Ritter Pharmaceuticals Reports Financial Results for the Three and Nine Months Ended September 30, 2018 and Recent Progress
November 09 2018 - 7:00AM
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 RP-G28, a drug candidate with the potential to be the first
FDA-approved treatment for lactose intolerance, today reports
financial results for the three and nine months ended September 30,
2018.
Recent Corporate Highlights
- Completed $6.0 million at-market private placement
- Total cash on hand, including the net proceeds from this
offering, expected to fund “Liberatus” Phase 3 clinical trial for
RP-G28 for lactose intolerance through announcement of top-line
data, anticipated in the second half of 2019
- Achieved 100% activation of our targeted number of clinical
sites
- Enrollment proceeding at expected rates
- Presented additional microbiome modulation data from our Phase
2 program at the American College of Gastroenterology Annual
Scientific meeting
“Raising $6 million from a high-quality group of
new and existing investors, including institutional investors, a
key vendor and member of our board of directors, sends a clear vote
of confidence in our Company,” said Andrew J. Ritter, chief
executive officer of Ritter Pharmaceuticals. “With our first
pivotal Phase 3 clinical trial for RP-G28, known as Liberatus,
currently well underway, we are on track to report top-line data in
the second half of 2019. We remain acutely focused on successfully
completing the Liberatus trial and preparing to initiate our second
pivotal Phase 3 clinical trial of RP-G28 as soon as possible
following its completion.”
Financial Results
The Company's net loss for the three and nine
months ended September 30, 2018 was $4.6
million and $10.2 million, or $0.86 per share
and $2.00 per share, respectively, compared to $2.0
million and $5.6 million, or $0.14 per share
and $0.42 per share, for the same periods in 2017,
respectively. Net loss for the three and nine months
ended September 30, 2018, included non-cash, stock-based
compensation expense of $171,000 and $562,000,
respectively, compared to $203,000 and $546,000, for
the same periods in 2017, respectively. As of September 30, 2018,
the Company had cash and cash equivalents of approximately $12.5
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 of people worldwide.
RP-G28 is currently in Phase 3 clinical development with its first
Phase 3 study current underway, known as “Liberatus”. For more
information on Liberatus, or to participate in the study, please go
to www.liberatusstudy.com. 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, including
statements regarding its completion of the Liberatus Phase 3
clinical trial and its initiation of a second pivotal Phase 3
pivotal clinical trial for RP-G28 in the treatment of lactose
intolerance and other research and development initiatives of the
Company. 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 Company’s most
recently filed periodic reports on Form 10-K and Form 10-Q and
subsequent filings that we make 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.
RITTER PHARMACEUTICALS,
INC.CONDENSED STATEMENTS OF
OPERATIONS(Unaudited)
|
|
For the Three Months Ended
September 30, |
|
|
For the Nine Months Ended
September 30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
Operating costs
and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research
and development |
|
$ |
3,459,681 |
|
|
$ |
915,268 |
|
|
$ |
6,180,607 |
|
|
$ |
2,121,898 |
|
Patent
costs |
|
|
59,068 |
|
|
|
47,431 |
|
|
|
170,418 |
|
|
|
175,794 |
|
General
and administrative |
|
|
1,144,750 |
|
|
|
1,052,236 |
|
|
|
3,957,545 |
|
|
|
3,367,781 |
|
Total
operating costs and expenses |
|
|
4,663,499 |
|
|
|
2,014,935 |
|
|
|
10,308,570 |
|
|
|
5,665,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(4,663,499 |
) |
|
|
(2,014,935 |
) |
|
|
(10,308,570 |
) |
|
|
(5,665,473 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
|
17,237 |
|
|
|
4,083 |
|
|
|
64,965 |
|
|
|
18,362 |
|
Total
other income |
|
|
17,237 |
|
|
|
4,083 |
|
|
|
64,965 |
|
|
|
18,362 |
|
Net
loss |
|
$ |
(4,646,262 |
) |
|
$ |
(2,010,852 |
) |
|
$ |
(10,243,605 |
) |
|
$ |
(5,647,111 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common
share – basic and diluted |
|
$ |
(0.86 |
) |
|
$ |
(0.14 |
) |
|
$ |
(2.00 |
) |
|
$ |
(0.42 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding – basic and diluted |
|
|
5,373,769 |
|
|
|
14,756,521 |
|
|
|
5,129,351 |
|
|
|
13,443,007 |
|
RITTER PHARMACEUTICALS,
INC.CONDENSED BALANCE SHEETS
|
|
September 30, 2018 |
|
|
December 31, 2017 |
|
|
|
(unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
12,496,576 |
|
|
$ |
22,631,971 |
|
Prepaid
expenses |
|
|
465,784 |
|
|
|
167,400 |
|
Total
current assets |
|
|
12,962,360 |
|
|
|
22,799,371 |
|
Other assets |
|
|
10,326 |
|
|
|
10,326 |
|
Property and equipment,
net |
|
|
21,624 |
|
|
|
23,873 |
|
Total
Assets |
|
$ |
12,994,310 |
|
|
$ |
22,833,570 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
2,130,479 |
|
|
$ |
2,237,579 |
|
Accrued
expenses |
|
|
408,560 |
|
|
|
454,252 |
|
Other
liabilities |
|
|
14,396 |
|
|
|
15,757 |
|
Total
current liabilities |
|
|
2,553,435 |
|
|
|
2,707,588 |
|
|
|
|
|
|
|
|
|
|
Stockholders’
equity |
|
|
|
|
|
|
|
|
Preferred stock, $0.001
par value; 15,000,000 shares authorized, 5,960 and 9,140 shares
issued and outstanding as of September 30, 2018 and December 31,
2017, respectively |
|
|
3,344,209 |
|
|
|
5,128,536 |
|
Common stock, $0.001
par value; 225,000,000 shares authorized, 5,734,639 and 4,940,652
shares issued and outstanding as of as of September 30, 2018 and
December 31, 2017, respectively |
|
|
5,735 |
|
|
|
4,941 |
|
Additional paid-in
capital |
|
|
70,665,970 |
|
|
|
68,323,939 |
|
Accumulated
deficit |
|
|
(63,575,039 |
) |
|
|
(53,331,434 |
) |
Total
stockholders’ equity |
|
|
10,440,875 |
|
|
|
20,125,982 |
|
Total
Liabilities and Stockholders’ Equity |
|
$ |
12,994,310 |
|
|
$ |
22,833,570 |
|
Contacts John Beck 310-203-1000
John@ritterpharma.com
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