Petros Pharmaceuticals, Inc., (PTPI) is one of the leading pharmaceutical company specialized in men’s health. The company identify, develops, acquire and commercialize innovative drugs for health issues in men. One of the main products of the company is H100, which is a topical formulation for the treatment of acute Peyronie’s disease. Also, the company manufactures products for erectile dysfunction, endothelial disfunction and psychosexual and psychological disorders.
The stock price of PTPI skyrocketed during the regular trading hours of December 13, 2021, with a tremendous incline of 47.41% ($3.98) while at the time of writing, the stock price during the pre-market session of December 14, 2021, is $3.79 with a decline of 4.77%.
Events and Happenings
On December 8, 2021, PTPI reported over-the-counter (OTC) draft label comprehension study outcomes which were positive for erectile dysfunction (ED) Drug STENDRA. This study will be beneficial for the company to engage in negotiations with the FDA regarding the expansion of the product’s access through application for a likely OTC pathway. Preliminary studies showed positive results, which had motivated the company to enter into the next pivotal phase of Self-Selection Study.
On December 2, 2021, Petros Pharmaceuticals, Inc. announced the closing of its previously proclaimed registered direct offering and private placement with the company’s major investor and other current investors for gross proceeds of approximately $10.0 million. PTPIplans to utilize the net proceeds from this offering for expansion of its products range related to men’s health and for corporate purposes.
On November 15, 2021 PTPI announced its financial outcomes for the third quarter ended September 30, 2021.
Net Income and Total Assets
Net income for the third quarter of 2021 was negative $1.7 million versus negative $3.3 million for the third quarter 2020. The total Assets of the company were reported to be $52 million for the third fiscal quarter 2021.
Net loss per Share
Net loss for the Q3 2021 was reported to be $1.6 million, or $0.17 per basic and diluted share as compared to net loss for the same period of 2020, when it was $3.3 million, or $0.96 per basic and diluted share.
Total revenue generated by the company during Q3 2021 was reported to be $2.15 million.
The positive outcome of the OTC draft level comprehensive study by the company is one of the key catalyst factors for the 47% increase of stock price.