Ohr Pharmaceutical Beats Stock Drop Suit Over Study Statements

Ohr Pharmaceutical Inc. beat a proposed securities fraud class suit over allegedly misleading statements concerning clinical trial results of a drug for a degenerative eye condition, the Southern District of New York said.

George Lehmann and Insured Benefits Plans Inc. failed to plead a material misrepresentation or omission or required state of mind, the U.S. District Court for the Southern District of New York said.

In 2009, Ohr purchased the rights to Squalamine, a drug thought to treat wet age-related macular degeneration, and developed a drop formulation.

The company’s first testing in humans was a 2012 clinical study called the ...