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Biotech / Medical : Ore Pharmaceuticals Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Mike McFarland who wrote (40)	5/28/2010 3:42:42 PM
From: Mike McFarland	Read Replies (2) \| Respond to of 50

This is over a month old, but there is something of a website for p-value pvaluecapital.com It doesn't seem to have any links. The quarterly reports can be found here orepharma.com So the fellows who shifted to p-Value are Mark J. Gabrielson Stephen Donahue Benjamin L. Palleiko Geoffrey Wilson Don't know what the p stands for, puny? They claim to be able to limp along for a year but I'll extract and paste from the report, this might be the first time I've seen 'going concern' in there, but I suppose moving to the pink sheets heralded that. ----------------------- Note 2 – Liquidity and management’s plans Since inception, the Company has incurred, and continues to incur, significant losses from operations. At March 31, 2010, the Company had $4,413 in cash and cash equivalents. The Company has realigned its corporate resources and as a result significantly reduced its workforce to 7 employees as of March 31, 2010. In addition, the Company assigned its original Cambridge, Massachusetts lease and leased new space in Cambridge, Massachusetts at a lower cost. The Company believes that its existing cash and cash equivalents, continuing cash savings resulting from its ongoing cash conservation efforts and proceeds from the collection of its remaining outstanding note receivable, will be sufficient to allow the Company to operate into the first quarter of 2011, including the costs to fund the ongoing Phase Ib/IIa clinical trial for ORE1001, but assuming that the Company is not required to pay more under its guarantees for two lease obligations (as discussed in Notes 10 and 13 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2009) than the Company has established as a reserve. There can be no assurance that the Company will be successful in achieving its objectives of continuing cash conservation efforts, the collection of its remaining outstanding note receivable, attracting additional financing, and resolution of the potential lease guarantee obligations in a manner favorable to the Company. Furthermore, the Company anticipates that it will likely not have sufficient resources to complete the ongoing trial for ORE1001 without further financing. There is also no assurance, if the Company completes its Phase Ib/IIa clinical trial of ORE1001, that the results will be satisfactory or will enable the Company to successfully out-license ORE1001. If the Company is not successful in achieving its objectives, although not currently anticipated, it might be necessary to substantially reduce or discontinue operations and liquidate the Company. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The balance sheet at March 31, 2010 does not include any adjustments relating to recoverability and classification of recorded asset amounts or the amounts and classifications of liabilities that might be necessary in the event that the Company is unable to continue as a going concern.