Ore Holdings Inc. is a pharmaceutical asset management company. We are focused on developing and monetizing our current portfolio of pharmaceutical assets, which includes four compounds in-licensed from major pharmaceutical companies. Each of these compounds has been observed to be well-tolerated in human clinical trials to date.
In September 2009, we received notice from The NASDAQ Stock Market (“Nasdaq”) that our stock would be subject to delisting if we did not regain compliance by having a closing bid price equal or above $1.00 per share for a minimum of 10 consecutive trading days prior to March 15, 2010. On March 16, 2010, we were further notified by Nasdaq that we had not regained compliance and that trading in our stock would be suspended on March 25, 2010 in the event we did not submit an appeal to Nasdaq. We determined not to submit an appeal and, as a result, trading in our stock on The Nasdaq Capital Market was suspended on March 25, 2010, and was delisted thereafter. Our stock is currently publicly traded in the OTC Marketplace under the symbol ORXE.
On October 20, 2009, we completed a reorganization that was undertaken primarily in order to better protect the value of our approximately $330 million in gross net operating and capital loss carryforwards that can be used to reduce the amount of income tax we could be required to pay on future earnings from our business. As a result of this reorganization, Ore Pharmaceuticals Inc. became a wholly owned subsidiary of a new company, Ore Holdings Inc. (“Ore Holdings”). All the outstanding shares of Ore Pharmaceuticals Inc. were converted into shares of Ore Holdings and Ore Holdings then became the publicly traded company that we now refer to as “Ore.”
We have incurred net losses in each year since our inception, including losses of $4.6 million in 2010 and $8.4 million in 2009. At December 31, 2010, we had an accumulated deficit of $385.9 million. Our losses have resulted principally from costs incurred by both our ongoing business as well as businesses we have sold. We expect to incur additional losses in the future.