Click here to close now.

SYS-CON MEDIA Authors: Jnan Dash, Kevin Jackson, Peter Silva, Greg Wind, Glenn Rossman

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
of cloud, colocation, managed services and disaster recovery solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. TierPoint, LLC, is a leading national provider of information technology and data center services, including cloud, colocation, disaster recovery and managed IT services, with corporate headquarters in St. Louis, MO. TierPoint was formed through the strategic combination of some of t...
SYS-CON Events announced today that Soha will exhibit at SYS-CON's DevOps Summit New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Soha delivers enterprise-grade application security, on any device, as agile as the cloud. This turnkey, cloud-based service enables customers to solve secure application access and delivery challenges that traditional or virtualized network solutions cannot solve because they are too expensive, inflexible and operational...
SYS-CON Events announced today that Vicom Computer Services, Inc., a provider of technology and service solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. They are located at booth #427. Vicom Computer Services, Inc. is a progressive leader in the technology industry for over 30 years. Headquartered in the NY Metropolitan area. Vicom provides products and services based on today’s requirements...
SYS-CON Events announced today that Tufin, the market-leading provider of Security Policy Orchestration Solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. As the market leader of Security Policy Orchestration, Tufin automates and accelerates network configuration changes while maintaining security and compliance. Tufin's award-winning Orchestration Suite™ gives IT organizations the power and a...
SYS-CON Events announced today that Optimal Design, an Internet of Things solution provider, will exhibit at SYS-CON's Internet of @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Optimal Design is an award winning product development firm offering industrial design and engineering services to the consumer, medical, and defense markets.
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY., and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and eas...
SYS-CON Events announced today that Stratoscale, the new data center operating system, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Based in Herzeliya, Israel, Stratoscale is redefining the data center, developing a hardware-agnostic, software platform hyper-converging compute, storage and networking across the rack or data center. The self-optimizing platform automatically distributes all physical...
SOASTA, the leader in performance analytics, today reported record growth of the CloudTest community, exceeding 30,000 registered users of the CloudTest platform in Q1 2015. SOASTA also announced widespread adoption of its Web and mobile testing solutions, with more than 1,600 customers completing more than 285,000 tests using CloudTest during the quarter. This rapid growth shows that DevOps-driven digital businesses are embracing a more continuous approach to testing, and CloudTest is meeting t...
ProfitBricks has launched its new DevOps Central and REST API, along with support for three multi-cloud libraries and a Python SDK. This, combined with its already existing SOAP API and its new RESTful API, moves ProfitBricks into a position to better serve the DevOps community and provide the ability to automate cloud infrastructure in a multi-cloud world. Following this momentum, ProfitBricks has also introduced several libraries that enable developers to use their favorite language to code ...
SYS-CON Events announced today that Cloudian, Inc., the leading provider of hybrid cloud storage solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cloudian, Inc., is a Foster City, California - based software company specializing in cloud storage software. The main product is Cloudian, an Amazon S3-compliant cloud object storage platform, the bedrock of cloud computing systems, that enables c...
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the ...
SYS-CON Events announced today that Creative Business Solutions will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Creative Business Solutions is the top stocking authorized HP Renew Distributor in the U.S. Based out of Long Island, NY, Creative Business Solutions offers a one-stop shop for a diverse range of products including Proliant, Blade and Industry Standard Servers, Networking, Server Options and...
How is unified communications transforming the way businesses operate? In his session at WebRTC Summit, Arvind Rangarajan, Director of Product Marketing at BroadSoft, will discuss how to extend unified communications experience outside the enterprise through WebRTC. He will also review use cases across different industry verticals. Arvind Rangarajan is Director, Product Marketing at BroadSoft. He has over 19 years of experience in the telecommunications industry in various roles such as Softw...
SYS-CON Events announced today that kintone has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. kintone promotes cloud-based workgroup productivity, transparency and profitability with a seamless collaboration space, build your own business applic...
The IoT Bootcamp is coming to Cloud Expo | @ThingsExpo on June 9-10 at the Javits Center in New York. Instructor. Registration is now available at http://iotbootcamp.sys-con.com/ Instructor Janakiram MSV previously taught the famously successful Multi-Cloud Bootcamp at Cloud Expo | @ThingsExpo in November in Santa Clara. Now he is expanding the focus to Janakiram is the founder and CTO of Get Cloud Ready Consulting, a niche Cloud Migration and Cloud Operations firm that recently got acquir...