Lucentis works very well in AMD, so does its sister drug Avastin at a significantly cheaper price. As Will points out, Regeneron is seeking FDA approval of Eylea for AMD, with a decision expected in November.

Frankly, squalamine doesn't stand a chance. Genaera was developing an intravenous version of the drug, which Ohr has somehow reformulated into an eye drop. How and why the eye drop version will work better than the IV formulation isn't clear. Surely, treating AMD with an eye drop is more patient friendly than the eye injection required for drugs like Lucentis, Avastin or Eylea. But investors should be under no illusion that squalamine -- a tired, old and failed drug -- has any real shot at resurrection.

That's why Ohr was able to buy the drug for just $200,000 in the first place.

--Written by Adam Feuerstein in Boston

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Adam Feuerstein writes regularly for TheStreet. In keeping with company editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.

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