Pharmaceutical company, Ritter Pharmaceuticals, Inc. (NASDAQ:RTTR), announces pricing of $5 million public offering of common stock.
LOS ANGELES, CA–(Marketwired – Oct 26, 2016) – Ritter Pharmaceuticals, Inc. ( NASDAQ : RTTR ) a pharmaceutical company developing novel therapeutic products that modulate the human gut microbiome to treat gastrointestinal diseases with its lead product, RP-G28, being developed for the treatment of lactose intolerance, today announced the pricing of an underwritten public offering of 2,127,660 shares of its common stock at a price to the public of $2.35. The gross proceeds to Ritter Pharmaceuticals, Inc. from this offering are expected to be approximately $5,000,000, before deducting underwriting discounts and commissions and other estimated offering expenses. Ritter Pharmaceuticals, Inc. has granted the underwriters a 30-day option to purchase up to an additional 319,149 shares of common stock to cover over-allotments, if any. The offering is expected to close on October 31, 2016, subject to customary closing conditions.
Aegis Capital Corp. acted as the sole book-running manager for the offering.
The offering described above is being made pursuant to a shelf registration statement on Form S-3 (File No. 333-213087), which was declared effective by the United States Securities and Exchange Commission (“SEC”) on August 23, 2016. A preliminary prospectus supplement and accompanying base prospectus relating to the offering was filed with the SEC and a final prospectus supplement and accompanying base prospectus will be filed with the SEC. Electronic copies of the preliminary prospectus supplement and accompanying base prospectus and, when available, electronic copies of the final prospectus supplement and accompanying base prospectus relating to this offering may be obtained by contacting Aegis Capital Corp., Prospectus Department, 810 Seventh Avenue, 18th Floor, New York, NY 10019, telephone: 212-813-1010, e-mail: firstname.lastname@example.org. Investors may also obtain these documents at no cost by visiting the SEC’s website at http://www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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 are moving +3.08% on the news today and have traded in the range of $2.45 – 3.00 during the current trading session. A number of brokerage analysts have recently weighed in on the stock, providing price target projections. The covering firms currently have a consensus one-year price target of $6.10 on the stock. This is according to brokerage analysts polled by Thomson Reuters First Call. This is the average number from the individual targets provided by the firms. Analysts are projecting earnings per share of $-0.45 for the next fiscal quarter. For the current year, analysts are predicting earnings of $-1.70 per share according to First Call.
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In looking at where Ritter Pharmaceuticals, Inc. (NASDAQ:RTTR) is trading on a technical level, the stock is trading +49.85% away from its 50-day moving average of $1.79. Based on the most recent available data, the equity is -17.79% off of its 52-week high of $3.26 and +173.19% away from its 52-week low which is $0.98.
Today, the stock opened at $2.54 and the last bid at the time of writing stood at $2.68. During the session thus far, the equity dipped down to $2.45 and touched $3.00 as the high point. Ritter Pharmaceuticals, Inc. (NASDAQ:RTTR) has a market cap of $23.01M and has seen an average daily volume of 163,500 over the past three months.
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