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Another great post. Thanks Jay!
Thanks Jay.
Just granted?....just wondering when submitted as it has J. Williams name associated with it.
Thanks for posting. Great stuff!
Must wonder if exerpt below resulted in a less impactful positive regarding the Phase 1 announcement. Sounds like it is more a matter of a process/measuring problem than actual results...so perhaps typical tweaking situation? Again, I am not a scientist or researcher, obviously. That said, would have been great if tests resulted in consistent reduction read of NF-kB as well...in addition to other reasons already given for pursuing Psoriasis treatment first, perhaps this had some influence as well?
<<One of the oral dosing regimens within the study also showed NF-kB reduction, when data was normalized via this newly developed PD assay, although observations for NF-kB activity were generally less consistent than the STAT 3 results. This was attributed to the novel PD assay not being optimized for NF-kB and that in future studies, the incubation period for the NF-kB samples should be changed to account for this finding. Analyses of the remaining regimens is ongoing.>>
Current politicians disagree on about everything to some extent...EXCEPT for need to take care of veterans. Would think it wouldn't be too difficult to bring this situation and Roskamp (and potential anatabine treatment) to the forefront. Perhaps condense the timeframe of the already funded study?
I scanned it only briefly...and the note that I posted yesterday was the only thing I noticed to provide any kind of update to what I had seen in the past. Others who have read more thoroughly may have found more?
According to filing today...looks like "full report" of phase 1 trial now Q1, 2016 rather than Q4, 2015.
<<All active treatment parts of the Phase I trial were conducted with the healthy volunteers as inpatients in a clinical trial unit. Although we expect to have a formal analysis at a later time, the conclusions from the clinical research organization conducting the studies were that there were no clinically significant changes in any safety assessments including clinical lab tests, vital signs and ECGs in any of the parts of the Phase I trial. Data analyses are ongoing in November with full reports anticipated in the first quarter of 2016.>>
May be worth an "awareness letter" to the 11 members of the NFLPA Executive Committee, https://www.nflpa.com/about/nflpa-officers/executive-committee as well as DeMaurice Fitzgerald Smith, the Executive Director of the National Football League Players' Association (NFLPA). Also note that they have a specific form and rules for application for partnership/endorsement: https://www.nflpa.com/about/partnership-and-endorsement-policy
Not sure whether this can be done by 3rd party vs. Roskamp Institute itself.
Personally, I believe that it is important NOT to speak in grandiose hyperbole...but stick to a few pertinent facts. Again, the goal is to build awareness (and ultimately get some recognition and $ for Roskamp). I would envision a brief letter referencing Roskamp outlining their mission and referencing recent award for GWS study...plus the video "liefsmith" referenced on TBI research. Even pointing to specific place in video at 49 minute mark for emphasis. I may be willing to draft something and send...but think it is important to do this in a professional, understated manner. Lose credibility otherwise. Again, primary goal to build awareness for now.
I think a good potential plan would be to be have NFL PA (players association) and NFL broker some type of joint contribution to Roskamp to fund additional study of TBI. It's a political hot potato for the league and the players...their existence and livliehood depend on continuing to do "dumb things" in the name of entertainment and $. As much of a football fan I am, I would not have one of my kids play football.
No argument...but you have to be realistic vs. what's necessarily right. Had I not run out, I would be taking Abloc now still. But also concerned about these guys maneuvering the waters to make investment go up. Would be nice to get a spokesperson(s) who are former, recognizable NFL player or associated with to speak up for it. ( Kathy Lee Gifford, Ben Roethlisberger, etc....but none of them supposedly would have acccess to the product, right?)
Good question. Not sure. Perhaps so...there are many questions to be asked/answered/speculated on, such as:
Is RCPI pursuing Psoriasis and topical due to expediency to get approved, expediency to show demonstrative results, size of market potential, lower risk and higher reward for oral anatabine to be separate market focus...or perhaps due to non-safety side effects with their testing of oral version (or maybe in dosage variations)...all takes time. All of the above may be contributors. I suspect $ available to RCPI is a big factor in decision making. Seems like Roskamp grant for Gulf War System study may be avenue for FDA approval in US?
This is exerpt from RCPI October 15, 2015 PR. Note they mention "topical formulations".
<<With the completion of this Phase I oral dosing trial, the Company is now poised to conduct a proof-of-concept clinical trial to investigate the safety and efficacy of topical formulations of its lead compound in patients suffering from mild-to-moderate psoriasis. Psoriasis is characterized by an increase in activity of the intracellular transcription factors NF-?B and STAT3, which are responsible for driving the inflammation associated with this disease. Much preclinical data suggests that the Company's lead compound can attenuate the activity of these two transcription factors thus producing anti-inflammatory effects. The Company currently anticipates that a safety and efficacy clinical trial for mild-to-moderate psoriasis will commence in the first half of 2016.>>
yes, I am aware of that. But I recall reading something on RCPI site or from call, etc. that suggested that treatment for Psoriasis would be topical. I asked board about this a few months back.
Believe it WILL be a topical cream.
It's news. I don't see much evidence that they have become any more active with PR.
RCPI adding dermatology expertise...
Rock Creek Pharmaceuticals Announces the Addition of Key Opinion Leaders to Enhance Dermatological Disease Program
PR Newswire
SARASOTA, Fla., Dec. 3, 2015
SARASOTA, Fla., Dec. 3, 2015 /PRNewswire/ -- Rock Creek Pharmaceuticals, Inc., (OTCQB: RCPI), a clinical stage drug development company focused on the application of its lead compound being developed to treat chronic inflammatory conditions, announced today that the Company has retained two eminent "Key Opinion Leaders" (KOLs), each having renowned international expertise in dermatological disease, to advise, enhance and assist with the Company's inflammatory skin disease drug development program.
Rock Creek Pharmaceuticals
The Company has entered into consultancy agreements with Professor Christopher Griffiths, MD, FMedSci, Foundation Professor of Dermatology at the University of Manchester, and Professor Vincent Piguet, MD, PhD, FRCP, Head of Department of Dermatology & Wound Healing and Director of the Division of Infection & Immunology at Cardiff University, based at the Welsh Institute of Dermatology, University Hospital of Wales, Cardiff.
Dr. Michael Mullan, (MBBS, PhD), Chairman and Chief Executive Officer of Rock Creek Pharmaceuticals, highlighted, "We are extremely pleased that Professors Griffiths and Piguet have agreed to assist us in our program advancing a novel approach to treating dermatological disease. Their world class scientific knowledge, and deep clinical experience will be of great benefit in developing our treatments based on a new mechanism of action for inflammatory skin diseases."
Professor Griffiths qualified in Medicine from St Thomas' Hospital Medical School, London University. He trained in Dermatology at St Mary's Hospital, London, and at the University of Michigan, USA. He was appointed to the Foundation Chair in Dermatology at the University of Manchester in 1994 and is an honorary consultant dermatologist at Salford Royal NHS Foundation Trust. At the University of Manchester he has served variously as: Head of Medicine and Neuroscience; Head of the School of Translational Medicine; Research Dean; and, Director of the Manchester Academic Health Science Centre. The Times of London named him as one of the UK's Top 200 doctors in 2010 and in 2011 he was appointed as an NIHR Senior Investigator and elected to Fellowship of the Academy of Medical Sciences. Professor Griffiths is a past President of: the British Association of Dermatologists; European Dermatology Forum; and, British Society for Investigative Dermatology. He has published over 530 peer reviewed scientific articles and is lead editor of Rook's Textbook of Dermatology. His research includes all aspects of psoriasis, the "brain-skin axis" and mechanisms and repair of skin aging.
Professor Piguet trained at the School of Medicine, University of Geneva and graduated in 1995. He spent two years doing research in virology and immunology at the Salk Institute in San Diego, USA. He obtained his MD and PhD in 2000/2001 and his specialist certification in Dermatology & Venereology in 2004 from the Swiss Medical Association. He obtained a prestigious Fellowship from the Swiss National Science Foundation in 2003 and was subsequently promoted to Assistant and then Associate Professor at University of Geneva. In 2010 he was appointed Professor and Chair of the Department of Dermatology and Wound Healing at Cardiff University, Wales, UK and Honorary Consultant Dermatologist at the University Hospital of Wales. In 2011 he obtained UK certification in Dermatology and in 2014 became a Fellow of the Royal College of Physicians. In 2011 he was appointed Director of the Institute of Infection and Immunity, School of Medicine, Cardiff University and in 2015, Director of the Division of Infection and Immunity, School of Medicine, Cardiff University. Prof Piguet has authored over 110 publications in the fields of dermatology, dendritic cells, HIV, gene therapy, immunology and vaccination in a range of highly cited peer review journals such as Cell, Immunity, The Lancet, Proceedings of the National Academy of Sciences, Blood, and Nature Medicine. He has received numerous grants (including from the Human Frontier Science Program and the Bill & Melinda Gates Foundation) to further his research including in the areas of psoriasis, melanoma and immunology. Professor Piguet gave the 'Rudi Cormane Lecture' at the European Society for Dermatological Research (ESDR) in 2014 and has given more than 100 lectures at national and international meetings, including at the World Congress of Dermatology. He received a merit award in 2014 from the Society for Arts, Science and Technology in Wales, The Welsh Livery Guild. He is on the editorial boards of several journals, including the Journal of Investigative Dermatology and British Journal of Dermatology. He is the Past-President of the ESDR and current Executive Board member and Treasurer of the European Dermatology Forum, a not for profit organization dedicated to improving the healthcare need of dermatology patients in Europe.
About Anatabine Citrate:
Rock Creek Pharmaceuticals' compound is a small molecule, cholinergic agonist that exhibits 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.
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.
For more information, visit: http://www.rockcreekpharmaceuticals.com
Forward Looking Statements:
Certain statements contained in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," "projects" and similar expressions. The statements in this release are based upon the current beliefs and expectations of our company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Numerous factors could cause or contribute to such differences, including, but not limited to, failure to obtain sufficient capital resources to fund our development program and operations, results of clinical trials and/or other studies, the challenges inherent in new product development initiatives, including the continued development and approval of anti-inflammatory drug candidates, the effect of any competitive products, our ability to license and protect our intellectual property, our significant payables, our ability to raise additional capital in the future that is necessary to maintain our business, changes in government policy and/or regulation, potential litigation by or against us, any governmental review of our products or practices, pending litigation matters, as well as other risks discussed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our annual report on Form 10-K for the fiscal year ended December 31, 2014 filed on March 12, 2015. We undertake no duty to update any forward-looking statement or any information contained in this press release or in other public disclosures at any time.
CONTACT:
Investor Contact:
PCG Advisory Group
Stephanie Prince
646.762.4518
sprince@pcgadvisory.com
Media Contact:
PCG Advisory Group
Sean Leous
646 863 8998
sleous@pcgadvisory.com
Company Contact:
Rock Creek Pharmaceuticals, Inc.
2040 Whitfield Ave. Suite 300
Sarasota Florida, 34243
1-844-727-0727
IR@rockcreekpharma.com
Logo - http://photos.prnewswire.com/prnh/20150617/223737LOGO
Agreed. Heehaw still being here is a good sign.
NEW EUROPEAN PATENT for TREATMENT of Autism....
Rock Creek Pharmaceuticals Announces European Patent
Allowance for the Administration of Anatabine to Treat Autism Spectrum and Seizure Disorders and Third Quarter Results
PR Newswire
SARASOTA, Fla., Nov. 9, 2015
SARASOTA, Fla., Nov. 9, 2015 /PRNewswire/ -- Rock Creek Pharmaceuticals, Inc., (OTCPK: RCPI), a clinical stage drug development company focused on the application of its lead compound being developed to treat chronic inflammatory conditions, announced today its third quarter results. The Company also disclosed the Notification of Intent to Grant by the European Patent Office of a European patent for the administration of Anatabine to treat autism spectrum and seizure disorders.
Rock Creek Pharmaceuticals
Autism Spectrum Disorders
Autism spectrum disorders (ASDs) are pervasive neurodevelopmental disorders diagnosed in early childhood when acquired skills are lost or the acquisition of new skills become delayed. ASDs onset in early childhood and are associated with varying degrees of dysfunctional communication and social skills, in addition to repetitive and stereotypic behaviors. In many cases (25%-50%), a period of seemingly normal development drastically shifts directions as acquired skills are lost or the acquisition of new skills becomes delayed. Examples of ASDs include "classical" autism, Asperger's syndrome, Rett syndrome and other pervasive developmental disorders.
Previous research has suggested that there is excess inflammation in the colon, esophagus and duodenum of some patients with autism and postmortem studies have also shown an increase in the expression of several markers of neuro-inflammation. There is also evidence that nicotinic acetylcholine receptor (nAChR) agonists, especially those that target the alpha-7 subtype, may be useful in treating ASD. For instance, it has been suggested that activating the alpha-7 nAChR may provide symptomatic relief in ASD by reducing chronic inflammation and providing pro-cognitive effects. Anatabine has been shown in a variety of preclinical models to activate alpha-7 nAChRs, reduce inflammation in several animal models and to normalize social behavior in transgenic models of Alzheimer's disease.
As previously disclosed, the Company believes that isolated forms of Anatabine could be particularly useful for treating diseases or disorders with an inflammatory component characterized by excessive NF-kB mediated transcription. Although the Company is focusing its resources and clinical development program on dermatological diseases, the Company is communicating with the scientific and medical community for potential collaborative and independent, investigative study for autism spectrum and related disorders.
Dr. Michael Mullan, (MBBS, PhD), Chairman and Chief Executive Officer of Rock Creek Pharmaceuticals, remarked, "Given our experience with neurodegenerative diseases, it has been hypothesized that our compound may have applicability for autism spectrum and seizure disorders. Although autism spectrum is not an indication we will be developing internally, I am pleased that the Company has secured intellectual property in this area, and it is just one of many initiatives aimed at enhancing the Company's patent portfolio and broadening the potential clinical uses of our compound."
Third Quarter Results 2015
The Company recorded a net loss of approximately $2.8 million for the three months ended September 30, 2015, compared to a net loss of approximately $10.0 million for the same period in 2014. The decreased net loss for the three months ended September 30, 2015 was primarily due to cost savings in relation to restructuring, a decrease in non-cash expenditures related to stock based compensation, and recognition of a gain on derivatives and the sale of equipment related assets.
General and administrative expenses were approximately $2.2 million for the three months ended September 30, 2015, a 48.8% decrease of approximately $2.1 million, from approximately $4.3 million for the same period in 2014. For the three months ended September 30, 2015, compared to the same period the prior year, there were decreased legal expenses of $0.2 million; a decrease of non-cash charges of $0.6 million related to stock based compensation; and a decrease in the number of employees which translated into lower salaries, consolidation of offices which reduced rents, and lower travel, phone, computer expenses of $1.1 million, due to completion of the restructuring that was undertaken in 2014; and a net decrease in various other expenses in the amount of $0.2 million .
Since 2014, the Company has managed significant cost savings due to the restructuring. During the nine months ended September 30, 2015 General and administrative expenses have declined by approximately $17.3 million or 70.5% for the nine months ended September 30, 2015 compared to the same period in 2014, primarily due to a reduction of overhead of $6.5 million, a reduction of legal expenditure of $2.1 million and a reduction of non-cash stock compensation of $8.7 million.
The Company invested approximately $1.3 million in research and development in the three months ended September 30, 2015, compared to approximately $1.7 million in the comparable period in 2014. The research and development costs in the three months ended September 30, 2015 were directed principally toward completing the Company's Phase I Clinical Trial, formulating dermatological preparations of the Company's lead compound, and preparing ongoing initiatives and strategies for advancing a dermatological clinical development program.
Additional financial information can be found in the Company's Form 10Q filed November 9, 2015.
About Anatabine Citrate:
Rock Creek Pharmaceuticals' compound is a small molecule, cholinergic agonist that exhibits anti-inflammatory pharmacological characteristics, distinct from other anti-inflammatory drugs available such as biologics, steroids and non-steroidal anti-inflammatories. The Company has sponsored extensive pre-clinical (in vitro and in vivo) studies resulting in peer reviewed and published scientific journal articles, covering models of Multiple Sclerosis, Alzheimer's Disease, and Auto-Immune 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.
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.
For more information, visit: http://www.rockcreekpharmaceuticals.com
Forward Looking Statements:
Certain statements contained in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," "projects" and similar expressions. The statements in this release are based upon the current beliefs and expectations of our company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Numerous factors could cause or contribute to such differences, including, but not limited to, failure to obtain sufficient capital resources to fund our development program and operations, results of clinical trials and/or other studies, the challenges inherent in new product development initiatives, including the continued development and approval of anti-inflammatory drug candidates, the effect of any competitive products, our ability to license and protect our intellectual property, our significant payables, our ability to raise additional capital in the future that is necessary to maintain our business, changes in government policy and/or regulation, potential litigation by or against us, any governmental review of our products or practices, pending litigation matters, as well as other risks discussed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our annual report on Form 10-K for the fiscal year ended December 31, 2014 filed on March 12, 2015. We undertake no duty to update any forward-looking statement or any information contained in this press release or in other public disclosures at any time.
CONTACT:
Ted Jenkins
Vice President, Corporate Strategy & Development
Rock Creek Pharmaceuticals
2040 Whitfield Avenue, Suite 300
Sarasota, FL 34243
Direct: 941-251-0488
tjenkins@rockcreekpharmaceuticals.com
Logo - http://photos.prnewswire.com/prnh/20150617/223737LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/rock-creek-pharmaceuticals-announces-european-patent-300175216.html
SOURCE Rock Creek Pharmaceuticals, Inc.
8-K Today on delisting. Well a done deal and no intention to appeal. Will undoubtedly be a downer on price?...but at least they can focus their attention exclusively on advancing development. Hopefully, their previous funding is safe.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 3, 2015
ROCK CREEK PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction
of incorporation)
000-15324
(Commission File Number)
52-1402131
(IRS Employer Identification No.)
2040 Whitfield Avenue, Suite 300
Sarasota, Florida 34243
(Address of principal executive offices, including zip code)
844-727-0727
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On November 3, 2015, Rock Creek Pharmaceuticals, Inc. (the "Company") received a letter from the Nasdaq Stock Market ("NASDAQ") stating that a NASDAQ Hearings Panel (the "Panel") has determined to delist the Company's shares from NASDAQ effective at the open of business on Thursday, November 5, 2015. The Company's shares are being delisted as a result of the Company’s failure to comply with Nasdaq Listing Rule 5550(b)(2), which requires the Company to maintain a minimum “Market Value of Listed Securities” of $35 million for continued listing on the NASDAQ Capital Market (the “Rule”). The Panel’s determination followed a hearing on October 29, 2015, at which the Company requested additional time to comply with Rule 5550(b)(2).
The Company expects that its common stock will begin trading on the OTCQB market under the current ticker symbol "RCPI" effective at the open of the market on November 5, 2015. The OTCQB market is generally limited to companies that are subject to and current in Securities and Exchange Commission reporting obligations.
The Company does not intend to request that the Nasdaq Listing and Hearing Review Council review the Panel's decision. The Company was also notified that NASDAQ will complete the delisting by filing a Form 25 Notification of Delisting with the U.S. Securities and Exchange Commission after applicable appeal periods have lapsed.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ROCK CREEK PHARMACEUTICALS, INC.
By: /s/ William L. McMahon
William L. McMahon,
Interim Chief Financial Officer
Date: November 4, 2015
Thanks much for posting Leif. Did Maxim provide permission?
Nice to see that Maxim speculating that formal compilation/release of Phase 1 data should pave way for removal of FDA clinical hold. Great to see...and certainly hope that happens. Wonder if at that point we are looking at next Phase to be initiated in US via FDA vs. in Europe...?
...and/or do they keep Euro option open just in case FDA sets additional roadblocks...
I believe they have made the Roskamp connection as clear as they should. No reason to "over-hype"...it is a mutually beneficial relationship...let's keep it that way.
Maybe someone needs to whisper in Trump's ear...this is akin to veterans waiting in line at VA to never be seen!
If I were a GW veteran...I would be asking some serious questions about the lengthy timeline!
Love the concept...hate the timeline for completion...2018!
1.12/share at the highest (re-read the 8K and answered my own question).
Any quick net/net on this in terms of adjustment of conversion price over time? (assuming price of common shares goes up), what are the relevant provisions. Looked at 8K and could not immediately find....
Thanks!
$20 Million in Financing....
Rock Creek Pharmaceuticals Announces Institutional Financing with Issuance of $20 Million of Convertible Notes
PR Newswire
SARASOTA, Fla., Oct. 15, 2015
SARASOTA, Fla., Oct. 15, 2015 /PRNewswire/ -- Rock Creek Pharmaceuticals, Inc., (NASDAQ: RCPI), a clinical stage, drug development company which is focused on the application of its lead compound being developed to treat chronic inflammatory conditions, announced today that the Company has entered into an agreement with two healthcare focused, institutional investors to issue $20 million of senior convertible notes.
Rock Creek Pharmaceuticals
Dr. Michael Mullan, (MBBS, PhD), Chairman and Chief Executive Officer of Rock Creek Pharmaceuticals, commented, "This funding will provide the necessary capital to continue to advance our lead compound through human clinical trials. It is also important that we have strengthened our relationships with members of the institutional healthcare investment community and we are appreciative of these investors' foresight, and most notably, their confidence in the Company and its clinical development program."
The senior convertible notes (the "Notes") will be payable in 20 monthly installments, mature 36 months from issuance and will accrue interest at 8.0% per annum from the date of issuance. The Notes may be repaid, at the Company's election, in either cash or, subject to certain conditions, shares of the Company's common stock at a discount to the then-current market price. The Notes are also convertible from time to time, at the election of the holders, into shares of the Company's common stock at an initial conversion price of $1.12 per share. Rock Creek Pharmaceuticals expects to use the proceeds from the convertible notes for general corporate purposes and ongoing funding of the Company's drug development programs. The proceeds from the offering will be deposited into a restricted account from which proceeds will be released over specified time periods and based on the Company meeting certain milestones and conditions, and the Notes will be secured by such accounts but otherwise unsecured. The offering is expected to close on or around October 15, 2015.
The Notes include certain covenants, including, among others, the timely payment of principal and interest, certain limitations on the incurrence of indebtedness, restrictions on the redemption of outstanding securities, the filing of a resale registration statement, seeking stockholder approval of the transaction, restrictions on the transfer of assets and restrictions on the existence of liens on the company's assets.
Maxim Group acted as the sole placement agent in connection with the transaction.
For additional information concerning the details of the financing, please refer to the Form 8-K filed with the Securities and Exchange Commission today.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company in this offering. There shall not be any offer, solicitation of an offer to buy, or sale of securities in any state or jurisdiction in which such an offering, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offering will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.
About Anatabine Citrate:
Rock Creek Pharmaceuticals' compound is a small molecule, cholinergic agonist which exhibits anti-inflammatory pharmacological characteristics, distinct from other anti-inflammatory drugs available such as biologics, steroids and non-steroidal anti-inflammatories. The Company has sponsored extensive pre-clinical (in vitro and in vivo) studies resulting in peer reviewed and published scientific journal articles, covering models of Multiple Sclerosis, Alzheimer's Disease, and Auto-Immune Thyroiditis. All these studies demonstrated the anti-inflammatory effects of the Company's compound. The Company's compound is in formal regulatory development as a pharmaceutical.
About Rock Creek Pharmaceuticals, Inc.:
Rock Creek Pharmaceuticals, Inc. is clinical stage 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.
For more information, visit: http://www.rockcreekpharmaceuticals.com
Forward Looking Statements:
Certain statements contained in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," "projects" and similar expressions. The statements in this release are based upon the current beliefs and expectations of our company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Numerous factors could cause or contribute to such differences, including, but not limited to, failure to obtain sufficient capital resources to fund our development program and operations, results of clinical trials and/or other studies, the challenges inherent in new product development initiatives, including the continued development and approval of anti-inflammatory drug candidates, the effect of any competitive products, our ability to license and protect our intellectual property, our significant payables, our ability to raise additional capital in the future that is necessary to maintain our business, changes in government policy and/or regulation, potential litigation by or against us, any governmental review of our products or practices, pending litigation matters, as well as other risks discussed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our annual report on Form 10-K for the fiscal year ended December 31, 2014 filed on March 12, 2015. We undertake no duty to update any forward-looking statement or any information contained in this press release or in other public disclosures at any time.
CONTACT:
Ted Jenkins
Vice President, Corporate Strategy & Development
Rock Creek Pharmaceuticals
2040 Whitfield Avenue, Suite 300
Sarasota, FL 34243
Direct: 941-251-0488
tjenkins@rockcreekpharmaceuticals.com
Logo - http://photos.prnewswire.com/prnh/20150617/223737LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/rock-creek-pharmaceuticals-announces-institutional-financing-with-issuance-of-20-million-of-convertible-notes-300160396.html
SOURCE Rock Creek Pharmaceuticals, Inc.
Good post. Wish I could see the full report but looks like it costs $25.
Wrong.
Here is the PR on the New Zealand study from July 1.
http://investors.rockcreekpharmaceuticals.com/2015-07-01-Rock-Creek-Pharmaceuticals-Reports-Human-Proof-of-Principle-Study-of-Lead-Compound-Demonstrating-Inhibition-of-Inflammatory-Markers-In-White-Blood-Cells
Here is the Aug 10 Q2 Results/Clinical update PR
http://investors.rockcreekpharmaceuticals.com/2015-08-10-Rock-Creek-Pharmaceuticals-Announces-Targeting-of-Dermatological-Disease-Updated-Clinical-and-Regulatory-Strategy-and-Second-Quarter-Results
Yes, this was delayed from Q2 projection, but let's at least be accurate.
Preliminary results of Part 3?
From August 10 PR:
"The Company's previously announced "Part Three", double-blind, placebo-controlled, seven-day multiple dose study of Anatabine Citrate in healthy subjects, will likely overlap with "Part Two" and is expected to be completed with preliminary results in the third quarter 2015."
Hopefully, this means they will be announcing something publicly...although the PR does not state this explicitly.
Not sure what you are looking for...when you state in your post that you expect appreciation to be at least a year away.
Don't believe the Conference and presentation was open to general public without paying to attend...so unless someone paid to go, there is not much to be commented on.
That said, Mullan said in previous conference (presentation was Webcast and available) that Phase 1 had concluded 8 of 9 phases...I assume the remaining phase was the one week test with the "optimal" potential formulation. I would hope that they still plan to release preliminary results soon as they projected in previous releases.
I guess you might expect that if some attendees of Conference saw so much potential that they would buy shares...but there have been so few shares traded since...also could be a sign that short interests are continuing to control? Again, the Conference is/was designed to be a venue for establishing partnerships...so hopefully they are making progress there.
I suspect pending de-listing may also be a drag on the stock price. Although not sure how much that impacts the company's potential for success based on where they are in product development process.
Alzheimer's: A third of Britons born in 2015 will develop dementia, report says
http://www.independent.co.uk/news/uk/home-news/alzheimers-a-third-of-britons-born-in-2015-will-develop-dementia-report-says-10510236.html
Outstanding!...thanks for posting. I believe UVA was also one of the schools doing some anatabine research.
Saw 40K shares on bid this morning at $1.00 and $1.01...maybe someone heard something that they liked yesterday....
Wrong on this. Reviewing again it looks like $2 is minimum, with other requirements also.
Still a problem...but you need both.
6 days of trading $1 or higher at EOD. 4 more days of that and they will have met at least that component of NASDAQ compliance...
BioPharm America 2015 Conference begins today in Boston. RCPI presents tomorrow at 4:30PM. Looks like there are only 2 breakout rooms for company presentations...so conceivably, RCPI gets a pretty large audience. And cocktail hour doesn't start until 5:45PM...so hopefully, RCPI even gets opportunity to run long...
Yes, believe Nilvadipine is in Phase 3 in Europe...and fairly long term study that as I recall extends out through 2016. A consortium of a number of interests are involved in the study outside of Archer, who is but a participant...and I am sure, Dr. Mullan has been a signficant contributor. People have been guessing for a long time what may become of RCPI relative to Archer (aka combined?)...but I have not heard anything from RCPI (including Dr. Mullan) referencing connections there. Hard to imagine Dr. Mullan not seeing a connection with Archer/Alz research and antabine though given how long he's been involved with both.