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Ohr Pharmaceutical Provides Update to Shareholders on 2012 Accomplishments and Milestones for 2013



Ohr Pharmaceutical Provides Update to Shareholders on 2012 Accomplishments and
                             Milestones for 2013

PR Newswire

NEW YORK, Dec. 27, 2012

NEW YORK, Dec. 27, 2012 /PRNewswire/ -- Ohr Pharmaceutical Inc., a
pharmaceutical company dedicated to the clinical development of new drugs for
underserved therapeutic needs in large and growing markets, announced today
that it has published a letter to shareholders, available on the Company's
website, from its Chief Executive officer, Dr. Irach B. Taraporewala, Ph.D.
The letter states:

Dear Shareholder,

I would like to take this opportunity to share the progress we have made in
2012 and lay out the milestones we aim to achieve in 2013:

2012 Accomplishments

  o Initiated Phase 2 clinical trial with Squalamine Eye Drops for the
    treatment of wet-AMD: The Phase 2 trial (OHR-002) will evaluate the
    efficacy and safety of Squalamine Eye Drops for the treatment of the wet
    form of age-related macular degeneration ("wet-AMD"). The randomized,
    double blind, placebo controlled study is enrolling patients at large
    ophthalmology treatment centers across the United States. Interim results
    are expected in the fourth quarter of 2013. We believe an eye drop to
    treat wet-AMD and ophthalmic neovascular disorders would be
    transformational for the large patient populations currently taking
    chronic treatments of Lucentis® or Eylea®, both of which are injected
    directly into the eye.
  o Strengthened balance sheet: The Company completed a $2.9 million dollar
    financing with a group of existing shareholders at favorable terms. We are
    now well financed to continue the clinical development of our pipeline
    compounds.
  o Squalamine eye drop data: We completed several preclinical studies to
    support our Phase 2 clinical trial for the treatment of wet-AMD. The
    studies demonstrated:

       o Therapeutically relevant concentrations in the tissues of the back of
         the eye
       o The ability to maintain those concentrations consistently
       o Ocular and systemic safety when administered over a long period of
         time

    Data was presented at the Association for Research in Vision and
    Ophthalmology (ARVO) conference in May. Dr. Michael Elman, a member of our
    scientific advisory board, also made an oral presentation, at the Macula
    Society 2012 meeting, which outlined the clinical relevance of Squalamine
    eye drops and its potential utility in neovascular ophthalmic disorders.
  o FDA Fast Track designation: In May, the U.S. FDA granted our Squalamine
    eye drop program with Fast Track designation for the treatment of wet-AMD.
    Fast track designation is awarded to programs that meet specific criteria
    which includes programs that demonstrate the potential to treat an unmet
    medical need. Fast track status will provide us with many advantages to
    potentially accelerate development of the Squalamine eye drop program,
    such as more frequent meetings with the FDA and the potential for Priority
    Review.
  o Formation of World Class Scientific Advisory Board: We assembled an
    ophthalmic scientific advisory board consisting of seven top thought
    leaders in the treatment of retinal disorders and other ophthalmology
    indications. These thought leaders have been actively involved in the
    clinical development of therapeutics approved by the FDA for wet-AMD
    (Lucentis ® and Eylea®), and are at the leading edge of research into
    novel therapeutics for retinal disorders.
  o Strengthening of patent portfolio: In 2012, we were granted several key
    patents on our Squalamine and OHR/AVR118 programs including composition of
    matter and method of use claims. Additional applications have been filed
    and we plan to continue expanding our intellectual property portfolio.
  o Increased market awareness and visibility: During 2012, we amplified our
    efforts to increase market awareness and visibility of our exciting story
    through road show meetings with institutional investors, presentations at
    investor conferences, online and print articles, and social media. Of
    particular note, are the recent research coverage initiations from two
    Wall Street firms, Burrill & Company and Brean Capital.  This increased
    investor awareness coupled with continued business execution has resulted
    in a tremendous increase in shareholder value in 2012.

Anticipated 2013 Milestones

  o Completion of OHR/AVR118 Trial and Data Presentation: Enrollment of the
    OHR/AVR118 trial is complete and we will present top line data from the
    phase II trial in the first quarter of 2013. The interim analysis from the
    current trial demonstrated positive effects and mitigation of multiple
    symptoms of cachexia, including increase in appetite. Cachexia is a severe
    wasting disorder often seen in late stage cancer patients which is highly
    debilitating and diminishes their quality of life. There is currently no
    FDA approved therapy for cancer cachexia.
  o Interim Data from Squalamine Eye Drops Phase 2 Trial: The OHR-002 study to
    evaluate the efficacy and safety of Squalamine eye drop for the treatment
    of wet-AMD patients continues to enroll patients. The protocol includes a
    predetermined interim analysis when 50% of the patients have completed the
    nine month treatment period, and we expect to have those results in the
    fourth quarter of 2013.
  o Uplisting to a national exchange: Based on our strengthened financial
    position, we are planning on moving our listing to a larger national
    exchange and expect to do so by the end of the second quarter.
  o Progress of additional indications and pipeline molecules: In 2013, we
    expect to present additional data from a completed phase IIa study of
    Squalamine in resistant ovarian cancer, an Orphan Drug indication, and
    continue to progress with Trodusquemine and related compounds currently
    undergoing preclinical testing in a yet undisclosed indication.

Our programs have the ability to meet large unmet medical needs in large and
growing, well established markets. Wet-AMD in particular, is an area that has
received a lot of attention lately with the successful launch of Regeneron's
(REGN) Eylea® and the continued commercial success of Roche/Genentech's
(RHHBY) Lucentis®, which are likely to have worldwide revenues for 2012 in
excess of $4 billion.

I thank you for your ongoing support and I look forward to updating you in the
future as we continue to progress with our exciting development programs.

Best regards,
Irach B. Taraporewala
Chief Executive Officer

About Ohr Pharmaceutical Inc.
Ohr Pharmaceutical Inc. (OHRP) is a pharmaceutical company dedicated to the
clinical development of new drugs for underserved therapeutic needs in large
and growing markets. The company is focused on two lead compounds currently
being investigated in clinical phase II trials: Squalamine Eye Drops for the
treatment of the wet form of age-related macular degeneration, and OHR/AVR118
for the treatment of cancer cachexia. Additional information on the company
can be found at www.ohrpharmaceutical.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995:
This news release contains forward-looking statements within the meaning of
the "safe harbor" provisions of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements are made only as the date thereof,
and Ohr Pharmaceutical undertakes no obligation to update or revise the
forward-looking statement whether as a result of new information, future
events or otherwise. Our actual results may differ materially and adversely
from those expressed in any forward-looking statements as a result of various
factors and uncertainties, including the future success of our scientific
studies, our ability to successfully develop products, rapid technological
change in our markets, changes in demand for our future products, legislative,
regulatory and competitive developments, the financial resources available to
us, and general economic conditions. For example, there can be no assurance
that Ohr will be able to sustain operations for expected periods. Shareholders
and prospective investors are cautioned that no assurance of the efficacy of
pharmaceutical products can be claimed or assured until final testing; and no
assurance or warranty can be made that the FDA or Health Canada will approve
final testing or marketing of any pharmaceutical product. Ohr's most recent
Annual Report and subsequent Quarterly Reports discuss some of the important
risk factors that may affect our business, results of operations and financial
condition. We disclaim any intent to revise or update publicly any
forward-looking statements for any reason.

Contact:
Investor Relations:
Tel: (877) 215-4813
Email: ir@ohrpharmaceutical.com

SOURCE Ohr Pharmaceutical Inc.

Website: http://www.ohrpharmaceutical.com
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