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 endedJune 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.
Corporate Update:
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, onJuly 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 atwww.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
