Ore Pharmaceutical Holdings Inc. Announces Financial Results for the Three and Twelve Months Ended December 31, 2010

Mar 22, 2011, 16:56 ET from Ore Pharmaceutical Holdings Inc.

CAMBRIDGE Mass., March 22, 2011 /PRNewswire/ -- Ore Pharmaceutical Holdings Inc. (Pink Sheets: ORXE) today announced its financial results for the three month and twelve month periods ended December 31, 2010.  Net loss for the three months ended December 31, 2010 was $2,341,000, or $0.30 per share, as compared to a net loss of $2,096,000 or $0.38 per share for the three months ended December 31, 2009. There was no revenue for the three month periods ended December 31, 2010 and $150,000 in revenue for the three months ended December 31, 2009. Net loss for the twelve months ended December 31, 2010 was $4,648,000 or $0.76 per share, as compared to a net loss of $8,383,000 or $1.53 per share for the twelve months ended December 31, 2009.  There was no revenue for the twelve months ended December 31, 2010 and $175,000 in revenue for the twelve months ended December 31, 2009.  

As previously reported, Ore has suspended its SEC registration and no longer provides financial or other information through SEC filings.  Ore intends to continue to provide quarterly and annual financial information by posting such information on its web site, www.orepharma.com.

To ensure the preservation of the Company's net operating loss  our Certificate of Incorporation  limits the ability of stockholders from acquiring more than five percent of our outstanding stock.

Ore Pharmaceutical Holdings Overview

Ore Pharmaceutical Holdings Inc. is currently focused on developing and monetizing its current portfolio of pharmaceutical assets, which includes four clinical stage compounds in-licensed from major pharmaceutical companies.

Terry Gibson - President, CEO & CFO (408) 399-6490

ORE PHARMACEUTICAL HOLDINGS INC.

Consolidated Condensed Statements of Operations

For the Three and Twelve Months Ended December 31, 2010 and 2009

(in thousands, except per share data)

(unaudited)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2010

2009

2010

2009

Revenue

$                -

$             150

$                -

$             175

Expenses:

Research and development

241

389

1,055

2,469

Selling, general and administrative

2,210

1,929

3,726

7,221

Total expenses

2,451

2,318

4,781

9,690

Loss from operations

(2,451)

(2,168)

(4,781)

(9,515)

Interest (expense) income

(98)

10

(75)

512

Gain on sale of marketable securities

-

62

-

620

Other income

208

-

208

-

Net loss

$         (2,341)

$        (2,096)

$         (4,648)

$         (8,383)

Basic and diluted net loss per share

$           (0.30)

$          (0.38)

$           (0.76)

$           (1.53)

Shares used in computing basic and diluted

net loss per share

7,885

5,474

6,081

5,474

2010

2009

ASSETS

Current assets:

Cash and cash equivalents

$       4,543

$       5,756

Accounts receivable

1

150

Prepaid expenses

76

207

Notes receivable, net

-

432

   Total current assets

4,620

6,545

Property and equipment, net

19

33

Intangibles, net

694

726

Other assets

25

25

   Total assets

$       5,358

$       7,329

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$          100

$          287

Accrued compensation and employee benefits

65

140

Other accrued expenses

382

2,510

Current portion of long-term debt

-

450

   Total current liabilities

547

3,387

Long-term debt

4,187

-

Deferred rent

17

23

   Total liabilities

4,751

3,410

Commitments and contingencies (Note 7)

Stockholders' equity:

Preferred stock, $.01 par value; 2,000,000 shares authorized, no shares issued

or outstanding as of December 31, 2010 and 2009

-

-

Common stock, $.01 par value; 15,000,000 shares authorized; 8,598,519 and

5,473,519 shares issued and outstanding as of December 31, 2010 and 2009, respectively

86

55

Additional paid-in-capital

386,381

385,076

Accumulated deficit

(385,860)

(381,212)

Total stockholders' equity

607

3,919

Total liabilities and stockholders' equity

$       5,358

$       7,329

SOURCE Ore Pharmaceutical Holdings Inc.



RELATED LINKS

http://www.orepharma.com