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Last $1.00 USD
Change Today +0.06 / 6.38%
Volume 45.6K
RCPI On Other Exchanges
As of 8:10 PM 08/28/15 All times are local (Market data is delayed by at least 15 minutes).

rock creek pharmaceuticals i (RCPI) Snapshot

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rock creek pharmaceuticals i (RCPI) Details

Rock Creek Pharmaceuticals, Inc., a pharmaceutical company, focuses on the discovery, development, and commercialization of therapies for chronic inflammatory disease, neurologic disorders, and behavioral health. Its lead drug candidate is anatabine citrate that is in Phase I clinical trials, a small molecule, cholinergic agonist which exhibits anti-inflammatory pharmacological characteristics, with a mechanism of action distinct from other anti-inflammatory drugs available, such as biologics, steroids, and non-steroidal anti-inflammatories. The company was formerly known as Star Scientific, Inc. and changed its name to Rock Creek Pharmaceuticals, Inc. in June 2014. Rock Creek Pharmaceuticals, Inc. is headquartered in Sarasota, Florida.

rock creek pharmaceuticals i (RCPI) Top Compensated Officers

Chairman of the Board, Chief Executive Office...
Total Annual Compensation: $600.0K
Compensation as of Fiscal Year 2014.

rock creek pharmaceuticals i (RCPI) Key Developments

Rock Creek Pharmaceuticals, Inc. Announces Executive Changes

On August 14, 2015, Benjamin M. Dent resigned as Chief Financial Officer, Vice President of Operations, Secretary and Treasurer of Rock Creek Pharmaceuticals, Inc. in order to pursue other interests. The company's Board of Directors has appointed William L. McMahon to replace Mr. Dent on an interim basis. Mr. McMahon will serve as the Interim Chief Financial Officer and Treasurer of the company until the company appoints a permanent Chief Financial Officer and Treasurer. Mr. McMahon first joined the company in July 2015, as a financial consultant. As Interim Chief Financial Officer and Treasurer, he will continue to serve the Company as an independent contractor on an at-will basis. Also effective August 14, Theodore Jenkins has been appointed Secretary of the Company to replace Mr. Dent in that role. Prior to be engaged by the Company in July 2015, Mr. McMahon, served at the Chief Financial Officer for Neptune Minerals, Inc. Mr. McMahon joined Neptune Minerals in January 2012 after serving as an interim CFO while as a partner in Tatum LLC, and continues to serve as Neptune's Chief Financial Officer on a part-time basis. Prior to Neptune, from January 2011 to January 2012 Mr. McMahon served as a Partner of Tatum LLC, where he was responsible for interim CFO positions for clients of Tatum. From January 2010 to January 2011, Mr. McMahon as an independent contractor providing financial management consulting services to privately held manufacturing clients. During his 35 plus year career, Mr. McMahon has also served as Chief Financial Officer, Controller and Treasurer for various small to medium size public and private companies.

Rock Creek Pharmaceuticals, Inc. Announces Earnings Results for the Second Quarter Ended June 30, 2015; Announces Targeting of Dermatological Disease, Updated Clinical and Regulatory Strategy

Rock Creek Pharmaceuticals, Inc. announced earnings results for the second quarter ended June 30, 2015. For the quarter, the company recorded a net loss of approximately $0.8 million for the three months ended June 30, 2015, compared to a net loss of approximately $12.7 million, a decrease of approximately $11.9 million attributed primarily to the cost savings from the restructuring, a decrease in non-cash expenditures and a gain on derivatives. Rock Creek Pharmaceuticals, Inc. announced its dermatological development program in which dermal formulations of its lead compound are being developed for common chronic skin disorders such as psoriasis, eczema (e.g., atopic dermatitis) and rare or orphan skin disorders. Patients and key opinion leaders agree there are unmet medical needs requiring new, safe and effective first-line treatments for dermatological diseases, and the Company believes the novel anti-inflammatory mechanism of action of its lead compound is well suited to meet these needs. The Company is directing its strategy to gain regulatory approval accordingly. Clinical/Regulatory Strategy: Rock Creek Pharmaceuticals has an extensive array of published and non-published preclinical and clinical data which provides compelling evidence that Anatabine Citrate produces anti-inflammatory effects through a unique mechanism of action distinct from steroids, non-steroidal anti-inflammatories, and biologics. Included in such data is the Company's recently reported results from a small pharmacodynamic human trial, entitled ‘Rock Creek Pharmaceuticals Reports Human Proof of Principle Study of Lead Compound Demonstrating Inhibition of Inflammatory Markers In White Blood Cells’. Results from that study showed a statistically significant (p<0.05) reduction in pro-inflammatory protein activation (NF-kB and STAT3) in LPS challenged white blood cells from 10 healthy volunteers after a single oral dose of Anatabine Citrate, with no safety concerns raised by the investigators. The company recently reported initial results of "Part One" of the Phase I clinical study being conducted in the United Kingdom (UK) to evaluate the safety, tolerability, and pharmacokinetic (PK) profiles of various modified and immediate release oral formulations of Anatabine Citrate. In Part One, there were no reports of serious adverse events (AEs) or AEs leading to study withdrawal, and there were no safety concerns raised by either the Company's UK contract research organization or its UK based medical monitor for the trial. The Company further announced it would conduct "Part Two", with a protocol amendment that primarily evaluates the effects of food on PK parameters, with dosing expected to commence and be completed within the current quarter 2015. The UK's Medicine and Healthcare products Regulatory Agency (MHRA) and an independent Research Ethics Committee approved the protocol amendment. The Company's previously announced "Part Three", double-blind, placebo-controlled, seven-day multiple dose study of Anatabine Citrate in healthy subjects, will likely overlap with "Part Two" and is expected to be completed with preliminary results in the third quarter 2015. In light of the company's ongoing clinical advances in Europe and the generation of oral phase I safety data, the company has carefully evaluated its regulatory strategy in the United States. As indicated in a Form 8-K filing on April 2, 2015, the Company has remained on an FDA-imposed clinical hold for an oral phase I safety study. Because the US IND Phase I, first-in-human, single ascending dose PK protocol is essentially encompassed by the ongoing MHRA approved, European Phase I safety trial, which is nearing completion, the company has decided to withdraw its current US IND submission. The Company believes this strategy will provide a pathway for subsequent clinical and regulatory development in the United States as the company accumulates human safety and efficacy data in its EU dermatological developmental program.

Rock Creek Pharmaceuticals, Inc. Receives Non-Compliance Notice From Nasdaq

As previously disclosed in a Form 8-K filed on June 19, 2015, Rock Creek Pharmaceuticals, Inc. completed on that date a registered direct offering (transaction) with five institutional investors pursuant to which the company issued 1,644,500 shares of common stock and warrants to purchase up to 1,233,375 shares of common stock. The shares and warrants were sold in units, each of which was comprised of one share and 0.75 warrants to acquire one share of common stock. The purchase price per unit in the offering was $2.25, and the exercise price of the warrants was $2.83 per share. On July 16, 2015, the company received a letter from the Listing Qualifications Department of The Nasdaq Stock Market, LLC, notifying the company that the transaction did not comply with Nasdaq’s shareholder approval rules. Under Nasdaq Listing Rule 5635(d)(2), a listed issuer is required to obtain prior stockholder approval for any ‘sale, issuance or potential issuance by the company of common stock (or securities convertible into or exercisable common stock) equal to 20% or more of the common stock or 20% or more of the voting power outstanding before the issuance for less than the greater of book or market value of the stock’. The closing bid price of the company’s common stock on June 16, 2015 (the date of the securities purchase agreement for the transaction) was $2.80 per share, and the company had 8,482,358 shares of common stock outstanding as of May 31, 2015. In connection with the transaction, the company intended to comply with Rule 5635(d)(2) by following a Nasdaq policy which provides that warrants issued in a transaction will not be aggregated with the common stock issued in the same transaction if the warrants are not exercisable for at least six months following the closing and are not exercisable for less than the greater of book or market value. Although the warrants issued in the transaction have an initial exercise price of greater than book or market value (an exercise price of $2.83 compared to a deemed fair market value of $2.80 per share) and are not exercisable until after six months following issuance, Nasdaq has informed the company that the inclusion in the warrants of a price-protection provision requires aggregation of the warrants with the shares for purposes of Rule 5635(d)(2). The price-protection provision in the warrants provides that, subject to certain exceptions, if the company issues shares of its common stock at a price less than $2.83 per share during the six-month period following the closing of the transaction, then the exercise price will be reduced to such lower price. As such, after giving effect to the aggregation of the warrants, Nasdaq concluded the transaction resulted in the potential issuance of 35% of the pre-transaction shares outstanding at a price less than the greater of book or market value, and, as a result, the company violated the shareholder approval requirement set forth in Rule 5635(d)(2). Under applicable Nasdaq rules, the company has 45 calendar days to submit a plan to regain compliance with all Nasdaq listing requirements. The company is in the process of developing a plan to regain compliance, which it intends to submit to Nasdaq promptly. If the plan is accepted, Nasdaq can grant the company an extension of up to 180 calendar days from July 16, 2015 to evidence compliance.


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