We are a pharmaceutical asset management company. We acquire interests in pharmaceutical assets whose value, we believe, we can significantly enhance through targeted development, with the goal of then monetizing these assets via sale or out-licensing. In order to fund these activities, we will source third-party financing using alternative investment vehicles designed to align the investment profile of each program with the interests of its direct investors as well as Ore shareholders.
We are establishing a business model under which Ore will earn program management advisory fees as well as retain substantial economic interests in successful programs. Our goal is to create a stable, profitable enterprise with a risk profile for public shareholders more akin to a financial asset management firm than to a development-stage biotechnology company.
We are developing and will seek to monetize our current “incubation” portfolio, which includes four clinical-stage compounds in-licensed from major pharmaceutical companies. Our current priority is ORE1001, a potential treatment for Inflammatory Bowel Disease (IBD) and other gastrointestinal disorders. IBD is a severe gastrointestinal condition that is estimated to affect as many as one million patients in the United States alone. We initiated a Phase Ib/IIa clinical trial in patients with ulcerative colitis – one of the two main disorders comprising IBD – in late 2009.