Ohr Pharmaceutical today announced that its existing shareholders have exercised 5,299,022 Series H warrants at $0.55 per warrant, resulting in net proceeds of $2.91 million.
The company offered shareholders 0.6 replacement warrants for every Series H warrant exercised, resulting in the aggregate issuance of 3,179,410 warrants exercisable at $1.20 for a five-year period; 95 percent of the outstanding Series H warrants were exercised in this transaction.
Ohr Pharmaceutical said it plans on using the proceeds for general corporate purposes, as well as to advance the clinical development of its compounds: Squalamine eye drops for the treatment of wet-AMD and neovascular ophthalmic disorders; and OHR/AVR118 for the treatment of cancer cachexia.
“This financing will allow us to comfortably achieve several upcoming milestones in our Squalamine eye drop and OHR/AVR118 clinical programs in the remainder of 2012 and 2013. We would also like to thank our shareholders for their continued support,” Dr. Irach B. Taraporewala, CEO of Ohr Pharmaceutical stated in the press release.
The Squalamine eye drop program for wet-AMD was awarded Fast Track designation by the FDA, and Ohr Pharmaceuticals will begin a phase II trial in the third quarter of 2012.
For more information visit www.ohrpharmaceutical.com
Let us hear your thoughts below: