Ohr Pharmaceutical says it has funds to complete PhIII eye drug trial

By Gareth Macdonald contact

- Last updated on GMT

iStock/memorisz
iStock/memorisz

Related tags: Clinical trial, Pharmacology

Ohr Pharmaceutical has raised enough money to complete a Phase III trial of its AMD drug - Squalamine – just days after NASDAQ officials gave it 180 days to regain the exchange’s minimum listing price.

The US eye drug and delivery technology developer announced the completion of a public offering yesterday​, explaining that gross proceeds from the sale of the shares were approximately $14.1m (€13.2m)

Ohr said it is now “funded into 2018, including the completion of our ongoing clinical trial and data readout by the end of calendar 2017 or early 2018​.”

Finances

In February, Ohr reported a $7m loss for its fiscal first quarter ended December 31, 2016, up from the $6.1m deficit it posted in the equivalent period in fiscal 2016.

Ohr attributed the deepening deficit to an increase in costs associated with the Phase III Squalamine trial​ – known as MAKO - which is assessing the drug as a treatment for wet age-related macular degeneration (AMD).

At the time the firm said it had “paused” enrolment and that it planned to amend the study (details of which were provided in a separate announcement today​.)

Lab closure

Also in February, Ohr announced it had shut down a San Diego, California laboratory where research on its sustained release delivery technology – SKS - was carried out.

The SKS system – on which Squalamine depends – uses customizable hydrogel microparticles to deliver sensitive APIs and large molecule. Ohr claims the particles have higher loading capacities than other delivery technologies. 

Related topics: Drug Delivery, Delivery technologies

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