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Aerpio posts $7.4 million quarterly loss

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Aerpio Pharmaceuticals reported a net loss of $7.4 million, or $0.27 per share, in the first quarter of 2018 compared with a net loss of $5.9 million, or $1.06 per share, in 2017’s first quarter, according to a press release.

General and administrative costs for the quarter increased 38% from $2.5 million to $3.4 million, while research and development expenses increased 79% from $2.3 million to $4 million.

The increase in R&D was partially attributed to higher spending on the lead program AKB-9778, which is in phase 2b development.

Aerpio had cash and cash equivalents totaling $13.8 million as of March 31.