Ritter Pharmaceuticals Reports Fourth Quarter and Full Year 2015Financial Results and Provides Business Update
Monday, March 21, 2016 8:01:16 AM ET
Ritter Pharmaceuticals, Inc. (RTTR ) ("Ritter
Pharmaceuticals" or the "Company"), a leading developer of novel
therapeutics that modulate the human gut microbiome to treat
gastrointestinal diseases, today reported financial results and a
business update for the fourth quarter and full year ended December
2015 and Recent Operational Highlights
-- Initiated Phase 2b/3 clinical trial of lead product candidate, RP-G28
in patients with lactose intolerance
-- Entered into a $10 million common stock purchase agreement with Aspire
-- Closed initial public offering in June 2015, generating gross proceeds
of $20 million
-- Bolstered leadership team with appointment of AnnKatrin
Petersen-Jappelli, M.D., M.SC. as Chief Medical Officer and addition
of William J. Sandborn, M.D. to Medical Advisory Board
-- Strengthened intellectual property portfolio with patents covering
manufacturing process for RP-G28 and composition for ameliorating
symptoms of lactose intolerance, respectively
"2015 was a significant year for Ritter Pharmaceuticals with financing
and building activities preparing us for the first quarter 2016
commencement of our Phase 2b/3 trial of RP-G28 and dosing of our
first patient today, March 21, 2016. With 6 trial sites currently
screening subjects, we expect to have 20 sites recruiting by
mid-year, and are on-track to report top-line data in early 2017. We
have effectively utilized our assets to reach this important
milestone, and have further established a solid foundation for
long-term growth and success by strengthening our executive and
advisory teams with key appointments, as well as adding important
patents to our portfolio," said Michael D. Step, Chief Executive
Officer of Ritter Pharmaceuticals.
Andrew Ritter, President of Ritter Pharmaceuticals, added, "RP-G28
has the potential to become the first FDA approved product to treat
lactose intolerance. This therapeutic represents a possible
breakthrough in the treatment of lactose intolerance and a viable
alternative to lactase supplements. We are proud of the progress we
have made and look forward to updating our shareholders as we
continue to advance our Phase 2b/3 clinical trial."
Fourth Quarter and Full Year 2015 Financial Results
For the fourth quarter of 2015, Ritter Pharmaceuticals reported a net
loss attributable to common stockholders of approximately $2.2
million compared to a net loss of approximately $1.7 million for the
fourth quarter of 2014. Basic and diluted net loss per share was
$0.27 for the three months ended December 31, 2015 compared to basic
and diluted net loss per share of $3.70 for the same period in 2014.
For the year ended December 31, 2015, Ritter Pharmaceuticals reported
a net loss attributable to common stockholders of approximately $9.2
million compared to a net loss of approximately $3.1 million for the
year ended December 31, 2014. Basic and diluted net loss per share
was approximately $3.11 for the year ended December 31, 2015 compared
to basic and diluted net loss per share of approximately $6.79 for
the same period in 2014.
Research and development expenses for the fourth quarter of 2015
totaled approximately $676,000 compared to approximately $45,000 for
the fourth quarter of 2014. This increase was due to the initiation
of the Phase 2b/3 clinical trial.
For the year ended December 31, 2015, research and development
expenses totaled approximately $2.3 million compared to approximately
$114,000 for the year ended December 31, 2014. This increase in
research and development expenses was primarily attributable to
increased manufacturing costs associated with the preparation of
product for clinical trial.
General and administrative expenses for the fourth quarter of 2015
were approximately $1.5 million, compared to approximately $1.2
million for the fourth quarter of 2014. This increase was primarily
due an increase in costs of being a public company and the
appointment and hiring of key personnel during this period.
For the year ended December 31, 2015, general and administrative
expenses were approximately $6.4 million, compared to approximately
$2.0 million for the year ended December 31, 2014. The increase in
general and administrative expenses was primarily due to an increase
in stock based compensation expenses, increased headcount, and costs
associated with the closing of the Companys initial public offering.
Total operating expenses for the fourth quarter of 2015 were
approximately $2.3 million compared to approximately $1.4 million for
the fourth quarter of 2014.
For the year ended December 31, 2015, total operating expenses were
$8.9 million, compared to approximately $2.3 million for the year
ended December 31, 2014.
As of December 31, 2015, Ritter Pharmaceuticals had cash and cash
equivalents of approximately $15.8 million.
About Ritter Pharmaceuticals
Ritter Pharmaceuticals, Inc. develops novel therapeutic products that
modulate the human gut microbiome to treat gastrointestinal diseases.
The Company is advancing human gut health research by exploring the
metabolic capacity of gut microbiota, and translating the
functionality of these microbiome modulators into safe and effective
applications. Their lead drug candidate, RP-G28, has the potential to
become the first FDA-approved drug for lactose intolerance, a
condition that affects more than one billion people worldwide.
This release may contain forward-looking statements, which express
the current beliefs and expectations of Ritter Pharmaceuticals
management. Such statements involve a number of known and unknown
risks and uncertainties that could cause the Companys future
results, performance or achievements to differ significantly from the
results, performance or achievements expressed or implied by such
forward-looking statements. Any statements contained herein that do
not describe historical facts are forward-looking statements that
involve risks and uncertainties that could cause actual results to
differ materially from those discussed in such forward-looking
statements. 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, whether as a result of new
information, future events or otherwise.
SOURCE: Ritter Pharmaceuticals, Inc.