Post Earnings Coverage as Ohr Pharma Reported Annual Results; Announced Closure of Public Offering

Upcoming AWS Coverage on Seattle Genetics Post-Earnings Results

LONDON, UK / ACCESSWIRE / January 5, 2017 / Active Wall St. announces its post-earnings coverage on Ohr Pharmaceutical, Inc. (NASDAQ: OHRP). The Company reported its financial results for the full year fiscal 2016 (FY16) on December 22, 2016. The New York-based pharmaceutical Company is in its development stage and has not reported any revenues till date, while its net loss has widened over the years. Register with us now for your free membership at: http://www.activewallst.com/register/.

One of Ohr Pharma’s competitors within the Biotechnology space, Seattle Genetics, Inc. (NASDAQ: SGEN), is estimated to report earnings on February 14, 2017. AWS will be initiating a research report on Seattle Genetics in the coming days.

Today, AWS is promoting its earnings coverage on OHRP; touching on SGEN. Get our free coverage by signing up to:

http://www.activewallst.com/registration-3/?symbol=OHRP

http://www.activewallst.com/registration-3/?symbol=SGEN

Earnings Reviewed

For the year ended September 30, 2016, Ohr Pharmaceutical’s general and administrative expenses were $7.66 million compared to $7.51 million in the prior year’s comparable period. During FY16, the Company spent $16.46 million on research and development, which was above the $8.78 million spent a year ago. Furthermore, the Company reported operating loss of $24.60 million in FY16 versus operating loss of $17.81 million in the prior year.

The ophthalmology research Company’s net loss widened in FY16 to $25.77 million, or $0.82 loss per diluted share, from net loss of $15.20 million, or $0.54 loss per diluted share, in FY15. The Company has an accumulated deficit of approximately $84.28 million as on September 30, 2016. Additionally, the Company expects to post net losses over the next several years as it has no products approved for commercial sale and continues to incur significant research and development and other expenses related to ongoing operations.

Clinical Trials

In March 2016, the Company reached an agreement on a Special Protocol Assessment (SPA) with the US Food and Drug Administration (FDA) on the design of Phase 3 trials for Squalamine lactate ophthalmic solution for patients with wet-AMD. The FDA had awarded Fast Track Designation to the Squalamine eye drop program for the potential treatment of wet-AMD in 2012. The company started the Phase 3 Trials in wet-AMD as the company started enrolling patients in the first phase III study in April 2016. Furthermore, the company has not guaranteed any success in the clinical trials and has also not provided any anticipated timeframe of clinical trials competition.

Public Offering

On December 14, 2016, Ohr Pharmaceutical, Inc. announced the closure of its previously announced public offering of common stock and warrants. The Company received proceeds of approximately $7.77 million by sale of 3,885,000 shares of common stock at a price to the public of $2.00 per share. The Company’s investors also received series A warrants, to purchase up to an aggregate of 1,942,500 shares of common stock for an exercise price of $2.75 per share and series B warrants to purchase up to an aggregate of 3,885,000 shares of common stock with an exercise price of $3.00 per share. Both series A and series B warrants are immediately exercisable. However, series A warrants have a term of five years, while series B warrants have a term of six months.

Cash Flow & Balance Sheet

During FY16, net cash used in operating activities was $15.99 million compared to net cash used in operating activities of $10.69 million in the prior year’s same period. The Company had cash balance of $12.55 million as on September 30, 2016, compared to $28.70 million, at the close of books on September 30, 2015.

Stock Performance

At the close of trading session on Wednesday, January 04, 2017, Ohr Pharma’s stock price dropped 3.33% to end the day at $1.45. A total volume of 114.41 thousand shares were exchanged during the session. The stock currently has a market cap of $53.84 million.

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