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Omeros Corporation Reports Second Quarter 2013 Financial Results
Date:8/9/2013

SEATTLE, Aug. 9, 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 second quarter of 2013.

Financial ResultsTotal operating expenses for the quarter ended June 30, 2013 were $13.3 million and included non-cash expenses of $2.1 million related to rent expense and stock-based compensation. For the same period in 2012, total operating expenses were $9.8 million, which included non-cash rent and stock-based compensation expenses of $569,000.

The increase in total operating expenses for the quarter ended June 30, 2013 is primarily due to expenses related to advancing our MASP-2 program toward the clinic, the non-cash rent expense and stock-based compensation discussed above, preparing the NDA and MAA for OMS302, the planned commercial launch of OMS302 in 2014, and conducting our Phase 1 clinical program evaluating OMS824. These higher costs were partially offset by lower overall clinical trial expenses related to the completion of our OMS302 Phase 3 clinical program in January 2013 and the completion of our first OMS103HP Phase 3 clinical trial in arthroscopic partial meniscectomy patients in December 2012.

Total revenue for the quarter ended June 30, 2013 was $140,000 compared to $1.5 million for the same period in 2012. This decrease was primarily due to lower revenue recognized from the company's GPCR platform development funding agreement with Vulcan Inc. and its affiliate. While research continues under the company's GPCR program, no additional deferred revenue under the Vulcan agreement remains to be recognized after the first quarter of 2013.

For the quarter ended June 30, 2013, O
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SOURCE Omeros Corporation
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