Navigation Links
Omeros Corporation Reports First Quarter 2011 Financial Results

SEATTLE, May 10, 2011 /PRNewswire/ -- Omeros Corporation (NASDAQ: OMER), a biopharmaceutical company committed to discovering, developing and commercializing products focused on inflammation, coagulopathies and disorders of the central nervous system, today announced its financial results for the first quarter of 2011.

Financial ResultsTotal operating expenses for the three months ended March 31, 2011 were $7.7 million compared to $6.8 million for the same periods in 2010. The increase in operating expense was primarily due to increased clinical trial activities and additional employee costs. For the three months ended March 31, 2011, Omeros reported a net loss of $6.5 million, or $0.30 per share. During the same period in 2010, Omeros reported a net loss of $6.7 million, or $0.31 per share. At March 31, 2011, Omeros had cash, cash equivalents and short-term investments of $43.6 million.  

"The first quarter included several significant events for Omeros, most notably the announcement that our OMS103HP Phase 3 ACL program did not meet its prespecified primary endpoints," said Gregory A. Demopulos, M.D., chairman and chief executive officer of Omeros. "While this setback delays OMS103HP's commercialization opportunity, the meniscectomy indication for the drug remains viable and, based on strong Phase 2 data, Phase 3 preparations are underway. We also recently reported positive results from our OMS302 Phase 2b, full-factorial OMS302 cataract trial and are submitting a request to the FDA for an end-of-Phase-2 meeting. We are evaluating our multiple options and will soon finalize our clinical plans for the remainder of 2011."

Recent Highlights

  • Announced that Omeros obtained an exclusive license to novel antifibrinolytic agents for the control of surgical and traumatic bleeding.  Research on these agents was published in the February 11, 2011 issue of the Journal of Biological Chemistry.
  • Expanded its exclusive license to phosphodiesterase 7 (PDE7) inhibitors from Daiichi Sankyo Co., Ltd. to include the fields of addiction and compulsive disorders. Currently, Omeros is advancing PDE7 inhibitors for the treatment of these as well as movement disorders. Omeros is collaborating on this program with both the National Institute on Drug Abuse and The Michael J. Fox Foundation.
  • Announced the identification of compounds that interact selectively with two orphan GPCRs linked to pancreatic cancer (GPR182) and cognitive disorders (GPR12). Together with the three previously unlocked orphans linked to squamous cell carcinoma (GPR87), obesity (GPR85) and appetite control (GPR101), Omeros has now publicly announced that it has successfully unlocked five orphan GPCRs for drug development.
  • Reported positive results from the Phase 2b clinical trial evaluating OMS302 in patients undergoing cataract surgery.  In this 221-patient study, subjects treated with OMS302 demonstrated statistically significant (p<0.0001) and clinically meaningful maintenance of mydriasis throughout the cataract procedure, and OMS302 significantly decreased (p=0.0418) pain in the early postoperative period and reduced the frequency of complaints of moderate and severe pain (2.5 times more complaints in the vehicle-treated patients). The product candidate was safe and well tolerated in this study.
  • Announced that OMS103HP failed to meet prespecified efficacy endpoints in a Phase 3 clinical program in patients undergoing arthroscopic anterior cruciate ligament reconstruction surgery. The data were confounded, and Omeros could not determine whether a drug effect was present in these trials.

  • About Omeros CorporationOmeros is a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing products focused on inflammation, coagulopathies and disorders of the central nervous system. The Company's most clinically advanced product candidates are derived from its proprietary PharmacoSurgery™ platform designed to improve clinical outcomes of patients undergoing a wide range of surgical and medical procedures. Omeros has four ongoing clinical development programs. Omeros may also have the near-term capability, through its GPCR program, to add a large number of new drug targets and their corresponding compounds to the market. Behind its clinical candidates and GPCR platform, Omeros is building a diverse pipeline of protein and small-molecule preclinical programs targeting inflammation, bleeding and central nervous system disorders.

    Forward-looking StatementsThis press release contains forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995, which are subject to the "safe harbor" created by those sections. These statements include, but are not limited to, statements regarding Omeros' clinical plans for OMS103HP and OMS302 and that Omeros may have the near-term capability, through its GPCR program, to add a large number of new drug targets and their corresponding compounds to the market. Forward-looking statements are based on management's beliefs and assumptions and on information available to management only as of the date of this press release. Omeros' actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including, without limitation, the risks, uncertainties and other factors described under the heading "Risk Factors" in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 10, 2011. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements, and the Company assumes no obligation to update these forward-looking statements publicly, even if new information becomes available in the future. OMEROS CORPORATION(A Development Stage Company)CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except share and per share data)(unaudited)Three Months EndedMarch 31,20112010Grant revenue


    378Operating expenses:Research and development


    5,082General and administrative


    1,721Total operating expenses


    6,803Loss from operations


    (6,425)Investment income


    17Interest expense


    (452)Other income (expense), net


    199Net loss


    (6,661)Basic and diluted net loss per common share


    (0.31)Weighted-average shares used to compute basic and diluted net loss per common share


    21,293,985OMEROS CORPORATION(A Development Stage Company)CONSOLIDATED BALANCE SHEET DATA(In thousands)March 31,December 31,20112010(unaudited)Cash and cash equivalents and short-term investments


    41,993Total assets


    45,704Total notes payable


    10,255Total current liabilities


    15,374Deficit accumulated during the development stage


    (147,587)Total shareholders’ equity



    SOURCE Omeros Corporation
    Copyright©2010 PR Newswire.
    All rights reserved

    Related medicine technology :

    1. Omeros Announces Initiation of Patient Enrollment in OMS201 Phase 1 Study
    2. Omeros Announces Publication of Clinical Results for OMS103HP in Arthroscopy: The Journal of Arthroscopic and Related Surgery
    3. Omeros Announces Patient Enrollment in Phase 1/Phase 2 Study of OMS302
    4. Omeros and The Parkinsons Institute and Clinical Center Enter into a Collaboration Agreement to Evaluate Novel Target for the Treatment of Movement Disorders
    5. Omeros Receives $3.1 Million Milestone Payment from The Stanley Medical Research Institute for Schizophrenia Program
    6. Omeros Prices Initial Public Offering of Common Stock at $10.00 Per Share
    7. Omeros Announces National Institute on Drug Abuses Support for Phase 2 Clinical Study in Addiction Program
    8. Omeros Corporation to Host Third Quarter 2009 Financial Results Conference Call on November 19
    9. Daniel K. Spiegelman Elected to Board of Directors of Omeros
    10. Omeros Reports Additional Phase 2 Data Showing Multiple Clinical Benefits In Patients Undergoing Meniscectomy Surgery
    11. Omeros Selects Clinical Candidate for MASP-2 Program With Potential Applicability to Multiple Inflammatory Disorders
    Post Your Comments:
    (Date:10/13/2015)...  Synapse Biomedical Inc. ( ) reported today ... the use of the NeuRx ® Diaphragm Pacing ... the United States and ... The PAS study group met their initial enrollment goal ... since expanded the enrollment target to 150 participants.   ...
    (Date:10/13/2015)... , Oct. 13 2015 ... the "US & European markets for Meniscal ... their offering. --> ) has ... European markets for Meniscal Repair - 16 Countries ... Research and Markets ( ) has ...
    (Date:10/13/2015)... Research and Markets ( ) has ... Types (Bacteria, Yeast, Mold, Others), Flavors (Herbs & Spices, ... by Region - Forecasts to 2020" report to ... --> The global market for kombucha ... terms of value, the market is projected to reach ...
    Breaking Medicine Technology:
    (Date:10/13/2015)... ... 13, 2015 , ... According to an article published October 5th ... who successfully lose weight with a bariatric procedure are much less likely to develop ... notes that anywhere from 40 to 50 percent of all endometrial cancer cases are ...
    (Date:10/13/2015)... (PRWEB) , ... October 13, 2015 , ... In an ... utility costs were 36 percent lower per square foot than in 2009. The Williamsport ... cost of heating and cooling has decreased by eight percent. , According to ...
    (Date:10/13/2015)... ... ... A child without a healthy mouth is much more likely to have an ... has joined with Global Dental Relief (GDR) to help bring dental care ... SmileCareClub will donate one clinic visit to a child in Kenya. , “When SmileCareClub ...
    (Date:10/13/2015)... ... 13, 2015 , ... Scientists in Seattle and Vancouver compared the diagnostic value ... without mesothelioma. Surviving Mesothelioma has just posted an article on the new research. ... Seattle and the University of British Columbia found that certain genetic alterations were seen ...
    (Date:10/13/2015)... , ... October 13, 2015 , ... World Patent ... Snow Blanket, a snow melting invention that helps people in clearing snow away from ... will continue to grow at 3.8% per year," says Scott Cooper, CEO and Creative ...
    Breaking Medicine News(10 mins):