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|Omeros Corporation Reports Second Quarter 2011 Financial Results|
SEATTLE, Aug. 9, 2011 /PRNewswire via COMTEX/ -- 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 2011.
Total operating expenses for the quarter ended June 30, 2011 were $6.1 million compared to $8.1 million for the same period in 2010. The decrease in operating expenses primarily relates to lower clinical trial costs during the second quarter of 2011 and $987,000 in one-time licensing fees incurred during the three-month period in 2010. For the quarter ended June 30, 2011, Omeros reported a net loss of $5.3 million, or $0.24 per share, compared to a net loss of $7.8 million, or $0.36 per share, for the same period in 2010. At June 30, 2011, Omeros had cash, cash equivalents and short-term investments of $36.9 million.
"During the second quarter, we made significant progress across our entire pipeline of clinical and preclinical programs," said Gregory A. Demopulos, M.D., chairman and chief executive officer of Omeros. "One of these milestones was the advancement of our co-lead product candidates, OMS103HP and OMS302, into Phase 3 clinical programs. OMS103HP is being evaluated for its ability to improve postoperative joint function and reduce pain following arthroscopic partial meniscectomy surgery. OMS302 will be evaluated in both refractive lens exchange and cataract surgery patients for maintenance of intraoperative mydriasis and reduction of postoperative pain. Data from Phase 3 trials in both of these programs are expected in the first half of 2012."
Second Quarter Highlights
About Omeros Corporation
Omeros is a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing products targeting inflammation, coagulopathies and disorders of the central nervous system. The Company's most clinically advanced product candidates are derived from its proprietary PharmacoSurgery(TM) 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.
This 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 the expectation that data will be available from Phase 3 clinical trials evaluating 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 August 9, 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.
SOURCE Omeros Corporation