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 | |||||
