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Omeros Corporation Reports Third Quarter 2009 Financial Results and Development Highlights
Date:11/19/2009

SEATTLE, Nov. 19 /PRNewswire-FirstCall/ -- Omeros Corporation (Nasdaq: OMER) today announced unaudited financial results for the third quarter ended September 30, 2009. For the three months ended September 30, 2009, Omeros reported a net loss of $3.9 million, or $1.34 per share, as compared to a net loss of $7.4 million, or $2.54 per share, for the same period in 2008. For the nine months ended September 30, 2009, the Company reported a net loss of $15.5 million, or $5.29 per share, as compared to a net loss of $17.4 million, or $6.07 per share, for the same period in 2008.

On October 7, 2009, Omeros priced its initial public offering (IPO), which generated net proceeds to the Company of approximately $61.8 million from the sale of 6,820,000 shares of its common stock at a price of $10.00 per share.

"Our IPO afforded Omeros the resources to advance aggressively our pipeline of clinical and preclinical programs. We expect that the proceeds will allow us to complete our ongoing Phase 3 clinical trials for our lead PharmacoSurgery(TM) product, OMS103HP, and fund its commercial launch into the arthroscopy market. We also recently amended a key agreement for our GPCR program, providing us with additional opportunities to realize the value of the program while limiting our expenditures," said Gregory A. Demopulos, M.D., Chairman and CEO of Omeros. "Throughout the course of next year, we look forward to releasing data from our Phase 3 arthroscopic program as well as meeting additional clinical milestones for our ophthalmologic and urologic programs."

Financial Results

Total operating expenses for the three months ended September 30, 2009 were $5.0 million compared to $8.2 million for the same period in 2008. The decrease in operating expenses in the third quarter of 2009 as compared to the same peri
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