Vista Partners Updates Coverage on Ohr Pharmaceutical, Inc. (NASDAQ: OHRP); Raises Price Target to $31
SAN FRANCISCO, CA--(Marketwired - Jun 26, 2014) - Vista Partners announced today that it has updated coverage on Ohr Pharmaceutical, Inc. ( NASDAQ : OHRP ) ("The Company" or "OHR") and raised its twelve month price target from $14 to $31. Ross Silver, Principal Analyst at Vista Partners, stated, "OHR is focused on developing Squalamine Eye Drops, currently in a Phase 2 trial, for the treatment of the wet form of age-related macular degeneration (Wet-AMD), a chronic eye disease that causes vision loss in the center of your field of vision. Therapies for Wet-AMD such as ranibizumab (Lucentis®) sold by Genentech (acquired by Roche), as well as Regeneron's aflibercept (Eylea®) intravitreal injections, have become the market leaders in treating Wet-AMD and both therapies combined garnered approximately $6B of revenues in 2013. OHR's Wet-AMD clinical candidate Squalamine eye drops showed gains in visual acuity according to the interim data presented Tuesday this week. The current forms of approved treatment, Lucentis® and Eylea®, require an injection into the back of the eye. Also in clinical development, Opthotech's Fovista®, requires an injection into the back of the eye post an initial Lucentis® injection and is being developed to increase visual acuity. Squalamine Eye Drops would seem to present a significant advantage relative to the aforementioned therapy (Fovista®) considering Squalamine Eye Drops delivery method which is self-administered eye drops. Squalamine Eye Drops may have the potential to create a monumental shift in the way patients are treated for Wet-AMD if approved. The positive visual acuity results also provide a possible trajectory for a Phase 3 trial design." Mr. Silver concludes, "OHR completed an equity financing of $18M in April 2014 , which according to the Company, gives them a cash runway well into 2016."
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