Ohr Pharmaceutical Reports Fiscal Third Quarter 2018 Financial Results
14 Agosto 2018 - 3:05PM
Ohr Pharmaceutical, Inc. (Nasdaq: OHRP), a pharmaceutical company
developing therapies for ophthalmic diseases, today reported
financial results for its fiscal third quarter ended June 30, 2018.
“We continue to work with our advisor to pursue strategic
alternatives with the goal of maximizing shareholder value,” said
Dr. Jason Slakter, chief executive officer of Ohr
Pharmaceutical. “We look forward to updating the market on
our progress.”
Financial Results for the Third Quarter ended June 30, 2018
- For the quarter ended June 30, 2018, the Company reported a net
loss of approximately $0.5 million, or ($0.01) per share, compared
to a net loss of approximately $3.9 million, or ($0.07) per share
in the same period of 2017.
- For the quarter ended June 30, 2018, total operating expenses
were approximately $1.2 million, consisting of $0.8 million in
general and administrative expenses, $0.1 million of research and
development expenses, and $0.3 million in depreciation and
amortization. This compares to total operating expenses of $3.9
million in the same period of 2017, consisting of $1.4 million in
general and administrative expenses, $2.2 million of research and
development expenses, and $0.3 million in depreciation and
amortization.
- At June 30, 2018, the Company had cash and cash equivalents of
approximately $4.4 million, compared to cash and equivalents of
approximately $12.8 million at September 30, 2017.
Financial Results for the Nine Months Ended June 30, 2018
- For the nine months ended June 30, 2018, the Company reported a
net loss of approximately $6.9 million, or ($0.12) per share,
compared to a net loss of approximately $18.6 million, or ($0.45)
per share in the same period of 2017.
- For the nine months ended June 30, 2018, total operating
expenses were approximately $7.5 million, consisting of $2.9
million in general and administrative expenses, $4.2 million of
research and development expenses, $0.8 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
$18.5 million in the same period of 2017, comprised of
approximately $4.6 million in general and administrative expenses,
$13.2 million in research and development expenses, $0.9 million in
depreciation and amortization, and $0.1 million in gain on
settlement of accounts payable.
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 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 and as a result be
forced to cease operations and liquidate, 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, 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 212-682-8452ir@ohrpharmaceutical.com
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