- Ritter Pharmaceuticals - http://www.ritterpharmaceuticals.com -

Ritter Pharmaceuticals Reports Second Quarter 2017 Financial Results and Provides Business Update

LOS ANGELES (August 7, 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 second quarter ended June 30, 2017.

Recent Highlights

“Our activities at the Company have been very much focused on moving RP-G28 into Phase 3 clinical development,” said Michael D. Step, Chief Executive Officer of Ritter Pharmaceuticals. “To that end, we have requested and have scheduled an End-of-Phase 2 meeting with the FDA to discuss the Phase 2b/3 clinical trial data and requirements for Phase 3 studies and NDA submission. We have also conducted further analysis of the results of our Phase 2b/3 clinical trial. Based on our analysis, we believe that the data supports RP-G28’s potentially significant and durable real-world treatment effect for patients suffering from lactose intolerance. We look forward to our meeting with the FDA and moving RP-G28 toward regulatory approval.”

Second Quarter 2017 Financial Results

For the second quarter of 2017, Ritter Pharmaceuticals reported a net loss attributable to common stockholders of approximately $2.0 million compared to a net loss of approximately $4.1 million for the second quarter of 2016. Basic and diluted net loss per share was $0.14 for the three months ended June 30, 2017 compared to basic and diluted net loss per share of $0.48 for the same period in 2016.

Research and development expenses for the second quarter of 2017 totaled approximately $774,000 compared to approximately $2.9 million for the second quarter of 2016. This decrease was due to the completion of the Phase 2b/3 clinical trial in the fourth quarter of 2016, with research and development expenses in the second quarter of 2017 mainly reflecting extension study fees and Phase 2b/3 analysis costs.

General and administrative expenses for the second quarter of 2017 were fairly consistent with the second quarter of 2016 at approximately $1.1 million and $1.2 million, respectively.

As of June 30, 2017, Ritter Pharmaceuticals had cash of approximately $5.4 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, 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 and Quarterly Reports on Form 10-Q for the periods ended March 31, 2017 and June 30, 2017. 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.

Contacts
Ellen Mochizuki
310-203-1000
ellen@ritterpharma.com

 

RITTER PHARMACEUTICALS, INC.

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

 

  Three Months Ended

  June 30,

  Six Months Ended

  June 30,

    2017 2016 2017 2016  
Operating costs and expenses:                        
Research and development $ 774,476 $ 2,880,574 $ 1,206,630 $ 4,763,422
Patent costs 50,661 68,616 128,363 100,980
General and administrative 1,144,220 1,206,943 2,315,545 2,441,961
Total operating costs and expenses 1,969,357 4,156,133 3,650,538 7,306,363
Operating loss (1,969,357) (4,156,133) (3,650,538) (7,306,363)
Other income:                      
Interest income 6,333 16,661 14,279 37,227
Other income 1,214
Total other income 6,333 16,661 14,279 38,441
Net loss   $ (1,963,024) $ (4,139,472)   $ (3,636,259) $ (7,267,922)
                         
Net loss per common share ― basic and diluted   $ (0.14) $ (0.48)   $ (0.28) $ (0.85)
Weighted-average common shares outstanding — basic and diluted 13,953,302 8,584,661 12,786,249 8,583,259

 

 

RITTER PHARMACEUTICALS, INC.

CONDENSED BALANCE SHEETS

 

  June 30, 2017     December 31, 2016  
(unaudited)
ASSETS
Current assets
Cash and cash equivalents $ 5,415,298 $ 7,046,282
Prepaid expenses 346,403 156,752
Total current assets 5,761,701 7,203,034
Other assets 10,326 10,326
Property and equipment, net 20,921 23,542
Total Assets   $ 5,792,948 $ 7,236,902  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable $ 2,091,932 $ 1,896,368
Accrued expenses 675,521 1,222,735
Other liabilities 15,530 14,736
Total current liabilities 2,782,983 3,133,839
Stockholders’ equity
Preferred stock, $0.001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding as of June 30, 2017, and December 31, 2016
Common stock, $0.001 par value; 25,000,000 shares authorized; 14,756,521 and 11,619,197 shares issued and outstanding as of June 30, 2017, and December 31, 2016, respectively 14,757 11,619
Additional paid-in capital 52,099,043 49,559,020
Accumulated deficit (49,103,835) (45,467,576)
Total stockholders’ equity 3,009,965 4,103,063
Total Liabilities and Stockholders’ Equity   $ 5,792,948 $ 7,236,902