Ore Pharmaceuticals’ Q2 Net Loss Decreases

Ore Pharmaceuticals has reported a net loss of $2.5m, or $0.47 per share for the second quarter of 2009, a decrease when compared to a net loss of $4.7m, or $0.86 per share, for the second quarter of 2008.

The company has reported a revenue of less than $0.1m for the second quarter of 2009 in comparison to the same period prior year.

The company has reported a decrease in research and development expenses to $2.7m for the second quarter of 2009, compared to the same period prior year.

The company has reported a net loss of $5.7m, or $1.04 per share for the first six months of 2009, a decrease when compared to a net loss of $11.6m, or $1.99 per share, for the first six months of 2008.

Reportedly, during the second quarter of 2009, the company continued its transformation into a pharmaceutical asset management company. Its strategy is focused on acquiring interests in pharmaceutical assets whose value, Ore believes, it can significantly enhance through targeted development, with the goal of then monetizing these assets through a sale or out-licensing.

Mark Gabrielson, president and CEO of Ore Pharmaceuticals, said: “The second quarter was a period of tremendous activity at Ore. We largely completed our cost cutting efforts, placing the company on firmer financial ground, continued to advance our asset portfolio, and made some important enhancements to our management and board. I believe that all of these moves place us in a much stronger position as we continue to implement our strategy of transitioning Ore into a pharmaceutical asset management company.”