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Ohr Pharmaceutical Awarded U.S. Patent
Wednesday, June 02, 2010
Key Intellectual Property Related to Cost-Effective Production of Wet-AMD Therapeutic
New York, NY -- Ohr Pharmaceutical Inc. (OTCBB: OHRP) today announced that it has been awarded a new U.S. patent (#7,728,157) that includes claims related to a method of synthesis used in the development of the Company's EVIZON™ therapeutic agent for the treatment of Wet-AMD, among other compounds. The patent is titled "Regioselective and Stereoselective Oxidation of Fused Ring Systems Useful for the Preparation of Aminosterols." This is the first patent issued for this intellectual property and it expires in 2023.
Chief Executive Officer Dr. Irach B. Taraporewala, B.S., M.S., Ph.D., noted the new patent covers a simplified, more efficient, cost-effective process of synthesizing Squalamine, Trodusquemine and related aminosterols, which is an optimal way to manufacture the Company's compounds.
"Our new synthesis method is not only more cost-effective, but is also more scalable. It shortens the manufacturing process by eliminating steps and the need for purification," said Dr. Taraporewala. "Manufacturing advances and the intellectual property surrounding them not only add value to the Company's efforts towards U.S. Food and Drug Administration (FDA) approval, but also create additional barriers to competition."
Age-related macular degeneration (AMD) is a medical condition which usually affects older adults and results in a loss of vision. It occurs in "dry" and "wet" forms. Wet-AMD accounts for approximately 15 percent of all AMD, yet is responsible for 90 percent of severe vision loss associated with AMD.
According to the National Eye Institute (NEI), the prevalence of Wet-AMD among adults 40 years or older in the U.S. alone is estimated at 1.75 million people. Further, more than 200,000 new cases are diagnosed yearly in the U.S. Estimates indicate that the worldwide market is expected to grow to approximately US$2.8 billion by 2013.
"This new patent strengthens our position as we continue development of our two later stage lead drugs, EVIZON and OHR/AVR 118 for the treatment of Cancer Cachexia, a severe wasting disorder associated with late stage Cancer patients," added Dr. Taraporewala. "We look forward to continuing this development and bringing our pipeline of drugs to market."
Ohr currently owns or has applied for more than 100 U.S. and foreign patents.
About Ohr Pharmaceutical Inc.
Ohr Pharmaceutical Inc. (www.ohrpharmaceutical.com) (OTCBB: OHRP) is a pharmaceutical company dedicated to the development of first in class drugs for underserved therapeutic needs. Ohr is focused on the development of two drugs, OHR/AVR 118 for the treatment of Cancer Cachexia and EVIZON™ for the treatment of the wet form of age-related macular degeneration (Wet-AMD). Cancer Cachexia, the Syndrome of body wasting that affects late-stage cancer patients, is a debilitating condition which adversely affects their quality of life. AMD is a leading cause of vision loss and blindness in the elderly population. The promise shown by Ohr Pharmaceutical's pipeline products offer a new ray of hope to patients suffering from these devastating diseases.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made only as the date thereof, and Ohr undertakes no obligation to update or revise the forward-looking statement whether as a result of new information, future events or otherwise. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including the future success of our scientific studies, our ability to successfully develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments, the financial resources available to us, and general economic conditions. For example, there can be no assurance that Ohr will be able to sustain operations for expected periods. Ohr's most recent Annual Report and subsequent Quarterly Reports discuss some of the important risk factors that may affect our business, results of operations and financial condition. We disclaim any intent to revise or update publicly any forward-looking statements for any reason.
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