Ohr Pharmaceutical Accused of Issuing Inaccurate Financial Statements

According to the complaint, on June 24, 2014, Ohr Pharmaceutical, Inc. (NasdaqCM: OHRP) announced promising results of its Phase II clinical study of Squalamine for patients with wet age-related macular degeneration, noting that the beneficial effects of Squalamine on visual acuity, compared with the placebo group, were "truly remarkable."  The company subsequently announced that it completed the Special Protocol Assessment process with the U.S. Food and Drug Administration, which would enable the company to move forward with the Squalamine Phase III clinical program.  Despite all of the excitement surrounding Squalamine's potential, the drug was not commercially viable.  On January 4, 2018, Ohr reported that topline data from the company's recent study evaluating Squalamine's efficacy and safety did not meet its primary efficacy endpoint.  Ohr's Chief Executive Officer, Dr. Jason Slakter, said the company was disappointed with the outcome and intends to evaluate strategic alternatives to maximize shareholder value.  On this news, Ohr's stock declined over 81% to close at $0.38 per share on January 5, 2018. The stock is currently trading at just $0.26.

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