Ohr Pharmaceutical Reports Fiscal Second Quarter 2018 Financial Results
15 Mayo 2018 - 3:05PM
Ohr Pharmaceutical, Inc. (Nasdaq:OHRP), a pharmaceutical company
developing therapies for ophthalmic diseases, today reported
financial results for its fiscal second quarter ended March 31,
2018.
“During the fiscal second quarter we embarked on a process to
evaluate a range of strategic alternatives to maximize shareholder
value,” said Dr. Jason Slakter, chief executive officer of Ohr
Pharmaceutical. “We engaged Roth Capital to act as our
exclusive financial advisor and are encouraged by the progress we
have made to date.”
Financial Results for the Second Quarter ended March 31,
2018
- For the quarter ended March 31, 2018, the Company reported a
net loss of approximately $2.2 million, or ($0.04) per share,
compared to a net loss of approximately $7.7 million, or ($0.21)
per share in the same period of 2017.
- For the quarter ended March 31, 2018, total operating expenses
were approximately $2.2 million, consisting of $0.6 million in
general and administrative expenses, $1.8 million of research and
development expenses, $0.3 million in depreciation and
amortization, $0.7 million in impairment of goodwill, and $1.2
million in gain on settlement of accounts payable and long term
liabilities. This compares to total operating expenses of $7.7
million in the same period of 2017, consisting of $1.4 million in
general and administrative expenses, $6.0 million of research and
development expenses, and $0.3 million in depreciation and
amortization.
- At March 31, 2018, the Company had cash and cash equivalents of
approximately $5.2 million, compared to cash and equivalents of
approximately $12.8 million at September 30, 2017.
Financial Results for the Six Months Ended March 31, 2018
- For the six months ended March 31, 2018, the Company reported a
net loss of approximately $6.3 million, or ($0.11) per share,
compared to a net loss of approximately $14.7 million, or ($0.43)
per share in the same period of 2017.
- For the six months ended March 31, 2018, total operating
expenses were approximately $6.4 million, consisting of $2.1
million in general and administrative expenses, $4.2 million of
research and development expenses, $0.6 million in depreciation and
amortization, $0.7 million in impairment of goodwill, and $1.2
million in gain on settlement of accounts payable and long term
liabilities. This compares to total operating expenses of
$14.7 million in the same period of 2017, comprised of
approximately $3.2 million in general and administrative expenses,
$10.9 million in research and development expenses, and $0.6
million in depreciation and amortization.
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 satisfactorily identify,
execute and conclude any strategic alternatives to maximize
shareholder value, the financial resources available to us and risk
that we may not be able to obtain sufficient funding as needed, the
ability to negotiate and conclude a strategic partnership, the
future success of any scientific studies, our ability to
successfully develop products, rapid technological change in our
markets, changes in demand for any future products, legislative,
regulatory and competitive developments, uncertainty related to our
ability to continue as a going concern, the impact of significant
reductions in our operations on our ability to develop our product
candidates, our ability to maintain compliance with the Nasdaq
Capital Market continued listing standards and policies and to
maintain the listing and trading of our common stock on a national
securities exchange, and general economic conditions. 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
212-682-8452
ir@ohrpharmaceutical.com
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