 NEW YORK, Aug. 11, 2020 GLOBE NEWSWIRE -- Applied Therapeutics, Inc. Nasdaq: APLT, a clinical-stage biopharmaceutical company developing a pipeline of novel drug candidates against validated molecular targets in indications of high unmet medical need, today reported financial results for the second quarter ended June 30, 2020. The second quarter was an exciting time for the Company, as we continued to advance our late stage programs towards regulatory submission and commercial launch, said Shoshana Shendelman, PhD, Founder, CEO and Chair of the Board of Applied Therapeutics. As we move through the rest of the year, we remain focused on our commitment to bringing drugs to patients in urgent need of treatment across multiple diseases, which we believe will ultimately drive shareholder value.Recent Highlights Presented Data on AT-007 for Treatment of Galactosemia at the Galactosemia Foundation 2020 Virtual Conference. In July 2020, we presented data and provided an overview of the AT-007 Galactosemia development program at the Galactosemia Foundation 2020 Virtual Conference, a unique platform that brings together patients and families with Galactosemia alongside researchers and physicians. Announced Start of AT-007 Pediatric Galactosemia Study; Released Additional 40mgkg Data from Adult Galactosemia Study. June 2020, we announced additional supportive biomarker efficacy and safety data for AT-007 in Galactosemia at 40 mgkg. The data announced showed once-daily 40 mgkg AT-007 resulted in plasma galactitol reduction of 55 and a rapid, sustained and statistically significant reduction in galactitol vs. placebo. 40mgkg was safe and well-tolerated with no drug-related adverse events reported, and no compensatory increase in galactose or other metabolites, such as Gal-1p. We also announced initiation of the AT-007 pediatric trial, ACTION-Galactosemia Kids, in children age 2 to 17. Presented Data on AT-001 for the Treatment of Diabetic Cardiomyopathy at 2020 American Diabetes Association ADA Virtual Scientific Sessions. In June 2020, we presented data at the ADA 80th Scientific Sessions. The presentations included comprehensive data on our aldose reductase inhibitor program and mechanistic data on the role of aldose reductase during hyperglycemia. The presentations included data on the structural basis and rational drug design behind our next generation aldose reductase inhibitors, as well as data elucidating the mechanisms by which AT-001 prevents cellular damage responsible for diabetic complications. Appointed Dr. Chuck Silberstein, MD, MBA, CFA as Chief Financial Officer and Head of Business Development. In May 2020, we announced the appointment of Dr. Silberstein, formerly Senior Vice President of Corporate Business Development at Allergan plc, as Chief Financial Officer and Head of Business Development. Along with broad corporate strategy and business development skills, Dr. Silberstein brings more than 20 years of investment and capital markets experience to Applied Therapeutics.Financial Results Cash and cash equivalents and short-term investments totaled 138.5 million as of June 30, 2020 compared with 154.3 million at March 31, 2020. Research and development expenses for the three months ended June 30, 2020 were 20.8 million, compared to 4.3 million for the three months ended June 30, 2019. For the three months ended June 30, 2020, the increase of 16.5 million was primarily due to an increase in clinical and pre-clinical expense of 7.5 million, primarily related to the progression of the AT-007 ACTION-Galactosemia, and the AT-001 Phase 3 ARISE-HF clinical studies, as well as the commencement of the ACTION-Galactosemia Kids pediatric registrational study; an increase in drug manufacturing and formulation costs of 9.2 million primarily related to the timing of raw material deliveries in support of the 2020 manufacturing campaigns and the completion and release of AT-001 and AT-007 drug product batches; an increase in personnel expenses of 0.2 million due to the increase in headcount in support of our clinical program pipeline; and an increase in regulatory and other expenses of 0.4 million relating to an increase in license fees during the three months ended June 30, 2020. This was partially offset by a decrease in stock-based compensation of 0.8 million due to the increased modification expense recognized during the three months ended June 30, 2019 relating to the acceleration of certain options vesting following the IPO. General and administrative expenses General and administrative expenses were 7.5 million for the three months ended June 30, 2020, compared to 4.2 million for the three months ended June 30, 2019. For the three months ended June 30, 2020, the increase of 3.3 million was primarily related to the increase in personnel expenses of 1.3 million due to the increase in headcount, 1.1 million related to an increase in legal and professional fees due to increased costs associated with being a public company, 0.8 million related to the establishment of a commercial department, 0.5 million related to increased insurance costs, and 0.3 million in other expenses relating to increased costs of rent and other office expenses. This was partially offset by the decrease of 0.7 million in stock-based compensation expense, due to the additional modification expense recognized in April 2019 for acceleration of certain options vesting following the IPO. Net loss for the second quarter of 2020 was 28.1 million, or 1.27 per basic and diluted common share, compared to a net loss of 8.4 million, or 0.60 per basic and diluted common share, for the second quarter 2019.About Applied Therapeutics Applied Therapeutics is a clinical-stage biopharmaceutical company developing a pipeline of novel drug candidates against validated molecular targets in indications of high unmet medical need. The Companys lead drug candidate, AT-007, is a novel central nervous system penetrant aldose reductase inhibitor ARI for the treatment of Galactosemia, a rare pediatric metabolic disease. The Company initiated a pivotal Phase 12 clinical trial in June 2019, read out positive top-line biomarker data in adult Galactosemia patients in January 2020 and announced full data from the trial in April 2020. A pediatric Galactosemia study commenced in June 2020 and is currently ongoing. The Company is also developing AT-001, a novel potent ARI that is being developed for the treatment of Diabetic Cardiomyopathy, or DbCM, a fatal fibrosis of the heart. The Company initiated a Phase 3 registrational study in DbCM in September 2019. The preclinical pipeline also includes AT-003, an ARI designed to cross through the back of the eye when dosed orally, for the treatment of diabetic retinopathy, as well as novel dual PI3k inhibitors in preclinical development for orphan oncology indications.Forward-Looking StatementsThis press release contains forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical fact, included in this press release regarding strategy, future operations, prospects, plans and objectives of management, including words such as may, will, expect, anticipate, plan, intend, and similar expressions as well as other words or expressions referencing future events, conditions or circumstances are forward-looking statements. These include, without limitation, statements regarding i our plans to submit an NDA for potential approval of AT-007 around year-end 2020, which will also include data from the ACTION-Galactosemia Kids trial and the 90-day safety data in adults with Galactosemia, ii the design, scope and results of our clinical trials, iii the timing of the initiation and completion of our clinical trials, iv the likelihood that data from our clinical trials will support future development of our product candidates, and v the likelihood of obtaining regulatory approval of our product candidates and qualifying for any special designations, such as orphan drug designation. Forward-looking statements in this release involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements, and we, therefore cannot assure you that our plans, intentions, expectations or strategies will be attained or achieved. 