Ohr Pharmaceutical Reports Fiscal First Quarter 2018 Financial Results
14 Febrero 2018 - 3:05PM
Ohr Pharmaceutical, Inc. (Nasdaq:OHRP), a pharmaceutical company
developing therapies for ophthalmic diseases, today reported
financial results and operating highlights for its fiscal first
quarter ended December 31, 2017.
“We recently announced top-line results from the MAKO study
evaluating the efficacy and safety of topically administered
squalamine in combination with monthly Lucentis® injections for the
treatment of wet-AMD, which did not meet its primary efficacy
endpoint,” said Dr. Jason Slakter, chief executive officer of Ohr
Pharmaceutical. “Based on these results, we have discontinued
development of squalamine, taken measures to preserve cash and are
evaluating strategic alternatives to maximize shareholder
value.”
Corporate Highlights for the Fiscal First Quarter Ended
December 31, 2017
- Reported topline data from the MAKO study which did not meet
its primary efficacy endpoint. There were no differences in the
safety profile between the two treatment groups. The MAKO study
evaluated the efficacy and safety of topically administered
squalamine in combination with monthly Lucentis® injections for the
treatment of wet age-related macular degeneration (“wet-AMD”).
Based on the results, the Company has discontinued further
development of squalamine and is evaluating strategic
alternatives.
- The Board of Directors has engaged Roth Capital Markets, LLC,
to advise the Board of Directors and management, and to assist in
pursuing a range of strategic alternatives.
Financial Results for the Quarter ended December 31,
2017
- For the quarter ended December 31, 2017, the Company reported a
net loss of approximately $4.2 million, or ($0.07) per share,
compared to a net loss of approximately $7.0 million, or ($0.21)
per share in the same period of 2016.
- For the quarter ended December 31, 2017, total operating
expenses were approximately $4.2 million, consisting of $1.5
million in general and administrative expenses, $2.4 million of
research and development expenses, and $0.3 million in depreciation
and amortization. This compares to total operating expenses
of $7.0 million in the same period of 2016, comprised of
approximately $1.7 million in general and administrative expenses,
$4.9 million in research and development expenses, and $0.3 million
in depreciation and amortization.
- At December 31, 2017, the Company had cash and cash equivalents
of approximately $8.7 million. This compares to cash and
equivalents of approximately $12.8 million at September 30,
2017.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995:This news release contains
forward-looking statements within the meaning of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are made only as the date thereof,
and we undertake no obligation to update or revise the
forward-looking statement whether as a result of new information,
future events or otherwise. Our actual results may differ
materially and adversely from those expressed in any
forward-looking statements as a result of various factors and
uncertainties, including our ability to raise sufficient funds to
perform and conclude clinical trials, the financial resources
available to us, the ability to negotiate and conclude a strategic
partnership, the future success of our scientific studies, our
ability to successfully develop products, rapid technological
change in our markets, changes in demand for our future products,
legislative, regulatory and competitive developments, and general
economic conditions. Shareholders and prospective investors are
cautioned that no assurance of the efficacy of pharmaceutical
products can be claimed or assured until final testing; and no
assurance or warranty can be made that the FDA will approve final
testing or marketing of any pharmaceutical product. Our most recent
Annual Report on Form 10-K and subsequent Quarterly Reports on Form
10-Q discuss some of the important risk factors that may affect our
business, results of operations and financial condition.
Contact:Ohr Pharmaceutical
Inc.
Investor
Relations
888-388-2327
ir@ohrpharmaceutical.com
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