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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 research, development, and commercialization of compounds and formulations targeting inflammatory and neurological disorders. It also develops treatments for neurologic conditions, such as cigarette addiction. The company develops its products for various target indications, including the inflammatory and painful conditions osteoarthritis, ulcerative colitis, psoriasis, smoking cessation, and Hashimoto's thyroiditis. 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 and Chief Executive Officer
Total Annual Compensation: --
President and Director
Total Annual Compensation: --
Vice President and Senior Counsel for Legal &...
Total Annual Compensation: $625.0K
Vice President of Sales & Marketing
Total Annual Compensation: $348.6K
Compensation as of Fiscal Year 2013.

rock creek pharmaceuticals i (RCPI) Key Developments

Iroquois Master Fund, Ltd. and American Capital Management, LLC Files Complaint Against Rock Creek Pharmaceuticals

On February 19, 2015, Rock Creek Pharmaceuticals, Inc. became aware of a complaint filed on February 18, 2015, in New York Supreme Court for New York County in which the company and its Chief Executive Officer, Dr. Michael J. Mullan, are named as a defendants. The complaint was filed by Iroquois Master Fund Ltd. and American Capital Management, LLC, who were investors in a private placement of the company's securities completed in March 2014. The complaint also names as a defendant John J. McKeon, a shareholder of the company. Iroquois and American Capital are seeking $4.2 million, in the aggregate, in damages or, alternatively, rescission of the private placement transaction, premised on allegations that the company entered into a ‘sham’ loan agreement with Mr. McKeon to provide the company with a $5.8 million line of credit in order to fraudulently induce Iroquois and American Capital to acquire the company's securities. The company had not, to the company's knowledge, yet been served with the complaint as of February 24, 2015. Although the company believes that the material allegations are without merit and intends to vigorously defend the litigation, no assurances can be given with respect to the outcome of the litigation.

The U.S. District Court Rules in Part that the Plaintiff Fails to Plead Fraud with the Required Particularity in a Lawsuit against Star Scientific Inc., Rock Creek Pharmaceuticals Inc. and GNC Holdings Inc

In a lawsuit arising out of the marketing of a pharmaceutical product, the U.S. District Court for the Northern District of Illinois ruled in part that the plaintiff failed to plead fraud with the required particularity. The complaint did not link specific misconduct to a specific defendant or discuss how the defendants' alleged misrepresentations were false. Star Scientific Inc., Rock Creek Pharmaceuticals Inc. and GNC Holdings Inc. produced and sold the pharmaceutical product Anatabloc. Anatabloc was allegedly marketed as a treatment for arthritis, Alzheimer's disease, diabetes, traumatic brain injury and multiple sclerosis and other ailments. Howard T. Baldwin, an Illinois citizen, purchased Anatabloc. He claimed that he quit buying Anatabloc because it 'did not work'. Baldwin sued the manufacturers, alleging violations of consumer protection statutes and breaches of express and implied warranties. The manufacturers moved to dismiss the complaint. They argued that Baldwin did not allege sufficient facts to satisfy pleading requirements with respect to his claims under Illinois law. The district court agreed.

Rock Creek Pharmaceuticals, Inc. Receives Clinical Trial Application Approval

Rock Creek Pharmaceuticals, Inc. announced that the United Kingdom'sMedicines Healthcare Products Regulatory Agency has approved a clinical trial application to commence a Phase I study of the Company's lead compound, Anatabine Citrate. The Company's lead compound has an anti-inflammatory mode of action distinct from other anti-inflammatory drugs available such as biologics, steroids and non-steroidal anti-inflammatory drugs. The Company's Phase I trial is comprised of a three-part study to determine the pharmacokinetic profiles of selected modified release formulation prototypes, and to evaluate safety and tolerability in healthy subjects. Parts one and two will both enroll 14 healthy subjects and are designed as open-label, non-controlled, single-dose studies of six different formulations with each dose separated by 7-14 days. The 6 drug formulations planned for testing in part one differ from each other in terms of dose and duration of action. Testing each in turn will allow determination of which formulations have the most acceptable release and safety profiles. Part three is a double-blind, placebo-controlled, seven- day multiple dose study of the optimal formulation in healthy subjects. As per the trial design, outcome measures will focus primarily on overall safety and tolerability through physical examination, vital signs, clinical chemistry, hematology, urinalysis and observation of adverse events. Secondary outcome measures will include standard pharmacokinetics parameters and also pharmacodynamic assessment, specifically measuring the impact of the drug on inflammatory processes.


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