Allen & Caron selected as Ohr Pharmaceutical's agency for investor relations

Dec 14 2009

Ohr Pharmaceutical Inc. (OTC Bulletin Board: OHRP) announced today it has selected Allen & Caron Inc, headquartered in Irvine, CA, with offices also in New York and London, as its agency for investor relations and corporate communications. Ohr Pharmaceutical is a development stage biotechnology company focused on developing advanced drugs for underserved therapeutic needs. The Company acquired two pipeline compounds with potentially large, global markets: OHR/AVR118 for the treatment of Cachexia and EVIZON(TM) for the treatment of wet-AMD.

Cachexia is a condition of severe physical wasting with loss of weight, fat and lean muscle mass caused by disease and often seen in patients with advanced cancer, AIDS or other major chronic and progressive diseases. Interim clinical data from a Phase 2 clinical trial of OHR/AVR118 was presented at the annual meeting of the Society of Cachexia and Wasting Disorders in Barcelona on December 7 that demonstrates the drug safely and effectively restores strength and vitality to cancer patients suffering with Cachexia. That clinical data are consistent with previous positive clinical trials of OHR/AVR118 in late-stage AIDS patients. The commercial market for treating Cachexia is estimated to be approximately $500 million annually in the U.S. alone and $1 billion worldwide.

Approximately 15 percent of the 20 million to 30 million patients with AMD (age-related macular degeneration) worldwide are afflicted with Wet-AMD, a leading cause of severe vision loss in people over age 50 in the Western world. Estimates indicate that the worldwide market is expected to grow to approximately US$2.8 billion by 2013.

"Our strategy is to advance these products through additional clinical trials and, ultimately, to commercialization, utilizing the industry leading skills of our scientific team and their expertise in superior clinical design," said Interim CEO Andrew Limpert. "With this in mind, we are looking forward to broader visibility in the investment community and with the business/financial and medical trade media. Allen & Caron has a solid reputation and history of success that we believe will contribute to building an investor following and support."

Allen & Caron President and Chief Operating Officer Rene Caron stated, "Ohr Pharmaceutical's opportunity in the exciting and high-growth biotech industry, its novel and important drug pipeline, and its strategy for obtaining clearance from the U.S. Food and Drug Administration and commercializing these drugs offer an interesting and compelling investment opportunity that will be the focus of our efforts going forward. We look forward to working closely with the Ohr management and helping them communicate with an increasing audience of influential investors and the media."