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Ohr Pharmaceutical, Inc.

29 days left to seek lead plaintiff status

Case Summary

Company Name
Ohr Pharmaceutical, Inc.
Stock Symbol
Class Period
June 24, 2014 to January 4, 2018
Motion Deadline
April 15, 2018
Southern District of New York

The complaint charges Ohr and certain of its officers with violations of the Securities Exchange Act of 1934.  Ohr is a clinical stage pharmaceutical company developing novel therapies for ophthalmic diseases.  Ohr’s lead product candidate is Squalamine, a novel therapeutic product focused on providing a non-invasive therapy to improve vision outcomes.  During the Class Period, Squalamine was in clinical trials for the treatment of wet age-related macular degeneration (“wet AMD”).

The complaint alleges that throughout the Class Period, defendants made false and misleading statements and/or failed to disclose adverse information regarding the Company’s business and prospects, including that Ohr’s lead product, Squalamine, would not produce vision improvements and was not commercially viable.  As a result of defendants’ false statements and/or omissions, the price of Ohr common stock was artificially inflated to as high as $11.48 per share during the Class Period.

Then, on January 5, 2018, Ohr announced topline data from its clinical trial to evaluate the use of Squalamine for the treatment of wet-AMD.  Ohr announced that the trial did not meet its primary efficacy endpoint of mean visual acuity gain at nine months.  Subjects receiving Squalamine achieved a mean gain of 8.33 letters from baseline versus 10.58 letters gained with the standard of care treatment.  Following this news, the price of Ohr stock fell from $2.02 per share on January 4, 2018 to $0.38 per share on January 5, 2018.

Class Period: June 24, 2014 - January 4, 2018
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