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Omeros Corporation Reports First Quarter 2013 Financial Results
Date:5/10/2013

SEATTLE, May 10, 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 its financial results for the first quarter of 2013.

Financial ResultsTotal operating expenses for the quarter ended March 31, 2013 were $11.1 million compared to $9.6 million for the same period in 2012. The increase is primarily due to research and development expenses associated with advancing Omeros' MASP-2 program toward the clinic, employee costs and non-cash rent expense, and to selling, general and administrative expenses related to legal matters and Omeros' planned commercial launch of OMS302 in 2014.  These higher costs were partially offset by lower clinical trial expenses related to the completion of Phase 3 clinical trials for Omeros' OMS302 and OMS103HP programs in January 2013 and December 2012, respectively.  For the quarter ended March 31, 2013, Omeros reported a net loss of $10.5 million, or $0.40 per share, compared to a net loss of $8.9 million, or $0.40 per share, for the same period in 2012.

At March 31, 2013, Omeros had cash, cash equivalents and short-term investments of $13.3 million. On May 9, Omeros announced that it priced a public offering of 3,903,004 shares of its common stock at a price of $4.14 per share, a two percent premium over the closing price on May 8, 2013, for estimated net proceeds of $16.1 million. The offering is expected to close on or about May 14, 2013. The shares were offered and are expected to be sold to RA Capital Management and other investors in a registered direct offering conducted without an underwriter or placement agent. Omeros also did not use its at-the-market sales facility or its committed
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