Ohr is a clinical stage pharmaceutical company developing novel therapies for ophthalmic diseases. Ohr’s lead candidate, Squalamine (or squalamine lactate ophthalmic solution, 0.2%, or OHR-102), is a novel therapeutic product aiming at providing a non-invasive therapy to improve vision outcomes.
According to the law firm press release, the Complaint alleges that throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that (1) Ohr’s lead product Squalamine would not produce vision improvements and was commercially not viable; and (2) as a result of the foregoing, Defendants’ statements about Ohr’s business, operations, and prospects were misleading and/or lacked a reasonable basis.
On January 5, 2018, Ohr announced topline data from its MAKO study to evaluate the use of Squalamine combination therapy for the treatment of wet-AMD. Ohr announced the MAKO study did not meet its primary efficacy endpoint. Following this news, shares of Ohr fell from a close of $2.02 on January 4, 2018, to a close of $0.38 on January 5, 2018.
On May 31, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on August 7. Defendants filed a Motion to Dismiss the amended Complaint on September 17. On September 20, 2019, the Court issued an Order granting Defendants' Motion to Dismiss. Lead Plaintiff filed a notice appealing the dismissal Order on October 23.