Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - NeuBase Therapeutics, Inc. | ohrp_8k.htm |
| EX-10.16 - EMPLOYMENT AGREEMENT - NeuBase Therapeutics, Inc. | ohrp_ex1016.htm |
| EX-10.17 - EMPLOYMENT AGREEMENT - NeuBase Therapeutics, Inc. | ohrp_ex1017.htm |
Exhibit 99.1
OHR
PHARMACEUTICAL INC
NEWS RELEASE for April 12,
2010
Contact: Allen
& Caron Inc
Jill
Bertotti (investors)
jill@allencaron.com
Len Hall
(media)
len@allencaron.com
949/474-4300
OHR
PHARMACEUTICAL BOLSTERS SENIOR MANAGEMENT TEAM
CEO
Dr. Irach Taraporewala Brings Lengthy Experience in Drug Development, Regulatory
Strategy; Sam Backenroth Named Interim CFO, VP Business Development
NEW YORK,
NY (April 12, 2010)…Ohr Pharmaceutical Inc. (OTCBB: OHRP) announced today that
Dr. Irach B. Taraporewala, B.S., M.S., Ph.D., a veteran healthcare executive
with lengthy experience in drug development and regulatory strategy, was named
Chief Executive Officer, effective immediately. Dr. Taraporewala
replaces Andrew Limpert, the Company’s former Interim Chief Executive Officer
and Chief Financial Officer, who resigned to pursue other business
opportunities. The Company also named Sam Backenroth interim Chief Financial
Officer and Vice President of Business Development. Mr. Backenroth
has executive experience in financing biotechnology companies and he most
recently worked at The Benchmark Company LLC, an investment bank specializing in
micro-cap biotechnology transactions.
Dr.
Taraporewala, 53, was formerly Vice President of Regulatory Affairs and Clinical
Research at Austin, TX-based Mystic Pharmaceuticals Inc. where he led the
regulatory strategy for the company’s ophthalmic and intranasal drug products
and drug delivery systems. Prior to that, Dr. Taraporewala served as
Senior Consultant in the Drug Development Consulting division of Boston-based
PAREXEL International Corp. (NASDAQ:PRXL), a leading global pharmaceutical
services provider, where he provided technical expertise and regulatory advice
to small and large biotechnology and pharmaceutical company clients worldwide,
and also conducted due diligence for companies and venture capital firms on
technology and portfolio evaluation and product acquisitions.
He has
also served as principal investigator on four National Institute of Health and
U.S. Department of Defense-funded biomedical research grants on antiviral drugs,
DNA-based cancer diagnostics and on antimalarial compound
development.
“Dr.
Taraporewala and Sam Backenroth have the perfect kinds of experience and
business acumen we need to bring our rich portfolio of compounds to the global
marketplace,” said Ira Greenstein, Chairman of the Board of
Directors. “Dr. Taraporewala helped take our immunomodulator drug,
OHR/AVR118, into clinical trials so he knows first-hand the significant
potential it holds for late-stage cancer patients and literally millions of
others with serious debilitating diseases. Sam has experience in
strategic business development in biotech as well as mergers and
acquisitions. We welcome both men at this very important and exciting
time for Ohr Pharmaceutical and we look forward to the leadership and strategic
advancement they will bring to us.”
“I would
also like to thank Andrew Limpert,” continued Mr. Greenstein, “on behalf of all
shareholders, for stepping in as Interim CEO and for being instrumental in
helping us guide the Company’s strategy during its formative
stage.”
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From 1998
to 2004, Dr. Taraporewala was Director of Chemistry and Quality Control at
Yonkers, NY-based Advanced Viral Research Corporation where he helped take
OHR/AVR118, an immunomodulator drug, into clinical trials for AIDS, cancer
cachexia and rheumatoid arthritis. At Advanced Viral Research he
worked closely with Shalom Hirschman, M.D., Ohr’s Chief Science Advisor. Prior
to that, Dr. Taraporewala worked in research and development at Ciba-Geigy,
which later merged with Sandoz to become Novartis.
Dr.
Taraporewala earned bachelors’ and masters’ degrees in chemistry and
microbiology from the University of Bombay, India and a Ph.D. in medicinal
chemistry from the Philadelphia College of Pharmacy. He conducted
postdoctoral research at the University of Texas at Austin, the University of
Minnesota and the Southwest Foundation for Biomedical Research. Dr.
Taraporewala has multiple scientific publications and patents to his credit, and
has lectured extensively.
Mr.
Backenroth, 26, graduated from Touro College with a bachelor’s degree in
finance.
About Ohr Pharmaceutical
Inc.
Ohr
Pharmaceutical Inc. (www.ohrpharmaceutical.com)
(OTCBB:OHRP) is
a pharmaceutical company dedicated to the development of first in class drugs
for underserved therapeutic needs. Currently, Ohr is focused on the development
of two drugs from its pipeline of candidate therapeutics, OHR/AVR118 for the
treatment of Cachexia and EVIZON™ for the treatment of wet-AMD.
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
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. 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.
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