NEW YORK—Ohr Pharmaceutical Inc. (Nasdaq:OHRP), a company developing therapies for ophthalmic diseases, reported a net loss of approximately $4.2 million for its recently completed first quarter. This compares with a net loss of $7 million in the year-ago period. In this week’s announcement about results for the first quarter ended Dec. 31, 2017, Ohr also reported that its operating expenses totaled $4.2 million, which compares with total operating expenses of $7 million in the same period of 2016.

The company also noted that its board has engaged Roth Capital Markets to advise the board and management, and to assist in pursuing a range of strategic alternatives.

“We recently announced top-line results from the MAKO study evaluating the efficacy and safety of topically administered squalamine in combination with monthly Lucentis injections for the treatment of wet-AMD, which did not meet its primary efficacy endpoint,” Dr. Jason Slakter, chief executive officer, said in the announcement. “Based on these results, we have discontinued development of squalamine, taken measures to preserve cash and are evaluating strategic alternatives to maximize shareholder value.”

As of Dec. 31, Ohr said it had cash and cash equivalents of approximately $8.7 million on hand.