Ohr Pharmaceutical Announces 2.9 Million Financing
NEW YORK, NY, Jun 29, 2012 (Menafn - MARKETWIRE via COMTEX) --Ohr Pharmaceutical Inc. OHRP today announced that Ohr'sexisting shareholders exercised 5,299,002 Series H warrants at anexercise price of 0.55 per warrant for gross and net proceeds of2,914,451. As an incentive to exercise the Series H warrants, thecompany issued exercising shareholders 0.6 replacement warrants forevery Series H warrant exercised, resulting in the aggregate issuanceof 3,179,410 warrants. The replacement warrants will be exercisableat 1.20 for a five year period. 95% of the outstanding Series Hwarrants were exercised in this transaction.
The Company intends to use the net proceeds from this offering tofurther the clinical development of its portfolio compounds,Squalamine eye drops for the treatment of wet-AMD and neovascularophthalmic disorders, OHR/AVR118 for the treatment of cancercachexia, and general corporate purposes.
"The Company's ability to raise funds on favorable terms is atestament to the strong progress we continue to achieve, highlightedby the Squalamine eye drop program for wet-AMD which was recentlyawarded Fast Track designation by the FDA and will begin a Phase IItrial in Q3 2012," said Ira Greenstein, Chairman of the Board ofDirectors. "It is a very exciting time as the Company continues itsrapid development on many fronts to address the needs of largepatient populations."
Dr. Irach B. Taraporewala, CEO of Ohr Pharmaceutical, added, "Thisfinancing will allow us to comfortably achieve several upcomingmilestones in our Squalamine eye drop and OHR/AVR118 clinicalprograms in the remainder of 2012 and 2013. We would also like tothank our shareholders for their continued support."
About Ohr Pharmaceutical Inc. Ohr Pharmaceutical Inc. OHRP(www.ohrpharmaceutical.com) is a pharmaceutical company dedicated tothe clinical development of new drugs for underserved therapeuticneeds in large and growing markets. The company is focused on twolead compounds: Squalamine eye drops for the treatment of the wetform of age-related macular degeneration, and OHR/AVR118 for thetreatment of cancer cachexia, currently being investigated in a PhaseII trial.
Safe Harbor Statement under the Private Securities Litigation ReformAct of 1995: This news release contains forward-looking statementswithin the meaning of the "safe harbor" provisions of the PrivateSecurities Litigation Reform Act of 1995. These forward-lookingstatements are made only as the date thereof, and Ohr Pharmaceuticalundertakes no obligation to update or revise the forward-lookingstatement whether as a result of new information, future events orotherwise. Our actual results may differ materially and adverselyfrom those expressed in any forward-looking statements as a result ofvarious factors and uncertainties, including the future success ofour scientific studies, our ability to successfully develop products,rapid technological change in our markets, changes in demand for ourfuture products, legislative, regulatory and competitivedevelopments, the financial resources available to us, and generaleconomic conditions. For example, there can be no assurance that Ohrwill be able to sustain operations for expected periods. Shareholdersand prospective investors are cautioned that no assurance of theefficacy of pharmaceutical products can be claimed or assured untilfinal testing; and no assurance or warranty can be made that the FDAor Health Canada will approve final testing or marketing of anypharmaceutical product. Ohr's most recent Annual Report andsubsequent Quarterly Reports discuss some of the important riskfactors that may affect our business, results of operations andfinancial condition. We disclaim any intent to revise or updatepublicly any forward-looking statements for any reason.
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SOURCE: Ohr Pharmaceutical Inc.
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