NEW YORK, April 22, 2013 /PRNewswire/ -- Ohr Pharmaceutical Inc. (OTCQB: OHRP), a pharmaceutical company focused on the development of novel therapeutics for unmet medical needs, today announced that Ohr raised approximately $5.05 million dollars from institutional and accredited shareholders through the exercise of Series B Warrants. The Company intends to use the net proceeds from this offering to complete its Phase II Squalamine eye drop clinical trial for the wet form of age-related macular degeneration, further the clinical development of Squalamine eye drops for the treatment of other neovascular ophthalmic disorders, fund continued development of other pipeline molecules, and for general corporate purposes.
"The Company's ability to raise significant capital on favorable terms and provide itself with a cash runway into 2015 is a confirmation of the continued progress on the Company's clinical development programs," said Ira Greenstein , Chairman of the Board of Directors. "The additional capital will allow us to continue to execute on the Company's strategy and increases shareholder equity, one of the requirements for our proposed uplisting to Nasdaq."
"We would like to thank our shareholders for their continued support," said Dr. Irach B. Taraporewala, CEO of Ohr Pharmaceutical. "I am pleased to report that we anticipate completing 50% enrollment in the Phase II Squalamine eye drop trial midyear and look forward to continuing to update shareholders on the progress of our clinical trial and business initiatives."
About the Warrant Exercise
On April 5, 2013, the Company gave notice to Series B Warrant holders that the Company was opting to accelerate the expiration date of the Series B Warrants to April 18, 2013. Additionally, as an incentive to encourage exercise of the Series B Warrants, the Company offered to those Series B Warrant holders
|SOURCE Ohr Pharmaceutical Inc.|
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