Ohr Pharmaceutical, Inc. (NASDAQ:OHRP) announced that it has priced a registered public offering of an aggregate of 3,875,000 shares of common stock at a price to the public of $2.00 per share. Investors will also receive series A warrants to purchase up to an aggregate of 1,937,500 shares of common stock with an exercise price of $2.75 per share and series B warrants to purchase up to an aggregate of 3,875,000 shares of common stock with an exercise price of $3.00 per share. The series A warrants are immediately exercisable and have a term of five years and the series B warrants are immediately exercisable and have a term of six months. The offering is expected to close on or about December 13, 2016, subject to satisfaction of customary closing conditions.
H.C. Wainwright & Co., LLC, is acting as exclusive placement agent for this offering.
The total gross proceeds of the offering are expected to be approximately $7,750,000, excluding any proceeds we may receive from the exercise of the warrants. The Company intends to use the net proceeds from this offering for working capital and other general corporate purposes, including Phase 3 clinical trials of Squalamine. (Original Source)
Shares of OHR Pharmaceutical Inc closed yesterday at $2.50, down $0.03 or -0.99%. OHRP has a 1-year high of $6.56 and a 1-year low of $2.44. The stock’s 50-day moving average is $3.45 and its 200-day moving average is $2.79.
On the ratings front, OHRP stock has been the subject of a number of recent research reports. In a report issued on October 27, H.C. Wainwright analyst Corey Davis initiated coverage with a Buy rating on OHRP. Separately, on October 4, Aegis’ Jason Wittes initiated coverage with a Hold rating on the stock.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Corey Davis and Jason Wittes have a yearly average loss of 4.1% and a return of 3.3% respectively. Davis has a success rate of 35% and is ranked #3895 out of 4271 analysts, while Wittes has a success rate of 53% and is ranked #1001.
Ohr Pharmaceutical, Inc. is a pharmaceutical company, which focuses on the development of novel pharmaceuticals for the treatment of serious and unmet medical needs. Its products include Squalamine and Trodusquemine.