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ARTICLE | Financial News

Ritter raises $23M in follow-on

October 6, 2017 7:36 PM UTC

Ritter Pharmaceuticals Inc. (NASDAQ:RTTR) raised $23 million through the sale of 34.6 million class A units at $0.40 and 9,180 class B units at $1,000 in a follow-on underwritten by Aegis Capital. Each class A unit comprises a share and a five-year warrant to purchase a share at $0.44. Each class B unit includes a series A convertible preferred stock share, convertible into 2,500 of common stock at a conversion price of $0.40, and a five-year warrant to purchase 2,500 shares at $0.44. The company said underwriters exercised an overallotment option for warrants to purchase 3 million shares as of the closing of the offer on Oct. 3.

Ritter plans to begin a Phase III for RP-G28 to treat lactose intolerance in 1H18. The trial will incorporate guidance from an end-of-Phase II meeting with FDA in August...

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Ritter Pharmaceuticals Inc.