On February 14, 2018 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 (Press release, Ohr Pharmaceutical, FEB 14, 2018, View Source [SID1234523976]).
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
"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.