Click here to close now.

Welcome!

News Feed Item

Ruthigen Reports Fiscal First Quarter 2015 Financial Results

SANTA ROSA, Calif., Aug. 14, 2014 /PRNewswire/ -- Ruthigen, Inc. (NASDAQ: RTGN) today reported financial results for its fiscal first quarter 2015 ended June 30, 2014.

Company Highlights

  • Ruthigen Initiated Human Clinical Trials for RUT 58-60 in the U.S. In July 2014, Ruthigen began human clinical testing of RUT58-60 in its 21-day skin irritation trial.
  • Ruthigen Completed the Skin Irritation Trial. In August 2014, Ruthigen completed the skin irritation trial with 36 human subjects participating for 21 consecutive days. Pending an independent data monitoring committee (DMC) review, which is planned to take place later this month, and the DMC's recommendation to proceed with the trial, we plan to enroll 20 patients in the Phase 1 part of our exploratory Phase 1/2 clinical trial to evaluate the safety of RUT58-60 within the abdominal cavity beginning in September 2014. The Phase 1/2 trial will be a controlled, double blind, randomized, and multi-centered clinical trial to evaluate the safety, tolerability, and potential efficacy of RUT58-60 as an adjunct therapy to systemic antibiotics for the prevention of infection associated with abdominal surgery.

Fiscal First Quarter 2015 Financial Results

As of June 30, 2014, Ruthigen had cash of $14.3 million, compared with $15.6 million as of March 31, 2014.  During the quarter, the Company raised approximately $0.9 million when the underwriters in Ruthigen's initial public offering completed a partial exercise of their over-allotment option. For the three months ended June 30, 2014, Ruthigen reported a net loss of $1.7 million, or $0.36 per share, compared to a net loss of $0.5 million, or $0.24 per share, for the same period in fiscal 2014. Non-cash stock-based compensation expenses during the three months ended June 30, 2014 were approximately $0.2 million compared to there being no stock-based compensation expenses during the same period in fiscal 2014.

Research and development expenses for the three months ended June 30, 2014 were $0.7 million compared to $0.2 million for the same period in fiscal 2014.  The increase was primarily a result of the preparations and commencement of Ruthigen's clinical research operations directly related to RUT58-60, and higher personnel related costs.

Selling, general and administrative expenses for the three months ended June 30, 2014 were $1.0 million, compared to $0.3 million for the same period in fiscal 2014.  This increase was primarily a result of increased legal, accounting, and other consulting and professional activities associated with being a public company, and stock-based compensation expenses associated with equity grants issued during the quarter.

Conference Call

Ruthigen's management will host a conference call at 1:30 p.m. PDT (4:30 p.m. EDT) on August 14, 2014, to discuss the Company's fiscal first quarter 2015 results.  Individuals interested in participating in the conference call may do so by dialing 1-877-870-4263 for domestic callers or 1-412-317-0790 for international callers.  Those interested in listening to the conference call live via the internet may do so at http://www.videonewswire.com/event.asp?id=100276.  Please log on approximately 30 minutes prior to the presentation in order to complete the registration process.

A telephone replay will be available for seven days following the conclusion of the call by dialing 877-344-7529 for domestic callers, or 412-317-0088 for international callers, and entering conference code 10051099.  A webcast replay will be available on the site at http://www.videonewswire.com/event.asp?id=100276 for one year following the call.

About Ruthigen
Ruthigen is a biopharmaceutical company focused on the discovery, development, and commercialization of novel therapeutics designed to prevent and treat infection in invasive applications.  The Company's lead drug candidate, RUT58-60, is a broad-spectrum anti-infective that Ruthigen is developing for the prevention and treatment of infection in surgical and trauma procedures.  The Company plans to complete its Phase 1/2 clinical trial in the first calendar quarter of 2015 and pending the successful completion of that trial, Ruthigen plans to conduct pivotal clinical trials.  For more information, visit www.ruthigen.com.

About RUT58-60
RUT58-60 is a new chemical formulation containing hypochlorous acid, HOCl, with no hypochlorite, and utilizes other small molecule stabilizers.  RUT58-60 is a broad-spectrum anti-infective drug candidate designed for prophylactic use during invasive surgical procedures. RUT58-60 has been shown in laboratory tests to eradicate both gram-positive and gram-negative bacteria, including antibiotic resistant bacteria within the first 30 seconds of contact.  RUT58-60 was designed to improve patient lives, redefine infection control in surgical procedures and deliver cost savings to hospitals.  RUT58-60 uses a mechanism of action designed to prevent emergence of bacterial resistance and improves patient safety by neither targeting specific bacterial cell membrane receptors nor exposing patient's vital organs to unnecessary systemic drugs.  The Company's clinical program targets an initial $700M potential market in the prevention of infections associated with abdominal surgery.  The Company believes the market for prevention of infection in the U.S. surgical market is estimated at $3B

Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. These statements are often, but not always, made through the use of words or phrases such as "anticipates," "expects," "plans," "believes," "intends," and similar words or phrases.  These forward-looking statements include, without limitation, statements regarding the timing, progress and anticipated results of the clinical development of RUT58-60, including the timing of the initiation of planned clinical trials of RUT58-60 and regulatory submissions, statements regarding the indications for which we may seek approval of RUT58-60, statements regarding our ability to fund further development of our clinical programs, our ability to achieve our milestones, as well as Ruthigen's strategy, future operations, outlook, future financial position, future financial results, plans and objectives.  We may not actually achieve these plans, intentions or expectations and we caution investors not to place undue reliance on our forward-looking statements.  Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make.  Various important factors could cause actual results or events to differ from the forward-looking statements that we make.  Such factors include, among others, risks and uncertainties associated with the results of clinical trials, which may not support our claims or beliefs concerning the safety and effectiveness of RUT58-60, our ability to obtain and maintain regulatory approval of RUT58-60 and any other product candidates we may develop, the labeling under any approval we may obtain, our ability to finance the development of RUT58-60, approvals for clinical trials, which may be delayed or withheld by regulatory agencies, regulatory risks, risk that our pre-clinical studies and clinical trials may not be successful or confirm earlier results or meet expectations or meet regulatory requirements or meet performance thresholds for commercial success, risks associated with our relationship with our former parent, Oculus Innovative Sciences, Inc., our ability to attract collaborators and partners and our reliance on third party organizations.  Additional risks are described in the reports we file with the Securities and Exchange Commission.  Ruthigen is providing this information as of the date hereof and expressly disclaims any obligation to update any forward-looking statements contained herein, whether as a result of new information, future events or otherwise, except as required by law.

 


RUTHIGEN, INC.

CONDENSED BALANCE SHEETS
















 June 30, 


 March 31, 







2014


2014







(unaudited)



Assets

















Current Assets:








Cash





$   14,267,000


$   15,571,000


Prepaid expenses and other current assets

377,000


3,000












Total Current Assets


14,644,000


15,574,000










Property and equipment, net


3,000


2,000












Total Assets


$   14,647,000


$   15,576,000










Liabilities and Stockholders' Equity














Current Liabilities:








Accounts payable and accrued expenses

$        543,000


$        410,000


Payable to Former Parent


7,000


537,000












Total Current Liabilities


550,000


947,000










Commitments and contingencies














Stockholders' Equity:







Preferred stock, $0.0001 par value; 





500,000 shares authorized;






no shares issued and outstanding





at June 30, 2014 and March 31, 2014, respectively

-


-


Common stock, $0.0001 par value; 





100,000,000 shares authorized;





4,804,290 and 4,650,000 shares issued and outstanding





at June 30, 2014 and March 31, 2014, respectively

480


465


Additional paid-in capital


19,480,520


18,297,535


Accumulated deficit


(5,384,000)


(3,669,000)












Total Stockholders' Equity

14,097,000


14,629,000












Total Liabilities and Stockholders' Equity

$   14,647,000


$   15,576,000



















 


RUTHIGEN, INC.

CONDENSED STATEMENTS OF OPERATIONS

(unaudited)










 For The Three Months Ended  




June 30,




2014


2013







Revenues


$               -


$            -







Operating Expenses





Research and development

676,000


175,000


Selling, general and administrative

1,043,000


302,000









Total Operating Expenses

1,719,000


477,000









Loss From Operations

(1,719,000)


(477,000)







Other Income





Interest income

4,000


-









Total Other Income

4,000


-







Net Loss


$ (1,715,000)


$ (477,000)







Net Loss Per Share 




- Basic and Diluted

$          (0.36)


$       (0.24)







Weighted Average Number of




Common Shares Outstanding




- Basic and Diluted

4,751,730


2,000,000













SOURCE Ruthigen, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect t...
"We provide a web application framework for building really sophisticated web applications that run on a browser without any installation need so we get used for biotech, defense, and banking applications," noted Charles Kendrick, CTO and Chief Architect at Isomorphic Software, in this SYS-CON.tv interview at @DevOpsSummit (http://DevOpsSummit.SYS-CON.com), held June 9-11, 2015, at the Javits Center in New York
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and hig...
In the midst of the widespread popularity and adoption of cloud computing, it seems like everything is being offered “as a Service” these days: Infrastructure? Check. Platform? You bet. Software? Absolutely. Toaster? It’s only a matter of time. With service providers positioning vastly differing offerings under a generic “cloud” umbrella, it’s all too easy to get confused about what’s actually being offered. In his session at 16th Cloud Expo, Kevin Hazard, Director of Digital Content for SoftL...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world...
"What Dyn is able to do with our Internet performance and our Internet intelligence is give companies visibility into what is actually going on in that cloud," noted Corey Hamilton, Product Marketing Manager at Dyn, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, will explore the IoT cloud-based platform technologies drivi...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of...
IT data is typically silo'd by the various tools in place. Unifying all the log, metric and event data in one analytics platform stops finger pointing and provides the end-to-end correlation. Logs, metrics and custom event data can be joined to tell the holistic story of your software and operations. For example, users can correlate code deploys to system performance to application error codes. In his session at DevOps Summit, Michael Demmer, VP of Engineering at Jut, will discuss how this can...
The last decade was about virtual machines, but the next one is about containers. Containers enable a service to run on any host at any time. Traditional tools are starting to show cracks because they were not designed for this level of application portability. Now is the time to look at new ways to deploy and manage applications at scale. In his session at @DevOpsSummit, Brian “Redbeard” Harrington, a principal architect at CoreOS, will examine how CoreOS helps teams run in production. Attende...
Containers are revolutionizing the way we deploy and maintain our infrastructures, but monitoring and troubleshooting in a containerized environment can still be painful and impractical. Understanding even basic resource usage is difficult – let alone tracking network connections or malicious activity. In his session at DevOps Summit, Gianluca Borello, Sr. Software Engineer at Sysdig, will cover the current state of the art for container monitoring and visibility, including pros / cons and liv...
Live Webinar with 451 Research Analyst Peter Christy. Join us on Wednesday July 22, 2015, at 10 am PT / 1 pm ET In a world where users are on the Internet and the applications are in the cloud, how do you maintain your historic SLA with your users? Peter Christy, Research Director, Networks at 451 Research, will discuss this new network paradigm, one in which there is no LAN and no WAN, and discuss what users and network administrators gain and give up when migrating to the agile world of clo...
Agile, which started in the development organization, has gradually expanded into other areas downstream - namely IT and Operations. Teams – then teams of teams – have streamlined processes, improved feedback loops and driven a much faster pace into IT departments which have had profound effects on the entire organization. In his session at DevOps Summit, Anders Wallgren, Chief Technology Officer of Electric Cloud, will discuss how DevOps and Continuous Delivery have emerged to help connect dev...
WebRTC converts the entire network into a ubiquitous communications cloud thereby connecting anytime, anywhere through any point. In his session at WebRTC Summit,, Mark Castleman, EIR at Bell Labs and Head of Future X Labs, will discuss how the transformational nature of communications is achieved through the democratizing force of WebRTC. WebRTC is doing for voice what HTML did for web content.