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June 4, 2014
07:09 EDTRTGNRuthigen distributes letter to stockholders
Ruthigen distributed a letter from CEO Hojabr Alimi to its stockholders. The letter states, "Ruthigen is moving quickly to initiate our Phase 1/2 clinical trial for our lead drug candidate, RUT58-60, with plans to complete this clinical trial in less than 9 months. We strongly believe that our lead drug candidate RUT58-60 has the potential to reshape the management of invasive surgical procedures without requiring significant changes to existing physician and hospital practices...Ruthigen is well financed to complete its Phase 1/2 clinical trial and begin preparations for its first pivotal clinical trial in late 2015...Our IPO and the subsequent partial exercise of the over-allotment option by our underwriters brought Ruthigen gross proceeds of over $20M, and the Series A and Series B warrants that were issued in the IPO, if exercised in full, have the potential to bring the company an additional $43M in gross proceeds...The successful completion of the initial safety review of RUT58-60 will lead to the resumption of enrollment in the Phase 2 arm of the clinical trial, for which we expect to complete enrollment and announce top-line data during 1Q15. Concurrent with our Phase 1/2 trial, we will establish an independent manufacturing facility that will produce our clinical trial supply of RUT58-60 and other potential drug formulations."
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