BALTIMORE--(BUSINESS WIRE)--Cerecor Inc. (NASDAQ: CERC), a clinical-stage biopharmaceutical company developing innovative drug candidates to make a difference in the lives of patients with neurological and psychiatric disorders, today announced its financial results for the second quarter ended June 30, 2016.

“We are excited about both of our Phase 2 programs and are encouraged by the scientific community’s increasing interest in CERC-501, having recently received grants from both the National Institute on Drug Abuse and the National Institute on Alcohol Abuse and Alcoholism and being accepted for participation in a consortium with the Pharmacotherapies for Alcohol and Substance Use Disorders,” said Dr. Uli Hacksell, President and Chief Executive Officer of Cerecor. “We expect top-line data from our Phase 2 study with CERC-501 in the fourth quarter of this year and are enthusiastic about the potential use of CERC-501 for substance use disorders. Additionally, our Phase 2 study with CERC-301 for the adjunctive treatment of major depressive disorder continues to advance in line with our expectations.”

Business and Other Highlights

Research and Development

• In April, awarded a $1 million research and development grant from the National Institute on Drug Abuse at the National Institutes of Health, which provides additional resources for the ongoing Phase 2 proof-of-concept clinical trial with CERC-501 for smoking cessation.
• In July, awarded a $1 million research and development grant from the National Institute on Alcohol Abuse and Alcoholism at the National Institutes of Health, which provides additional resources to progress the development of CERC-501 for the treatment of alcohol use disorder.
• In July, announced a research grant from the Pharmacotherapies for Alcohol and Substance Use Disorders Consortium to assess the efficacy of CERC-501, separately and in combination with one of two anti-hypertensive drugs, in reducing post-traumatic stress disorder-induced alcohol use disorder in animal models.

Business and Leadership

• Held our first Annual Meeting of Stockholders as a public company in May.
• The board of directors and stockholders re-elected Eugene A. Bauer, M.D. and Magnus Persson, M.D., Ph.D. to the board of directors to hold office until the 2019 Annual Meeting of Stockholders.

Second Quarter 2016 Financial Results

Cerecor reported a net loss of $3.5 million, or $0.41 per common share1, for the second quarter of 2016, compared to a net loss of $2.9 million, or $4.48 per common share2, for the second quarter of 2015.

As of June 30, 2016, Cerecor’s cash and cash equivalents totaled $11.9 million, compared to $21.2 million at December 31, 2015. This decrease resulted from the funding of our research and development activities, our ongoing operations, and payments made on our term loan.

Research and development (“R&D”) expenses increased to $2.5 million for the second quarter of 2016, compared to $1.9 million for the second quarter of 2015. The increase was driven primarily by the costs for the ongoing Phase 2 trial with CERC-501 for smoking cessation, which experienced significant enrollment activity during the second quarter. During the comparable period, R&D expenses for CERC-501 were primarily limited to in-licensing fees.

General and administrative (“G&A”) expenses increased to $1.6 million for the second quarter of 2016, compared to $1.0 million for the second quarter of 2015. The increase was primarily due to increased legal, consulting and other professional fees associated with becoming a public company as well as increased salaries and related costs.

About Cerecor

Cerecor is a clinical-stage biopharmaceutical company developing innovative drug candidates to make a difference in the lives of patients with neurological and psychiatric disorders. We are committed to the development of drugs that improve lives by applying our extensive knowledge and experience in central nervous system disorders. Cerecor is currently pursuing the development of two clinical Phase 2-stage product candidates: CERC-301 and CERC-501.