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Ore Pharmaceutical Holdings Announces Name Change and Reverse/Forward Stock Split to be Effective June 10, 2011
Date:6/6/2011

CAMBRIDGE, Mass., June 6, 2011 /PRNewswire/ -- Ore Pharmaceutical Holdings Inc. ("Ore") announced today that, pursuant to the authorization granted by the stockholders of Ore, the Board of Directors of Ore (the "Board") approved and authorized a 1-for-10,000 reverse stock split (the "Reverse Stock Split") of Ore's common stock, $0.01 par value (the "Common Stock"), such that stockholders owning fewer than the amount necessary to receive at least one share of post-split Common Stock (the "Cashed Out Stockholders"), and remaining stockholders holding fractional shares after the Reverse Stock Split, will have such pre-split shares cancelled and converted into the right to receive certain cash consideration, immediately followed by a 10,000-for-1 forward stock split of the Common Stock (the "Forward Stock Split" and together with the Reverse Stock Split, the "Reverse/Forward Stock Split"). The Reverse/Forward Split is expected to be effective June 10, 2011. It is anticipated that the Common Stock will begin trading on the Pink Sheets on a post-split basis at the opening of trading on June 13, 2011 under its current symbol "ORXE.PK".

As previously announced, at the 2011 Annual Meeting of Stockholders of Ore, stockholders approved a name change of Ore from "Ore Pharmaceutical Holdings Inc." to "Ore Holdings, Inc." Ore intends to effect the name change concurrently with the Reverse/Forward Stock Split.

No fractional shares of Common Stock will be issued as a result of the implementation of the Reverse/Forward Split.  Instead, BNY Mellon, our transfer agent, will aggregate all fractional shares of Cashed Out Stockholders and any fractional shares of remaining stockholders after the Reverse/Forward Split and sell them as soon as practicable after the effective time at the then prevailing prices on the open market, on behalf of those stockholders who would otherwise be entitled to receive a fractional share.  We expect that the transfer agent will c
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SOURCE Ore Holdings Inc.
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