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Exhibit 99.1
Aerpio Reports First Quarter 2017 Financial Results
May 16, 2017 08:00 AM Eastern Daylight Time
CINCINNATI(BUSINESS WIRE) Aerpio Pharmaceuticals, Inc. (the Company), a biopharmaceutical company focused on advancing first-in-class treatments for ocular diseases, today reported financial results for the first quarter ended March 31, 2017.
In the first quarter, we announced our $40 million private placement and completed our reverse merger transaction, said Joseph H. Gardner, CEO of Aerpio. This new capital enables us to further the development of our product candidates, including the initiation of our planned Phase 2b clinical trial of AKB-9778 in patients with moderate to severe diabetic retinopathy. We look forward to the progress of this trial.
Financial Highlights
As of March 31, 2017, the Company had cash and cash equivalents and short term investments of $35.2 million, compared to $1.6 million as of December 31, 2016. During the three months ended March 31, 2017, the Company received net proceeds of $37.2 million from the previously announced March 2017 financing as well as $0.3 million in January from an extension to the Aerpio senior secured convertible note financing in March 2016.
The following table summarizes our results of operations for the periods presented:
Three Months Ended March 31, | ||||||||
2017 | 2016 | |||||||
Operating expenses: |
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Research and development |
$ | 2,255,584 | $ | 2,989,558 | ||||
General and administrative |
2,504,001 | 1,215,885 | ||||||
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Total operating expenses |
4,759,585 | 4,205,443 | ||||||
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Operating loss |
(4,759,585 | ) | (4,205,443 | ) | ||||
Grant income |
35,657 | 8,670 | ||||||
Interest (expense) income, net |
(271,775 | ) | 1,078 | |||||
Other income, net |
| 997 | ||||||
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Total other (expense) income, net |
(236,118 | ) | 10,745 | |||||
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Net loss and comprehensive loss |
$ | (4,995,703 | ) | $ | (4,194,698 | ) | ||
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Aerpio Pharmaceuticals, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2017 10-K Annual Report includes:
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Aerpio Pharmaceuticals, Inc. provided additional information to their SEC Filing as exhibits
Ticker: ARPO
CIK: 1422142
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-17-023441
Submitted to the SEC: Mon Nov 13 2017 9:26:38 AM EST
Accepted by the SEC: Mon Nov 13 2017
Period: Saturday, September 30, 2017
Industry: Pharmaceutical Preparations