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Aerpio posts $22.3 million net loss in 2017

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Aerpio Pharmaceuticals reported a net loss of $6.2 million, or $0.23 per share, in the fourth quarter of 2017 compared with a net loss of $4.6 million, or $4.76 per share, for the same period of 2016, according to a press release.

Operating expenses for the quarter increased from $3.3 million to $6.3 million.

For the full year, the company posted a net loss of $22.3 million, or $1.03 per share, compared with a net loss of $20.9 million, or $24.52 per share, in 2016.

Operating expenses for the year were $21.4 million compared with $16.6 million in 2016, while research and development costs increased from $11.4 million in 2016 to $12.1 million in 2017. The company attributed the increase to spending on nonproliferative diabetic retinopathy treatment candidate AKB-9778, which is currently in phase 2 development.

General and administrative expenses for the year rose 75% to $9.2 million compared with $5.3 million in 2016.

Aerpio had cash and cash equivalents of $20.3 million as of Dec. 31, 2017.