Boston, MA 08/14/2014 (wallstreetpr) – ITI Inc (NASDAQ:ITCI) reported the net loss of $4.5 million comparable to $8.3 million net loss in 2Q2013. It accounts for the loss of $0.15 per diluted share comparable to $0.56 net loss of per share in 2Q2013.
The expenses
The R&D expenses came at $2.7 million comparable to $7.8 million in 2Q2013. The decline in R&D expenses was due to the low costs incurred in clinical testing of Phase 2 trials of ITI-007. The Phase-2 clinical trials got completed in 2013. So, there were no extra costs incurred in 2014. However, manufacturing expenses and other non-clinical testing of ITI-007 added $1.0 million in the total R&D expenses.
The other details
The G&A expenses came at $2.1 million comparable to $0.9 million in 2Q2013. The higher G&A expenses came due to the increased fees of professionals, higher insurance costs of directors and officers, and compensation fees of board of directors. The cash and cash equivalents stands at $140.5 million comparable to $37.2 million in 2Q2013. The steep rise was due the net proceeds generated from the public offering in the first quarter of 2014. ITI Inc (NASDAQ:ITCI) expects to use it in performing clinical trials of ITI-007 in bipolar disorder and schizophrenia. It doesn’t intend to use the cash for pre-clinical programs.
The update of trials
ITI Inc (NASDAQ:ITCI) also announced that it had completed the meeting with the FDA on the matter of Phase 2 clinical trials. The trial was conducted in the 335 patients suffering from acutely exacerbated schizophrenia. It announced its Phase-3 plans for ITI-007 for Schizophrenia. It will proceed further with the Phase-3 development plans. There will be two randomized, placebo-controlled and double-blind Phase 3 clinical trials of ITI-007. The first phase of trial will be conducted in the second-half of 2014. The second Phase trial expects to take place in early 2015.
