with the University of Nebraska and
Dr. Amanda Ramer-Tait to study the role of the microbiome and
RP-G28 in metabolic syndrome;
- Established a partnership with Dr. B. Brett Finlay from the
Michael Smith Laboratories at the University of British Columbia to
study the role of the microbiome and RP-G28 in environmental
enteropathy;
- Announced top-line data from our Phase 2b/3 clinical trial of
RP-G28 in patients with lactose intolerance;
- Announced the issuance of three new patents, two in the U.S.
and one in Australia, directed toward compositions containing and
methods of using RP-G28; and
- Established a new equity facility with Aspire Capital Fund, LLC
on May 4, 2017, to give the Company the flexibility and capability
to access up to $6.5 million in equity capital in the future at the
Company's sole discretion.
"The key event of the quarter was our announcement of top-line
data from our Phase 2b/3 clinical trial of RP-G28 in patients with
lactose intolerance. Results from the trial demonstrated a
clinically meaningful benefit in subjects with the reduction of
lactose intolerance symptoms. We are now looking forward to
commencing our Phase 3 program, following our end-of-Phase 2
meeting with the FDA to discuss the steps needed for an NDA
submission," said Michael D. Step, Chief Executive Officer of
Ritter Pharmaceuticals.
Andrew J. Ritter, Co-Founder and President of Ritter
Pharmaceuticals, added, "We look forward to advancing RP-G28 into
Phase 3, taking us one step closer to developing the first
FDA-approved treatment for lactose intolerance, a condition
suffered by over 40 million in the U.S. and millions more
worldwide."
First Quarter 2017 Financial Results
For the first quarter of 2017, Ritter Pharmaceuticals reported a
net loss attributable to common stockholders of approximately $1.7
million compared to a net loss of approximately $3.1 million for
the first quarter of 2016. Basic and diluted net loss per share was
$0.14 for the three months ended March 31, 2017 compared to basic
and diluted net loss per share of $0.36 for the same period in
2016.
Research and development expenses for the first quarter of 2017
totaled approximately $432,000 compared to approximately $1.9
million for the first quarter of 2016. This decrease was due to the
completion of the Phase 2b/3 clinical trial.
General and administrative expenses for the first quarter of
2017 and 2016 were approximately $1.2 million.
As of March 31, 2017, Ritter Pharmaceuticals had cash and cash
equivalents of approximately $5.1 million.
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 candidate, 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 release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements related to our ability to bring RP-G28 to
market. 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 year ended December 31, 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.
|
|
RITTER PHARMACEUTICALS, INC.
|
|
CONDENSED STATEMENTS OF OPERATIONS
|
|
(Unaudited)
|
|
|
|
|
|
For the Three Months Ended March 31,
|
|
|
|
2017
|
|
|
2016
|
|
Operating costs and expenses
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
$
|
432,154
|
|
|
$
|
1,882,848
|
|
|
Patent costs
|
|
|
77,702
|
|
|
|
32,364
|
|
|
General and administrative
|
|
|
1,171,325
|
|
|
|
1,235,018
|
|
|
|
Total operating costs and expenses
|
|
|
1,681,181
|
|
|
|
3,150,230
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
|
(1,681,181
|
)
|
|
|
(3,150,230
|
)
|
|
|
|
|
|
|
|
|
|
Other income
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
7,946
|
|
|
|
20,566
|
|
|
Other income
|
|
|
-
|
|
|
|
1,214
|
|
|
|
Total other income
|
|
|
7,946
|
|
|
|
21,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(1,673,235
|
)
|
|
$
|
(3,128,450
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share, basic and diluted
|
|
$
|
(0.14
|
)
|
|
$
|
(0.36
|
)
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding, basic and diluted
|
|
|
11,619,197
|
|
|
|
8,583,259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RITTER PHARMACEUTICALS, INC.
|
|
CONDENSED BALANCE SHEETS
|
|
|
|
|
|
March 31, 2017
|
|
|
December 31, 2016
|
|
|
|
(unaudited)
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
5,092,309
|
|
|
$
|
7,046,282
|
|
|
Prepaid expenses
|
|
|
149,727
|
|
|
|
156,752
|
|
|
|
Total current assets
|
|
|
5,242,036
|
|
|
|
7,203,034
|
|
|
|
|
|
|
|
|
|
|
Other assets
|
|
|
10,326
|
|
|
|
10,326
|
|
Property and equipment, net
|
|
|
22,235
|
|
|
|
23,542
|
|
|
|
Total Assets
|
|
$
|
5,274,597
|
|
|
$
|
7,236,902
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
1,634,698
|
|
|
$
|
1,896,368
|
|
|
Accrued expenses
|
|
|
900,762
|
|
|
|
1,222,735
|
|
|
Other liabilities
|
|
|
15,133
|
|
|
|
14,736
|
|
|
|
Total current liabilities
|
|
|
2,550,593
|
|
|
|
3,133,839
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value; 5,000,000 shares authorized;
0 shares issued and outstanding as of March 31, 2017 and December
31, 2016
|
|
|
-
|
|
|
|
-
|
|
Common stock, $0.001 par value; 25,000,000 shares authorized;
11,619,197 shares issued and outstanding as of March 31, 2017 and
December 31, 2016
|
|
|
11,619
|
|
|
|
11,619
|
|
Additional paid-in capital
|
|
|
49,853,196
|
|
|
|
49,559,020
|
|
Accumulated deficit
|
|
|
(47,140,811
|
)
|
|
|
(45,467,576
|
)
|
|
|
Total stockholders' equity
|
|
|
2,724,004
|
|
|
|
4,103,063
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders' Equity
|
|
$
|
5,274,597
|
|
|
$
|
7,236,902
|
|
Contacts Ellen Mochizuki 310-203-1000 ellen@ritterpharma.com
Ritter Pharmaceuticals (NASDAQ:RTTR)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ritter Pharmaceuticals (NASDAQ:RTTR)
Historical Stock Chart
From Sep 2023 to Sep 2024