Aerpio Reports Third Quarter 2017 Financial Results
Strengthened Senior Leadership Team with the Appointment of
TIME-2b Clinical Trial of AKB-9778 in Patients with Diabetic Retinopathy Remains on Track
“Aerpio has made tremendous progress in recent months towards the
Company’s vision of becoming a leader in developing and commercializing
first-in-class treatments for sight-threatening diseases,” said Dr.
Recent Highlights and Anticipated Near-Term Milestones
- Continued patient dosing in the TIME-2b study, a Phase 2b clinical trial designed to assess the efficacy and safety of Aerpio’s lead candidate AKB-9778 for patients with moderate to severe non-proliferative diabetic retinopathy.
- Patient enrollment remains on track.
Stephen Hoffman, M.D., Ph.D., as Chief Executive Officer effective December 1, 2017.
Commenced trading under the ticker symbol “ARPO” on the
OTC Market Group'sOTCQB® Market.
Third Quarter 2017 Financial Highlights
September 30, 2017, cash and cash equivalents totaled $24.8 million. The following table sets forth our results of operations for the periods presented:
|Three Months Ended September 30,||Nine Months Ended September 30,|
|Research and development||$||2,942,170||$||3,481,261||$||8,366,869||$||9,374,383|
|General and administrative||1,814,068||1,264,054||6,732,816||3,953,808|
|Total operating expenses||4,756,238||4,745,315||15,099,685||13,328,191|
|Loss from operations||(4,756,238||)||(4,745,315||)||(15,099,685||)||(13,328,191||)|
|Interest income (expense), net||59,847||(166,847||)||(159,612||)||(254,552||)|
|Other income, net||—||—||—||997|
|Total other income (expense), net||106,671||(140,286||)||(65,892||)||(137,370||)|
|Net and comprehensive loss||$||(4,649,567||)||$||(4,885,601||)||$||(15,165,577||)||$||(13,465,561||)|
Research and Development
Research and development expenses for the three months ended
General and Administrative
General and administrative expenses increased
The following table summarizes our cash flows for the periods presented:
Nine Months Ended
|Net cash used in operating activities||$||(14,271,082||)||$||(12,676,283||)|
|Net cash used in investing activities||(6,547||)||(113,297||)|
|Net cash provided by financing activities||37,496,845||8,953,719|
Net increase (decrease) in cash and cash
For the nine months ended September 30, 2017, operating activities used
For the nine months ended
Cash used in investing activities for both nine month periods ended
During the nine months ended
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,
projections regarding future revenues and financial performance, the
Company’s long-term growth, the development of the Company’s product
candidates, including AKB-9778 for non-proliferative diabetic
retinopathy or otherwise, the therapeutic potential of the Company’s
product candidates, including AKB-9778, the timing of patient
enrollment, and the Company’s use of proceeds from its private
placement. 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 raise the additional funding
needed to continue to develop AKB-9778 or other product development
plans, the inherent uncertainties associated with the
View source version on businesswire.com: http://www.businesswire.com/news/home/20171113005408/en/
Investor & Media:
Aerpio Pharmaceuticals, Inc.
Vice President of Medical Affairs
Burns McClellan, on behalf of Aerpio Pharmaceuticals, Inc.