Pharmaceutical company, Ritter Pharmaceuticals, Inc. (NASDAQ:RTTR), announced that they have concluded their phase 2b/3 clinical trial of RP-G28 for the treatment of lactose intolerance.
LOS ANGELES, CA–(Marketwired – Oct 17, 2016) – Ritter Pharmaceuticals, Inc. (NASDAQ : RTTR ) (“Ritter Pharmaceuticals” or the “Company”), a pharmaceutical company developing novel therapeutic products that modulate the human gut microbiome to treat gastrointestinal diseases, today announced that the last patient has completed dosing and all monitoring visits in its Phase 2b/3 clinical trial of RP-G28 for the treatment of lactose intolerance. Topline results of the trial are expected to be announced in the first quarter of 2017.
Andrew J. Ritter, Co-Founder and President of Ritter Pharmaceuticals stated, “We are pleased to have met our timeline and concluded the dosing of our investigational drug in 377 patients. This significant milestone brings us one step closer to data read-out and reporting. Considering the enormous population of over 40 million individuals in the United States that suffer from lactose intolerance and the lack of sufficient treatment options, we are eager to establish our therapeutic product as potentially the first FDA-approved treatment for this condition.”
The Phase 2b/3 trial is a double-blind, placebo-controlled, three arm, multicenter study evaluating safety, efficacy and tolerability of two dosing regimens of RP-G28 in patients with moderate to severe lactose intolerance symptoms. Enrollment was initiated in March of 2016 and completed in August 2016, achieving the company’s projected enrollment time period. The study aims to evaluate a patient’s ability to consume dairy foods post-treatment with improved tolerance and reduced digestive symptoms. A total of 377 subjects were enrolled in the trial with 18 clinical sites participating throughout the United States. Patients underwent a 30-day treatment, followed by a 30-day post-treatment evaluation of dairy tolerance . In addition, the study will evaluate each participant’s microbiome, expanding knowledge of the effects that RP-G28 may have on adapting the gut microbiota in a beneficial manner.
About Ritter Pharmaceuticals
Ritter Pharmaceuticals, Inc. develops novel therapeutic products that modulate the human gut microbiome to treat gastrointestinal diseases. The Company is advancing human gut health research by exploring the metabolic capacity of gut microbiota, and translating the functionality of these microbiome modulators into safe and effective applications. Their lead drug candidate, RP-G28, has the potential to become the first FDA-approved drug for lactose intolerance, a condition that affects more than one billion people worldwide.
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to our release of topline results from our Phase 2b/3 clinical trial of RP-G28. Management believes that these forward-looking statements are reasonable as and when made. However, such statements involve a number of known and unknown risks and uncertainties that could cause the Company’s future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks associated with the drug development process generally, including the outcomes of planned clinical trials and the regulatory review process. For a discussion of certain risks and uncertainties affecting Ritter Pharmaceuticals’ forward-looking statements, please review the Company’s reports filed with the Securities and Exchange Commission, including, but not limited to, its Annual Report on Form 10-K for the period ended December 31, 2015 and Quarterly Reports on Form 10-Q for the periods ended March 31, 2016 and June 30, 2016. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. These statements are based on management’s current expectations and Ritter Pharmaceuticals does not undertake any responsibility to revise or update any forward-looking statements contained herein, except as expressly required by law.
Ritter Pharmaceuticals, Inc. (NASDAQ:RTTR) shares have moved +22.99% on the news thus far today and have traded in the range of $1.90 – 2.45 during the current session. In order to take a look at where the stock might be headed longer term, investors often look to research firms that cover the stock. Sell-side research firms currently have a consensus one-year price target of $5.33 on the stock. This is according to brokerage analysts polled by Thomson Reuters First Call. The sell-side analysts are projecting earnings per share of $-0.29 for the next fiscal quarter. For the current year, analysts are predicting earnings of $-1.38 per share according to First Call.
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In looking at where the stock is trading on a technical level, the stock is trading +44.07% away from its 50-day moving average of $1.60. Based on the most recent available data, the equity is -12.55% off of its 52-week high of $2.63 and +134.45% away from its 52-week low which is $0.98.
Today, the stock opened at $2.10 and the last bid at the time of writing stood at $2.30. During the session thus far, the equity dipped down to $1.90 and touched $2.45 as the high point. Ritter Pharmaceuticals, Inc. (NASDAQ:RTTR) has a market cap of $19.74M and has seen an average daily volume of 104862 over the past three months.
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