Aerpio Reports Second Quarter 2017 Financial Results
Commenced Trading on the OTCQB® Market
Continue to Dose Patients in the TIME-2b Clinical Trial of AKB-9778 in Patients with Diabetic Retinopathy
Second Quarter 2017 Financial Highlights
June 30, 2017, cash and cash equivalents totaled $29.8 million.
Research and development expenses were
$3.1 millionfor the second quarter of 2017, as compared to $2.9 millionfor the same period in 2016.
General and administrative expenses were
$2.4 millionfor the second quarter of 2017, as compared to $1.5 millionfor the same period in 2016.
|SUMMARY STATEMENT OF OPERATIONS|
|Three Months||Six Months Ended June 30,|
|Research and development||
|General and administrative||
|Total operating expenses||5,584||4,377||1,207||27.6||%||10,344||8,583||1,761||20.5||%|
|Other (expense) income, net||
|Net Loss and comprehensive loss||(5,520||)||(4,385||)||(1,135||)||(10,517||)||(8,580||)||(1,937||)|
Research and Development
Research and development expenses for the three months ended
Research and development expenses for the six months ended
General and Administrative
General and administrative expenses in the three months ended
General and administrative expenses in the six months ended
|SUMMARY CASH FLOW|
|Six Months Ended June 30,|
|Net Cash provided (used) by Operations||$||(10,252||)||$||(7,845||)|
|Net Cash provided (used) by Investing Activities||(7||)||(113||)|
|Net Cash provided (used) by Financing Activities||37,497||4,417|
|Net Increase / (Decrease) in Cash and cash equivalents||$||27,238||$||(3,541||)|
For the six months ended June 30, 2017, operating activities used
Cash used in investing activities for both six month periods ended
During the six months ended
AKB-9778 is being developed as a subcutaneous injection for the treatment of non-proliferative diabetic retinopathy. AKB-9778 binds to and inhibits the intracellular domain of VE-PTP, the most critical negative regulator of Tie2. AKB-9778 has demonstrated the ability to activate 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 activating Tie2.
About Diabetic Retinopathy
Diabetic Retinopathy (DR) is a complication of diabetes caused by damage to blood vessels in the retina. Severity of DR ranges from mild non-proliferative diabetic retinopathy (nPDR) to more advanced proliferative diabetic retinopathy (PDR), the hallmark of which is the development of new abnormal blood vessels.
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 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 trading of the Company’s common stock on the OTCQB 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/20170814005312/en/
Investor & Media:
Aerpio Pharmaceuticals, Inc.
Vice President of Medical Affairs
Burns McClellan, on behalf of Aerpio Pharmaceuticals, Inc.