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Omeros Corporation Reports Fourth Quarter and Year-End 2012 Financial Results
Date:3/18/2013

SEATTLE, March 18, 2013 /PRNewswire/ -- Omeros Corporation (NASDAQ: OMER), a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing products targeting inflammation, coagulopathies and disorders of the central nervous system, today announced financial results for the fourth quarter and year ended December 31, 2012.

Financial ResultsTotal operating expenses for the three months ended December 31, 2012 were $9.1 million, compared to $11.0 million for the same period in 2011.  Omeros received a $3.95 million payment from its insurer during the 2012 period as reimbursement for an expense recognized by Omeros in the third quarter of 2012. Excluding this reimbursement, Omeros' operating expenses increased during the 2012 period related to advancing its MASP-2 program toward the clinic, marketing expenses in connection with the planned 2014 commercial launch of OMS302, and increased legal costs and employee compensation, including non-cash stock-based compensation. These increases were partially offset by lower expenses related to Omeros' OMS302 and OMS103HP Phase 3 clinical programs and its PDE10, PDE7 and Plasmin programs. 

Total operating expenses for the year ended December 31, 2012 were $42.9 million, compared to $31.9 million in 2011. The increase was primarily due to higher expenses related to Omeros' OMS302 Phase 3 clinical program and marketing costs tied to the drug's planned 2014 commercial launch, advancing its PDE10 and MASP-2 programs into and toward the clinic, respectively, the Company's GPCR program, and increased legal costs and employee compensation, including non-cash stock-based compensation. These increases were partially offset by lower expenses in Omeros' OMS103HP program and in several of its preclinical programs, including its PDE7 and Plasmin programs.For the quarte
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