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Ruthigen Reports Fourth Quarter and Fiscal Year 2014 Financial Results
SANTA ROSA, Calif. — (June 30, 2014) — Ruthigen, Inc. (NASDAQ: RTGN) today reported financial results for its fourth quarter and fiscal year ended March 31, 2014.
"We are poised to commence patient enrollment in the initial phase of our first human clinical trial using RUT58-60 in July 2014, and plan to complete our Phase 1/2 clinical trial in less than nine months,” said Hoji Alimi, Chairman, CEO and CSO of Ruthigen. "We believe that the completion of our recent initial public offering has provided Ruthigen with sufficient funding to complete our planned Phase 1/2 clinical trial and fund our operations for approximately 18 months.”
Mr. Alimi continued, “The key potential clinical and economic advantages of RUT58-60 versus the current standard of care stem from the broad-spectrum antimicrobial effectiveness of RUT58-60 against gram-negative and gram-positive bacteria with the potential to prevent the emergence of newly developed superbugs. If ultimately approved, we believe RUT58-60 will be the first prophylactic drug for use in all abdominal surgeries for prevention of infection without concerns regarding bacterial resistance or tolerability.”
Fiscal Fourth Quarter 2014 Financial Results
As of March 31, 2014, Ruthigen had cash of $15.6 million. Subsequently, the Company raised additional net proceeds of approximately $0.9 million in May 2014 when the underwriters in Ruthigen’s initial public offering completed a partial exercise of their over-allotment option.
For the three months ended March 31, 2014, Ruthigen reported a net loss of $1.0 million, or $0.46 per share, compared to a net loss of $0.5 million, or $0.23 per share, for the prior fiscal year.
Research and development expenses for the three months ended March 31, 2014 were $0.3 million compared to $0.2 million for the same period in fiscal 2013. The increase was primarily a result of the commencement of Ruthigen’s operations directly related to RUT58-60 in January 2013.
Selling, general and administrative expenses for the three months ended March 31, 2014 were $0.7 million, compared to $0.3 million for the same period in fiscal 2013. This increase was primarily a result of the commencement of Ruthigen’s independent operations in January 2013, when it was incorporated, executive and director bonuses, legal and accounting costs, and other consulting and professional fees.
The following information was filed by Pulmatrix, Inc. (PULM) on Monday, June 30, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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