DESCRIPTION OF BUSINESS
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12 Months Ended |
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Sep. 30, 2012
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS |
NOTE 1 – DESCRIPTION OF BUSINESS
Prior Business - The Company was originally formed under the name Prime Resource, Inc., a Utah corporation. After disposing of its prior business, on March 30, 2007 the Company merged with Broadband Maritime Inc., a broadband maritime service supplier. No goodwill was recognized in the merger since Broadband Maritime was treated as the acquirer for accounting purposes, and the Company was a “shell company.” On June 5, 2007, after cancellations of key contracts, the Company announced that it had ceased broadband maritime operations and reduced employment to a small residual force. Accordingly, the Company ceased operations effective September 30, 2007 and was reclassified as a development stage enterprise, from the date of cessation forward. On August 4, 2009 the Company merged with and into Ohr Pharmaceutical, Inc., a Delaware corporation (“Ohr”). Under the terms of the merger agreement Ohr became the surviving corporation in the merger. Each outstanding share of pre-merger Company common stock and preferred stock was converted into one share of Ohr common stock. Additionally, all outstanding pre-merger Company options and warrants were assumed and converted into equivalent Ohr warrants or options and maintained substantially identical terms. Finally, each outstanding share of Ohr stock owned by the Company pre-merger immediately prior to the effective date of the merger ceased to be outstanding and was cancelled and retired.
The
Company is a biotechnology company focused on the development of the Company’s previously acquired compounds. With the
addition of a new executive management team in April 2010, the Company has shifted its strategy accordingly to focus on the
development of two later stage lead products for the treatment of cancer cachexia and wet-AMD.
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