Aerpio Reports First Quarter 2020 Financial Results and Provides Business Update
“We continue to be excited about our glaucoma program,” said
Recent Company Highlights and Upcoming Milestones
- Completed a Phase 1b clinical trial designed to assess the safety of the Company’s lead candidate, razuprotafib in the form of topical ocular drops, for patients with OAG and ocular hypertension (OH).
- Presented promising IOP lowering data from the Company’s Phase 1b clinical trial of topical ocular formulation of razuprotafib in patients with OAG and OH in
February 2020at the Glaucoma 360 conference in San Francisco. The IOP lowering activity observed in the Phase 1b trial when razuprotafib was combined with a prostaglandin appeared comparable to or better than published Phase 3 data for marketed adjuvant therapies.
- Manufactured drug product in preparation for upcoming Phase 2 study of razuprotafib topical drops.
First Quarter 2020 Financial Highlights
As of March 31, 2020, cash and cash equivalents totaled $34.6 million, compared to
For the three months ended March 31, 2020, operating expenses totaled $4.1 million, a decrease of 53.4%, compared to $8.8 million for the same period in 2019.
Research and development expenses for the three months ended March 31, 2020 decreased $3.8 million, or 67.3%, to $1.8 million from $5.6 million in the three months ended March 31, 2019. This decrease was primarily the result of reduced expenses associated with our clinical programs.
General and administrative expenses for the three months ended March 31, 2020 decreased $1.0 million, or 29.8%, to $2.3 million from $3.3 million in the three months ended
Net loss attributable to common stockholders for the three months ended March 31, 2020 was $3.9 million, or $0.10 per share, compared to a net loss attributable to common stockholders of $8.5 million, or $0.21 per share, for the three months ended
Razuprotafib binds to and inhibits vascular endothelial protein tyrosine phosphatase (VE-PTP), an important negative regulator of Tie2. Decreased Tie2 activity contributes to vascular instability in many diseases including diabetes and more recently has been shown to contribute to the development of increased IOP and glaucoma. Razuprotafib activates the Tie2 receptor irrespective of extracellular levels of its binding ligands, angiopoietin-1 (agonist) or angiopoietin-2 (antagonist) and may be the most efficient pharmacologic approach to maintain normal Tie2 activation. Aerpio is studying a topical ocular formulation of razuprotafib in open angle glaucoma and exploring the utility of subcutaneous razuprotafib for diabetic complications, including diabetic nephropathy.
Forward Looking Statements
This press release contains forward-looking statements. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, the Company’s product candidates, including razuprotafib, ARP-1536 and the bispecific antibody asset, the clinical development plan therefor and the therapeutic potential thereof, the Company’s strategic alternatives review process and the potential transactions that may be identified and explored as a result of that process, and the intended benefits from its collaboration with Gossamer Bio, Inc. for GB004. Actual results could differ from those projected in any forward-looking statements due to several risk factors. Such factors include, among others, the ability to continue to develop razuprotafib or other product candidates; the inherent uncertainties associated with the drug development process, including uncertainties in regulatory interactions, the design of planned or future clinical trials, commencing clinical trials and enrollment of patients in clinical trials; the impact of the ongoing COVID-19 pandemic on the Company’s business operations, including research and development efforts and the ability of the Company to commence, conduct and complete its planned clinical activities; the ability to identify and consummate strategic alternatives that yield additional value for shareholders; the timing, benefits and outcome of the Company's strategic alternatives review process, including the determination of whether or not to pursue or consummate any strategic alternative; the structure, terms and specific risks and uncertainties associated with any potential strategic transaction; potential disruptions in our business and the stock price as a result of our exploration, review and pursuit of strategic alternatives or the public announcement thereof and any decision or transaction resulting from such review; and competition in the industry in which the Company operates and overall market conditions; and the additional factors set forth in our Annual Report on Form 10-K for the year ended
These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents the Company files with the
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|Cash and cash equivalents||$||34,585||$||38,525|
|Prepaid research and development contracts||228||311|
|Other current assets||579||735|
|Total current assets||35,392||39,571|
|Furniture and equipment, net||149||164|
|Operating lease right-of-use assets, net||139||162|
|Liabilities and shareholders' equity|
|Accounts payable and accrued expenses||$||2,548||$||3,232|
|Current portion of operating lease liability||107||103|
|Total current liabilities||2,655||3,335|
|Operating lease liability, net of current portion||39||67|
|Total stockholders' equity||33,006||36,535|
|Total liabilities and stockholders' equity||$||35,700||$||39,937|
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|(In thousands, except per share amounts)|
|Three months ended|
|Research and development||$||1,829||$||5,586|
|General and administrative||2,286||3,255|
|Total operating expenses||4,115||8,841|
|Interest and other income||196||348|
|Net and comprehensive loss||$||(3,919||)||$||(8,493||)|
|Net loss per common share basic and diluted||$||(0.10||)||$||(0.21||)|
|Weighted average common shares outstanding|
|Basic and diluted||40,588||40,588|
Investor & Media:
President & Founder
Source: Aerpio Pharmaceuticals, Inc.