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Omeros Corporation Reports Second Quarter 2012 Financial Results
Date:8/7/2012

SEATTLE, Aug. 7, 2012 /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 second quarter of 2012.

Financial ResultsTotal operating expenses for the quarter ended June 30, 2012 were $9.8 million compared to $6.1 million for the same period in 2011. The increase in operating expenses primarily relates to increased Phase 3 clinical trial expenses for OMS302 and OMS103HP and an increase in expenses in connection with preclinical work for Omeros' PDE10 and MASP-2 programs in preparation for their advancement into the clinic. For the quarter ended June 30, 2012, Omeros reported a net loss of $8.5 million, or $0.38 per share, compared to a net loss of $5.3 million, or $0.24 per share, for the same period in 2011.

At June 30, 2012, Omeros had cash, cash equivalents and short-term investments of $7.3 million. On July 2, 2012, Omeros completed a public offering pursuant to which it sold 3,365,854 shares of its common stock at a price of $10.25 per share for estimated net proceeds of $32.4 million. 

"Our two ongoing Phase 3 clinical trials continued to advance during the quarter – OMS302 for lens replacement procedures and OMS103HP for arthroscopic meniscectomy surgery – and we expect to report data for both in the second half of this year," said Gregory A. Demopulos, M.D., chairman and chief executive officer of Omeros.  "We have also begun to prepare the NDA for OMS302 which, assuming positive data from the ongoing clinical trial, we expect to submit to the FDA during the first part of 2013.  Our other programs also progressed, and we plan to file an IND for our PDE10 inhibitor this quarter with an IND f
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