- Benzinga

CAMBRIDGE Mass., March 22, 2011 /PRNewswire/ -- Ore Pharmaceutical Holdings Inc. (Pink Sheets: ORXE) today announced its financial results for the three month and twelve month periods ended December 31, 2010. Net loss for the three months ended December 31, 2010 was $2,341,000, or $0.30 per share, as compared to a net loss of $2,096,000 or $0.38 per share for the three months ended December 31, 2009. There was no revenue for the three month periods ended December 31, 2010 and $150,000 in revenue for the three months ended December 31, 2009. Net loss for the twelve months ended December 31, 2010 was $4,648,000 or $0.76 per share, as compared to a net loss of $8,383,000 or $1.53 per share for the twelve months ended December 31, 2009. There was no revenue for the twelve months ended December 31, 2010 and $175,000 in revenue for the twelve months ended December 31, 2009.

As previously reported, Ore has suspended its SEC registration and no longer provides financial or other information through SEC filings. Ore intends to continue to provide quarterly and annual financial information by posting such information on its web site, www.orepharma.com.

To ensure the preservation of the Company's net operating loss our Certificate of Incorporation limits the ability of stockholders from acquiring more than five percent of our outstanding stock.

Ore Pharmaceutical Holdings Overview

Ore Pharmaceutical Holdings Inc. is currently focused on developing and monetizing its current portfolio of pharmaceutical assets, which includes four clinical stage compounds in-licensed from major pharmaceutical companies.

Terry Gibson - President, CEO & CFO (408) 399-6490

ORE PHARMACEUTICAL HOLDINGS INC.
Consolidated Condensed Statements of Operations
For the Three and Twelve Months Ended December 31, 2010 and 2009
(in thousands, except per share data)
(unaudited)

			Three Months Ended		Twelve Months Ended
			December 31,		December 31,
			2010	2009	2010	2009

Revenue			$ -	$ 150	$ -	$ 175

Expenses:
	Research and development		241	389	1,055	2,469
	Selling, general and administrative		2,210	1,929	3,726	7,221
		Total expenses	2,451	2,318	4,781	9,690
		Loss from operations	(2,451)	(2,168)	(4,781)	(9,515)
Interest (expense) income			(98)	10	(75)	512
Gain on sale of marketable securities			-	62	-	620
Other income			208	-	208	-
		Net loss	$ (2,341)	$ (2,096)	$ (4,648)	$ (8,383)

Basic and diluted net loss per share			$ (0.30)	$ (0.38)	$ (0.76)	$ (1.53)


Shares used in computing basic and diluted
	net loss per share		7,885	5,474	6,081	5,474

		2010	2009
	ASSETS

Current assets:
	Cash and cash equivalents	$ 4,543	$ 5,756
	Accounts receivable	1	150
	Prepaid expenses	76	207
	Notes receivable, net	-	432

	Total current assets	4,620	6,545
Property and equipment, net		19	33
Intangibles, net		694	726
Other assets		25	25

	Total assets	$ 5,358	$ 7,329

	LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
	Accounts payable	$ 100	$ 287
	Accrued compensation and employee benefits	65	140
	Other accrued expenses	382	2,510
	Current portion of long-term debt	-	450

	Total current liabilities	547	3,387
Long-term debt		4,187	-
Deferred rent		17	23

	Total liabilities	4,751	3,410
Commitments and contingencies (Note 7)
Stockholders' equity:
	Preferred stock, $.01 par value; 2,000,000 shares authorized, no shares issued
	or outstanding as of December 31, 2010 and 2009	-	-
	Common stock, $.01 par value; 15,000,000 shares authorized; 8,598,519 and
	5,473,519 shares issued and outstanding as of December 31, 2010 and 2009, respectively	86	55
	Additional paid-in-capital	386,381	385,076
	Accumulated deficit	(385,860)	(381,212)

	Total stockholders' equity	607	3,919

	Total liabilities and stockholders' equity	$ 5,358	$ 7,329

SOURCE Ore Pharmaceutical Holdings Inc.

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