OHR Pharmaceutical Inc (NASDAQ:OHRP), an ophthalmology research and development company, today reported results for its second quarter ended March 31, 2016.
“We achieved a number of important milestones in advancing our lead drug candidate, Squalamine, during the first few months of 2016,” said Jason S. Slakter, MD, Chief Executive Officer of Ohr. “In commencing the enrollment of patients in our Phase 3 clinical program, we move closer to potentially providing a much-needed, safe and efficacious new treatment for patients with neovascular age-related macular degeneration or wet AMD. Importantly, we are conducting the Phase 3 trials under an agreed upon Special Protocol Assessment (SPA) with the United States Food and Drug Administration. The trials are designed to generate data to support regulatory approval of Squalamine in the United States and other major ophthalmic markets worldwide.”
Second Quarter and Recent 2016 Clinical and Pre-Clinical Highlights
- Enrolled the first patient in the Phase 3 clinical development program to investigate Squalamine lactate ophthalmic solution, 0.2% (“Squalamine,” also known as OHR-102), when administered as part of a combination therapy, as a treatment to improve visual function for patients with wet AMD.
- The Phase 3 program includes two clinical trials designed as double-masked, placebo-controlled, multicenter, international studies of Squalamine administered twice a day in patients with newly diagnosed wet AMD, in combination with Lucentis® injections.
- The first of the two randomized trials will include approximately 165 centers in the United States and Canada and has a target enrollment of 650 treatment naïve subjects with wet AMD.
- The primary endpoint in both studies will be a measurement of visual acuity gains at nine months, which is the most clinically meaningful endpoint for wet AMD patients. Subjects will be followed to two years for safety.
- Reached an agreement on a Special Protocol Assessment (SPA) with the United States Food and Drug Administration on the design of the Phase 3 trials for Squalamine.
- Presented two posters at the Association for Research in Vision and Ophthalmology (ARVO) Conference, which took place May 1 through May 5 in Seattle, Washington.
- CNV Lesion Characteristics as a Predictor of Visual Outcomes in Wet AMD Patients Receiving Combination Therapy with Ranibuzimab (Lucentis®) and topical Squalamine Lactate Ophthalmic Solution (David M. Brown et al). Included detailed analysis of lesion characteristics as predictors of visual outcome in the previously conducted Phase 2 IMPACT trial, and demonstrated that combination therapy with Squalamine was most effective in those patients whose occult component was less than 10mm2. These new data support the choice of the target population in the ongoing Phase 3 registration program.
- Sustained Retinal Concentrations of OHR3031 Achieved with Intravitreal Injection of a Biodegradable Microparticle Formulation to Rabbits (Modi et al). This poster discussed the use of Ohr’s proprietary sustained release technology to successfully deliver supratherapeutic concentrations of OHR3031, a novel small molecule anti-angiogenic compound, to target tissues in the back of the eye.
Financial Results for Second Quarter ended March 31, 2016
- For the second quarter ended March 31, 2016, the Company reported a net loss of approximately $5.3 million, or ($0.17) per share, compared to a net loss of approximately $3.4 million, or ($0.12) per share in the same period of 2015.
- For the second quarter ended March 31, 2016, total operating expenses were approximately $6.6 million, consisting of approximately $3.0 million in general and administrative expenses, $4.0 million in research and development expenses, $0.3 million in depreciation and amortization, and $0.7 million in gain on settlement of accounts payable. This compares to total operating expenses in the same period of 2015 of approximately $6.8 million, consisting of $3.3 million in general and administrative expenses, $3.2 million in research and development expenses, and $0.3 million in depreciation and amortization.
- At March 31, 2016, the Company had cash and cash equivalents of approximately $21.9 million. This compares to cash and equivalents of approximately $28.7 million at September 30, 2015.
Financial Results for the Six-Months ended March 31, 2016
- For the six months ended March 31, 2016, the Company reported a net loss of approximately $11.4 million, or ($0.37) per share, compared to a net loss of approximately $7.9 million, or ($0.30) per share in the same period of 2015.
- For the six months ended March 31, 2016, total operating expenses were approximately $10.2 million, consisting of $4.2 million in general and administrative expenses, $6.1 million of research and development expenses, $0.6 million in depreciation and amortization, and $0.7 million in gain on settlement of accounts payable. This compares to total operating expenses of $10.7 million in the same period of 2015, comprised of approximately $4.2 million in general and administrative expenses, $5.9 million in research and development expenses, and $0.6 million in depreciation and amortization. (Original Source)
Shares of OHR Pharmaceutical closed today at $3.16, up $0.04 or 1.28%. OHRP has a 1-year high of $6.56 and a 1-year low of $2.02. The stock’s 50-day moving average is $3.33 and its 200-day moving average is $3.72.
On the ratings front, Brean Capital analyst Jonathan Aschoff reiterated a Buy rating on OHRP, with a price target of $30, in a report issued on March 28. The current price target implies an upside of 846.4% from current levels. According to TipRanks.com, Aschoff has a yearly average return of -12.0%, a 34.3% success rate, and is ranked #3805 out of 3828 analysts.
Ohr Pharmaceutical, Inc. is a pharmaceutical company, which focuses on the development of novel pharmaceuticals for the treatment of serious and unmet medical needs. The company products include Squalamine eye drops for the treatment of the wet form of age-related macular degeneration (wet AMD) with a potential for expansion into other indications such as diabetic macular edema (DME) and retinal vein occlusions (RVO) and OHR/AVR 118 for the treatment of Cancer Cachexia. Ohr Pharmaceutical was founded by Irach B. Taraporewala in 2008 and is headquartered in New York, NY.