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

od of 2008 was primarily a result of the 2008 write-off of $1.9 million of deferred offering costs related to a delay in the Company's IPO. Also, in the 2009 period there were decreases in contract service costs associated with several of Omeros' clinical and preclinical programs and in clinical trial expenses due to the prior completion of enrollment in the Company's Phase 2 clinical study of OMS103HP for arthroscopic meniscectomy surgery.

Total operating expenses for the nine months ended September 30, 2009 were $16.5 million, compared to $19.1 million for the same period in 2008. The decrease in operating expenses in the nine months ended September 30, 2009 as compared to the same period of 2008 was primarily a result of items noted above.

Recent Highlights

  • Priced the Company's IPO on October 7, 2009, receiving net proceeds of approximately $61.8 million, and began trading on The NASDAQ Global Market under the ticker symbol "OMER" on October 8, 2009.
  • Announced positive results from the Phase 1/Phase 2 clinical trial of OMS302, Omeros' PharmacoSurgery product candidate being developed for use during ophthalmological procedures. OMS302 is a proprietary combination of an anti-inflammatory agent and an agent that causes pupil dilation (mydriasis), each with well-known safety and pharmacologic profiles. The Phase 1/Phase 2 trial enrolled 61 patients undergoing age-related cataract extraction with lens replacement, and was designed to evaluate efficacy and safety of OMS302 added to a standard surgical irrigation solution. Data from this study showed that patients treated with OMS302 reported less postoperative pain and demonstrated statistically significant improvement in maintenance of mydriasis during the surgical procedure compared to patients treated with vehicle control.
  • Amended its agreement with Patobios Limited by which Omeros has the exclusive right to acquire
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SOURCE Omeros Corporation
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