SARASOTA, Fla., Aug. 11, 2016 /PRNewswire/ -- Rock Creek Pharmaceuticals, Inc., (OTCQB: RCPI), a clinical-stage drug development company focused on the application of its lead compound to treat acute and chronic inflammatory conditions, filed its 2016 second quarter report on Form 10-Q with the Securities and Exchange Commission and provided review on the Company's operations for its first quarter.
2016 Second Quarter Financial Results
The Company recorded a net loss of $2.8 million, which included interest expense of $772 thousand, for the three months ended June 30, 2016, compared to a net loss of $843 thousand for the same period in 2015, which included a gain of $1.2 million related to a gain on derivative valuation as a result of the full ratchet protection afforded the option re-pricing mechanism in the June 2015 private placement.
General and administrative expenses were $1.9 million for the three months ended June 30, 2016, a 16.4% increase of $262 thousand, from $1.6 million for the same period in 2015.
The Company invested $113 thousand in research and development efforts during the three months ended June 30, 2016, compared to $376 thousand for the comparable period in 2015. The research and development costs for the three months ended March 31, 2016 were directed principally toward the development and pre-clinical testing of ointment and cream formulations of anatabine citrate in preparation for advancement into the phase IB human clinical trials.
Additional financial information regarding can be found in the Company's Form 10-Q filed August 10, 2016.
As disclosed in the Company's press release dated July 8, 2016, the Company is currently exploring a variety of additional financing options as a supplement or replacement for the Oct 15 convertible notes. In the interim, on July 25, 2016, the holders of these notes released to the Company an aggregate of $500k from the Company's deposit control accounts to provide for the Company's immediate operational cash requirements.
Preparations for the Company's Phase IB psoriasis trial continue, although until more appropriate funding is secured, initiation of this study is likely to be postponed from Q4 2016 to early 1H 2017.
Additionally, the Company will also be holding its 2016 annual stockholder meeting on Friday, August 12, 2016, at 11:00AM. Stockholders of record may log in to a live webcast at www.virtualshareholdermeeting.com/RCPI2016.
About Rock Creek Pharmaceuticals, Inc.
Rock Creek Pharmaceuticals, Inc. is an emerging drug development company focused on the discovery, development and commercialization of new drugs, formulations and compounds that provide therapies for chronic and acute inflammatory diseases. The Company is focusing on small molecule therapeutics that exhibit anti-inflammatory pharmacological characteristics, distinct from other anti-inflammatory drugs available such as biologics, steroids and non-steroidal anti-inflammatories. The Company's lead compound has been investigated extensively in pre-clinical (in vitro and in vivo) studies, resulting in several peer reviewed and published scientific journal articles, covering models of multiple sclerosis, Alzheimer's disease, and autoimmune thyroiditis. All these studies demonstrated the anti-inflammatory effects of the Company's compound. In addition, the Company's compilation of human exposure safety and tolerability data has provided important insights for ongoing clinical and regulatory pharmaceutical development.
For more information, visit: http://www.rockcreekpharmaceuticals.com
Forward Looking Statements:
Certain statements contained in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," "projects" and similar expressions. The statements in this release are based upon the current beliefs and expectations of our company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Numerous factors could cause or contribute to such differences, including, but not limited to, failure to obtain sufficient capital resources to fund our development program and operations, results of clinical trials and/or other studies, the challenges inherent in new product development initiatives, including the continued development and approval of anti-inflammatory drug candidates, the effect of any competitive products, our ability to license and protect our intellectual property, our significant payables, our ability to raise additional capital in the future that is necessary to maintain our business, changes in government policy and/or regulation, potential litigation by or against us, any governmental review of our products or practices, pending litigation matters, as well as other risks discussed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our annual report on Form 10-K for the fiscal year ended December 31, 2015 filed on March 22, 2016. We undertake no duty to update any forward-looking statement or any information contained in this press release or in other public disclosures at any time.
PCG Advisory Group
646 863 8998
Rock Creek Pharmaceuticals, Inc.
2040 Whitfield Ave. Suite 300
Sarasota Florida, 34243
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/rock-creek-pharmaceuticals-provides-corporate-update-and-announces-2016-second-quarter-results-300312376.html
SOURCE Rock Creek Pharmaceuticals, Inc.