|[March 03, 2014]
Ohr Pharmaceutical and Cold Spring Harbor Laboratory Announce Joint Venture to Develop Trodusquemine and Related Analogs
NEW YORK --(Business Wire)--
Ohr Pharmaceutical (NasdaqCM:OHRP), a pharmaceutical company focused on
the development of novel therapeutics for large unmet medical needs, and
leading global cancer research center Cold Spring Harbor Laboratory
(CSHL) today announced the establishment of DepYmed Inc., a new joint
venture to develop trodusquemine and related analogs.
The new joint venture will be a private entity, initially with equal
ownership by Ohr and Cold Spring Harbor Laboratory. The two partners
will seek funding and contribute to the research and development of
trodusquemine and also newly patented analogs. The goal is to take the
program into the clinic and to demonstrate proof of concept. Various
options to fund later stage clinical trials will be explored. The
continued preclinical research will be conducted under the guidance of
Dr. Nicholas Tonks at CSHL.
"Cold Spring Harbor Laboratory is a world class research center that has
a track record of establishing successful commercial ventures in the
biopharma space," said Irach Taraporewala, President and Chief Executive
Officer of Ohr. "We are very pleased to be working with Dr. Nicholas
Tonks who is one of the leading authorities on the protein tyrosine
phosphatase (PTP) family of enzymes. Dr. Tonks discovered PTP1B, the
primary target for trodusquemine. Setting up this joint venture is the
optimal way to create shareholder value from this exciting asset and
enable it to obtain the appropriate resources. At the same time, Ohr
remains focused on the execution of our core strategy to develop novel
"At CSHL we strive to bring the benefits of biological research to
society," said Teri Willey, Vice President for Business Development and
Technology Transfer at CSHL. "We hope that our involvement in this joint
venture leads to new therapies that will benefit patients."
The enzyme protein tyrosine phosphatase 1B (PTB1B) is a
well-characterized target for a range of therapy areas. Despite its
extensive validation, PTP1B has been a challenging target for
therapeutic development due to the chemical properties of the enzyme at
its active site. Novel approaches are required to exploit this important
target fully. In one such approach, we have identified Trodusquemine as
a selective, allosteric inhibitor of PTP1B that exerts its effects
outside the active site of the enzyme. Trodusquemine has also been shown
to cross the blood brain barrier, which enhances its potential
applications, and has been well tolerated in dose escalation and dose
ranging clinical studies completed to date in over 65 patients. Analogs
of Trodusquemine have been identified that are potent inhibitors of
PTP1B and have potential delivery route advantages.
About Cold Spring Harbor Laboratory
Cold Spring Harbor Laboratory (CSHL) is a private, not-for-profit
research and education institution at the forefront of molecular biology
and genetics. Founded in 1890, CSHL has shaped contemporary biomedical
research and education with programs in cancer, neuroscience, plant
biology and quantitative biology. CSHL is ranked number one in the world
by Thomson Reuters for the impact of its research in molecular biology
and genetics. The Laboratory has been home to eight Nobel (News - Alert) Prize winners.
Today, CSHL's multidisciplinary scientific community is more than 600
researchers and technicians strong and its Meetings & Courses program
hosts more than 12,000 scientists from around the world each year to its
Long Island campus and its China center. For more information, visit www.cshl.edu.
About Ohr Pharmaceutical Inc.
Ohr Pharmaceutical Inc. (OHRP) is a pharmaceutical company dedicated to
the clinical development of new drugs for underserved therapeutic needs
in large and growing markets. The Company is focused on advancing its
pipeline products currently in phase II clinical development: Squalamine
Eye Drops for the treatment of the wet form of age-related macular
degeneration, and OHR/AVR118 for the treatment of cancer cachexia.
Additional information on the company can be found at www.ohrpharmaceutical.com.
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 Pharmaceutical
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.
Shareholders and prospective investors are cautioned that no assurance
of the efficacy of pharmaceutical products can be claimed or assured
until final testing; and no assurance or warranty can be made that the
FDA or Health Canada will approve final testing or marketing of any
pharmaceutical product. 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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