Aerpio Pharmaceuticals (ARPO) Tops Q1 EPS by 1c, Revenues Beat

Aerpio Pharmaceuticals (NASDAQ: ARPO) reported Q1 EPS of ($0.22), $0.01 better than the analyst estimate of ($0.23). Revenue for the quarter came in at $1.33 million versus the consensus estimate of $670 thousand.

“We had a busy and productive second quarter at Aerpio,” commented Stephen Hoffman, M.D. Ph.D., Chief Executive Officer of Aerpio. “Our ongoing TIME-2b study, evaluating the effect of AKB-9778, our first-in-class Tie2 activator, in patients with non-proliferative diabetic retinopathy (NPDR) is on schedule, and we expect to report top-line data from the study in the second quarter of 2019.

Dr. Hoffman added, “In addition, we announced several important corporate milestones in the second quarter. First, in June, we completed a partnership with Gossamer Bio for AKB-4924, our HIF-1 alpha compound for inflammatory bowel disease (“IBD”). We believe Gossamer is the ideal partner to develop AKB-4924 as they have a demonstrated track record of successful therapeutic development in IBD. Our partnership will now allow us to focus our resources on our ophthalmology and diabetes programs currently in development. Second, we completed an underwritten public offering that resulted in net proceeds to Aerpio of approximately $48.0 million. This will provide funding for the Company through the first quarter of 2020, which we believe gives us sufficient resources to complete the TIME-2b study on its expected timeframe, finish preparations for our expected Phase 3 program, and continue to advance our earlier pipeline programs, including a topical formulation of AKB-9778 in glaucoma. Finally, we also up-listed from the OTC to Nasdaq in June, which we believe will give the Company greater visibility as we move toward the announcement of results from our TIME-2b study.”

For earnings history and earnings-related data on Aerpio Pharmaceuticals (ARPO) click here.

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