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Ritter Pharmaceuticals released their financial results for the first quarter of 2017 and provided a business update to their shareholders.
Ritter Pharmaceuticals (NASDAQ:RTTR) released their financial results for the first quarter of 2017 and provided a business update to their shareholders.
As quoted in the press release:
Andrew J. Ritter, Co-Founder and President of Ritter Pharmaceuticals, added, “We look forward to advancing RP-G28 into Phase 3, taking us one step closer to developing the first FDA-approved treatment for lactose intolerance, a condition suffered by over 40 million in the U.S. and millions more worldwide.”
First Quarter 2017 Financial Results
For the first quarter of 2017, Ritter Pharmaceuticals reported a net loss attributable to common stockholders of approximately $1.7 million compared to a net loss of approximately $3.1 million for the first quarter of 2016. Basic and diluted net loss per share was $0.14 for the three months ended March 31, 2017 compared to basic and diluted net loss per share of $0.36 for the same period in 2016.
Research and development expenses for the first quarter of 2017 totaled approximately $432,000 compared to approximately $1.9 million for the first quarter of 2016. This decrease was due to the completion of the Phase 2b/3 clinical trial.
General and administrative expenses for the first quarter of 2017 and 2016 were approximately $1.2 million.
As of March 31, 2017, Ritter Pharmaceuticals had cash and cash equivalents of approximately $5.1 million.
Click here to read the full press release.
Source: www.marketwired.com
