WATERTOWN, Mass., Nov. 03, 2016 (GLOBE NEWSWIRE) -- Tetraphase Pharmaceuticals, Inc. (NASDAQ:TTPH), a clinical stage biopharmaceutical company developing novel antibiotics to treat life-threatening multidrug-resistant (MDR) infections, today reported financial results for the third quarter ended September 30, 2016, and highlighted recent clinical development achievements in antibiotics pipeline. "The third quarter was one of meaningful progress for Tetraphase and our phase 3 eravacycline program," said Guy Macdonald, Tetraphase's President and Chief Executive Officer. "We successfully initiated IGNITE4 evaluating twice-daily intravenous (IV) eravacycline in patients with complicated intra-abdominal infections (cIAI) and announced dosing of the first patient in October. Top-line results from IGNITE4 are expected as early as the fourth quarter of 2017. We also continue to prepare for the initiation of IGNITE3, our planned phase 3 trial exploring once-daily IV eravacycline in complicated urinary tract infections (cUTI)." Mr. Macdonald continued, "For our other antibiotic pipeline candidates, we continue phase 1 development of TP-271, which is being developed for respiratory disease caused by antibiotic-resistant public health pathogens, and TP-6076, our second-generation candidate targeting multidrug-resistant Gram-negative bacterial infections. Following completion of the single-ascending dose trials this year, we plan to present data at scientific meetings and initiate multiple-ascending dose studies in 2017." Third Quarter 2016 Financial Results As of September 30, 2016, Tetraphase had cash and cash equivalents of $162.1 million and 36.7 million shares outstanding. The company expects that its cash and cash equivalents, as well as expected revenue from its U.S. government awards, will be sufficient to fund operations into the second half of 2018. Revenues during the third quarter of 2016 were $0.9 million compared to $2.9 million for the same period in 2015. Revenues for each period consisted of contract and grant revenue under the Company's U.S. government awards for the development of Tetraphase compounds for the treatment of diseases caused by bacterial biothreat pathogens and for certain infections caused by life-threatening multidrug-resistant bacteria. The decrease in revenues was primarily due to the scope and timing of activities related to our BARDA Contract conducted during the third quarter of 2016.