Analyst Discounts Chances For OHR Pharmaceutical Eye Drug

shares plunged Friday after its lead product for eye disease failed to meet the end-point of a mid-stage trial. The company changed hands recently at $2.86, down 67 percent. Chardan Capital's Gbola Amusa downgraded OHR to Neutral and cut his target by 60 percent to $8. OHR said earlier Friday that although the Phase II trial of its treatment for the wet form of age-related macular degeneration failed to meet its goals, the company will launch a Phase III trial in the second half of 2015. Previously, OHR had expected the Phase III study to start during the first half of 2015. Amusa said his view of OHR would improve if the company obtains a development partner for the drug "and/or" if the expected Phase III trial starts "in a timely manner." But Amusa, who previously put the chance of a successful outcome for the drug at 50-50, said he is now "discounting the probability a further 60 percent." OHR's Chief Medical Officer Jason Slakter said despite its failure, the recent study demonstrated "a positive and clinically meaningful treatment effect" for the company's drug, called, OHR-102, which was used in in the study in combination with

drug Lucentis eye treatment.