Ore Holdings Inc., or “Ore”, (Pink Sheets: ORXE) posted its financial results for the three month and six month periods ended June 30, 2011 to its webpage. Net loss for the three months ended June 30, 2011 was $1,006,000, or $0.12 per share, as compared to a net loss of $956,000 or $0.17 per share for the three months ended June 30, 2010. There was no revenue for
the three month periods ended June 30, 2011 and June 30, 2010. Net loss for the six months ended June 30, 2011 was $2,078,000, or $0.24 per share, as compared to a net loss of $2,070,000 or $0.38 per share for the six months ended June 30, 2010. There was no revenue for the six month periods ended June 30, 2011 and June 30, 2010. Ore recently entered into an Option Agreement with p-Value Capital Management (“p-Value) which provides p-Value with an exclusive option to evaluate whether it would want to (i) obtain from Ore an exclusive license to develop and commercialize therapeutic products derived from the ORE1001 compound or (ii) ,subject to the agreement of Ore, acquire all of Ore’s rights relating to ORE1001. To the extent that p-Value elects to obtain an exclusive license it would be required to make an up-front payment to ORE plus additional payments based on ORE1001 achieving certain criteria as well as royalties. Ore has also entered a similar agreement with p-Value relating to Ore’s Irindalone compound. There can be no assurance that p-Value will elect to exercise any or part of its options relating to the ORE1001 compound or the Irindalone compound. 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 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. Source: Ore Holdings Inc. Terry Gibson - President, CEO & CFO (408) 399-6490ORE PHARMACEUTICAL HOLDINGS INC. Consolidated Condensed Statements of OperationsFor the Three and Six Months Ended June 30, 2011 and 2010(in thousands, except per share data)(unaudited)Three Months EndedJune 30,Six Months EndedJune 30,2011 2010 2011 2010Revenue $ - $ - $ - $ - Expenses:
ORE PHARMACEUTICAL HOLDINGS INC.Consolidated Balance Sheetsas of June 30, 2011 and December 31, 2010(in thousands, except share data)Current assets:
ASSETSJune 30, December 31,2011 2010Cash and cash equivalents | $ 1,702 | $ 4,543 | |
Marketable securities available for sale Other receivables | 1,101 - | - 1 | |
Prepaid expenses | 66 | 76 | |
Total current assets | 2,869 | 4,620 | |
Property and equipment, net | 13 | 19 | |
Intangibles, net | 423 | 694 | |
Other assets | 25 | 25 | |
Total assets | $ 3,330 | $ 5,358 |
Current liabilities:
LIABILITIES AND STOCKHOLDERS' EQUITYAccounts payable | $ 40 | $ 100 | |
Accrued compensation and employee benefits | 44 | 65 | |
Other accrued expenses | 604 | 382 | |
Total current liabilities | 688 | 547 | |
Long-term debt | 4,187 | 4,187 | |
Deferred rent | 12 | 17 | |
Total liabilities | $ 4,887 | 4,751 | |
Commitments and contingencies | - | - | |
Stockholders' (deficit)/equity: | |||
Preferred stock, $.01 par value; 2,000,000 shares authorized; and no shares | |||
issued and outstanding as of June 30, 2011 and December 31, 2010 | - | - | |
Common stock, $.01 par value; 15,000,000 shares authorized; 8,638,519 | |||
shares issued and outstanding as of June 30, 2011 and December 31, 2010 | 87 | 86 | |
Additional paid-in-capital | 386,405 | 386,381 | |
Other comprehensive loss | (110) | - | |
Accumulated deficit | (387,939) | (385,860) | |
Total stockholders' (deficit)/equity | (1,557) | 607 | |
Total liabilities and stockholders' (deficit)/equity | $ 3,330 | $ 5,358 |