logo
Plus   Neg
Share
Email

This Day That Year: Aridis Pharma

aridisipo-aug15-lt.jpg

Shares of Aridis Pharmaceuticals Inc. (ARDS), which touched a 52-week low of $6.92 on June 14, 2019, have since gained more than 20 percent.

It was on August 14, 2018, that Aridis went public on the Nasdaq Capital Market by setting a public offering at $13 per share.

Aridis is a clinical-stage biopharmaceutical company developing novel, differentiated therapies for infectious diseases, including hospital-acquired infections, cystic fibrosis, and bloodstream infections.

The most advanced drug candidate in the pipeline is AR-301 for the treatment of patients diagnosed with severe hospital-acquired pneumonia (HAP) and ventilator-associated pneumonia (VAP) caused by S. aureus.

AR-301 is under a phase III global clinical trial in critically ill VAP patients. The trial, which was initiated in the first quarter of 2019, is expected to enroll 240 patients at approximately 140 clinical centers in 20 countries. Interim data from this study is expected in the first quarter of 2020 and top-line data is anticipated late next year.

Next up in the pipeline is AR-105, which is being developed as an adjunct treatment (in addition to standard of care antibiotics) for pneumonia caused by P. aeruginosa. A worldwide phase II trial of AR-105 in ventilator-associated pneumonia patients infected with P. aeruginosa was initiated in the second quarter of 2017 and has completed patient enrollment. Top-line data from this trial is expected this quarter (3Q, 2019).

The other investigational drugs of the Company are:

-- AR-501, which is being developed as an inhaled therapy for the treatment of life-threatening bacterial lung infections in patients with cystic fibrosis. A phase I/IIa clinical trial of AR-501 to treat chronic lung infections associated with cystic fibrosis is underway. Data from the phase I portion of the trial, which consists of healthy subjects, is expected to be reported in the first quarter of 2020, and data from the phase IIa segment with cystic fibrosis subjects is anticipated in the second quarter of 2021.

-- AR-401 to treat infections caused by the Gram-negative bacterium Acinetobacter baumannii, currently in preclinical development.

The Company has incurred losses since inception, and as of June 30, 2019, had an accumulated deficit of $87.5 million. Aridis has no marketed products, and whatever revenue reported has been recognized as grant revenue.

The net loss available to common shareholders for the quarter ended June 30, 2019, was $8.4 million or $1.03 per share compared to a net loss available to common shareholders of $2.0 million or $11.78 per share, for the quarter ended June 30, 2018. In the recent second quarter, there was zero revenue compared to $22 thousand in the year-ago quarter, which was derived from the Company's award agreement with the CF Foundation.

The Company, which ended June 30, 2019, with cash of $8.5 million, received net proceeds of approximately $9.2 million in July from the sale of 801,820 shares of restricted common stock to Serum International BV, an affiliate of Serum Institute of India Ltd. In addition, the Company received an upfront cash payment of $5 million upon the execution of an option agreement. This upfront payment is refundable should the parties not complete the license agreement by August 31, 2019.

ARDS has thus far hit a low of $6.92 and a high of $13.85. The stock closed Wednesday's (Aug.14, 2019) trading at $8.00, down 1.84%.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT