ORXED Ore Pharmaceuticals (MM)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):
June 16, 2008 (June 12, 2008)

Ore Pharmaceuticals Inc.

(Exact Name of Registrant as Specified in Charter)

Registrant’s telephone number, including area code: (301) 987-1700

N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instruction A.2. below):

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

Item 2.05     Costs Associated with Exit or Disposal Activities.

Ore Pharmaceuticals Inc. is focusing its corporate resources on investment in clinical development and business development efforts for compounds repositioned over the past four years through the application of its proprietary indications discovery program.  As part of this new alignment, Ore Pharmaceuticals has reassigned a portion of its indications discovery workforce to the Company’s drug development team and will also reduce its remaining workforce related to indications discovery and administrative activities as it winds down its indications discovery activities.  These changes are intended to concentrate the Company’s resources on drug development and commercialization, activities it considers to hold the greatest potential to achieve gains in shareholder value.

As part of its effort to focus its business strategy on drug development, Ore Pharmaceuticals will reduce its workforce from the 71 employees it reported as of December 31, 2007 to approximately 22 by December 31, 2008.  The Company expects to make future cash payments of approximately $1.0 million in connection with employment terminations resulting from this course of action. These payments will be made in the next three quarters.

The Company committed to this new alignment and the related workforce changes on June 12, 2008 when it was communicated to the Company’s workforce.

The Company issued a press release earlier today with regard to the above described changes that is attached hereto as Exhibit 99.1 and incorporated herein by reference.

Item 9.01     Financial Statements and Exhibits.

(d) Exhibits.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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