SEATTLE, Nov. 10, 2014 /PRNewswire/ -- Omeros Corporation
(NASDAQ: OMER), a biopharmaceutical company committed to
discovering, developing and commercializing small-molecule and
protein therapeutics for large-market as well as orphan indications
targeting inflammation, coagulopathies and disorders of the central
nervous system, today announced recent highlights and developments
as well as financial results for the third quarter of 2014, which
include:
- 3Q 2014 net loss of $18.3
million, or $0.54 per share,
which included $2.5 million
($0.07 per share) of non-cash
expenses
- Operating expenses of $17.3
million, primarily related to preparing for U.S. commercial
launch of Omidria™ and advancing OMS824 and OMS721
clinical programs
- The Center for Medicare and Medicaid Services (CMS) granted
Omidria™ (phenylephrine and ketorolac injection) 1%/0.3%
transitional pass-through reimbursement status effective
January 1, 2015
"The clarity on pass-through reimbursement received from CMS has
allowed us to solidify our U.S. commercialization plans for
Omidria, and we appreciate both the agency's collaborative process
and its favorable decision," said Gregory
A. Demopulos, M.D., chairman and chief executive officer of
Omeros. "U.S. launch preparations are nearly complete and we look
forward to making the drug available to surgeons and their patients
in early 2015. The European approval process is also advancing, and
we expect to receive CHMP's opinion for Omidria before year-end.
Additional near-term milestones for Omeros include thrombus data
from the human ex vivo pathophysiologic system of aHUS and
the release of preliminary results from our OMS721 Phase 2 clinical
trial in thrombotic microangiopathies. We also look forward to
re-activating enrollment in our OMS824 Phase 2 clinical program.
The next few months – and the whole of 2015 – promise to be
exciting times for Omeros and our shareholders."
Third Quarter and Recent Highlights and Developments
- CMS, the federal agency that administers the Medicare program,
granted transitional pass-through reimbursement status to Omidria.
Earlier this year, the U.S. Food and Drug Administration (FDA)
approved Omidria broadly for use during cataract surgery or
intraocular lens replacement. Transitional pass-through status
allows for separate payment for new drugs and other medical
technologies that meet specific clinical-value and cost
requirements, permitting ambulatory surgery centers and other
outpatient facilities to bill Medicare and other insurance
providers for Omidria. The company expects pass-through
reimbursement status to remain in effect for a period of two to
three years, after which time CMS makes a new reimbursement
determination. Pass-through status for Omidria will become
effective on January 1, 2015, and
reimbursement will be based on the product's wholesale acquisition
cost of $465 per single-use
vial.
- Preparations continued for the commercial launch of Omidria in
the U.S., including securing an additional manufacturing source for
Omidria and contracting for 20 additional field sales
representatives, bringing the total number of representatives to
40. The Omidria sales force has already begun calling on surgeons,
hospitals and ambulatory surgery centers in preparation for the
planned U.S. launch in early 2015.
- The company reported positive data using a Phase 2a derivative
of OMS721, the company's MASP-2 antibody program targeting the
lectin pathway of the complement system, a key part of the immune
response, in a well-established animal model of stroke. Omeros
expects to be able to release data later this month on the effect
of OMS721 on thrombus formation in a human ex vivo
pathophysiologic system of aHUS using serum from aHUS patients both
in the acute phase and in remission. The company also hopes to
release preliminary data from its OMS721 Phase 2 clinical program
before year end.
- Announced that clinical trial enrollment for OMS824, the
company's PDE10 inhibitor in development for the treatment of
cognitive disorders including Huntington's disease and
schizophrenia, was suspended in connection with an observation in a
nonclinical study in rats at the maximum dose tested. The FDA has
requested that Omeros further evaluate the nonclinical data from
the study in rats, as well as from nonclinical studies conducted by
the company that did not yield the observation, to characterize it
more fully before the company can reinitiate clinical enrollment in
its Phase 2 clinical program. Based on currently available data,
Omeros does not believe that the observation in the rats is caused
by OMS824. The company is continuing to work with the FDA and looks
forward to re-activating OMS824 enrollment as soon as
possible.
Financial Results
For the quarter ended September 30, 2014, Omeros reported a net loss of
$18.3 million, or $0.54 per share, which includes noncash expenses
of $2.5 million ($0.07 per share). This compares to a net loss of
$13.9 million, or $0.46 per share, for the same period in 2013,
including noncash expenses of $3.4
million ($0.11 per share).
Operating expenses for the three months ended September 30, 2014 were $17.3 million compared to $13.6 million for the same period in 2013. The
increase was primarily related to preparing for the U.S.
commercial launch of Omidria, manufacturing of drug material
associated with the Phase 2 clinical trials evaluating OMS824 in
Huntington's disease, and clinical costs associated with the Phase
2 clinical trials evaluating OMS721 in complement-mediated
thrombotic microangiopathies.
Revenue for the quarter ended September
30, 2014 was $214,000 compared
to $196,000 for the same period in
2013. This increase was due to a rise in activity on NIH grant
projects.
At September 30, 2014, Omeros had
cash and cash equivalents and short-term investments of
$21.8 million.
Management to Host Earnings Call Today at 4:30pm ET
To access the live conference
call via phone, please dial (844) 831-4029 from the United States and Canada or (920) 663-6278 internationally. The
participant passcode is 31107196. Please dial in approximately 10
minutes prior to the start of the call. A telephone replay will be
available for one week following the call and may be accessed by
dialing (855) 859-2056 from the United
States and Canada or (404)
537-3406 internationally. The replay passcode is 31107196. To
access the live and subsequently archived webcast of the conference
call, go to the Company's website at www.omeros.com and go to
"Events" under the Investors section of the website. Please connect
to the website at least 15 minutes prior to the call to allow for
any software download that may be necessary.
About Omeros Corporation
Omeros is a biopharmaceutical
company committed to discovering, developing and commercializing
small-molecule and protein therapeutics for large-market as well as
orphan indications targeting inflammation, coagulopathies and
disorders of the central nervous system. Derived from its
proprietary PharmacoSurgery® platform, the company's
first drug product, Omidria™ (phenylephrine and
ketorolac injection) 1%/0.3%, has been approved by the FDA for use
during cataract surgery or intraocular lens replacement (ILR) to
maintain pupil size by preventing intraoperative miosis (pupil
constriction) and to reduce postoperative ocular pain. Omeros is
completing preparations for a planned U.S. product launch in early
2015. Omidria is currently under review for marketing approval by
the European Medicines Agency. Omeros also has six clinical-stage
development programs focused on: complement-related thrombotic
microangiopathies; Huntington's disease, schizophrenia, and
cognitive impairment; addictive and compulsive disorders; and
preventing problems associated with surgical procedures. In
addition, Omeros has a proprietary GPCR platform, which is making
available an unprecedented number of new GPCR drug targets and
corresponding compounds to the pharmaceutical industry for drug
development.
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934, which are subject to the "safe harbor" created by
those sections for such statements. All statements other than
statements of historical fact are forward-looking statements, which
are often indicated by terms such as "anticipate," "believe,"
"could," "estimate," "expect," "goal," "intend," "look forward to,"
"may," "plan," "potential," "predict," "project," "should," "will,"
"would" and similar expressions. 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, risks associated with effectiveness
of Omidria™ sales and marketing efforts, Omidria market
acceptance, product pricing and reimbursement, Omeros' ability to
obtain regulatory approval for its Marketing Authorization
Application and to partner in the EU for the commercialization of
Omidria, Omeros' unproven preclinical and clinical development
activities, regulatory oversight, product commercialization,
intellectual property claims, competitive developments, litigation,
and 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
November 10, 2014. 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,
even if new information becomes available in the future.
OMEROS
CORPORATION
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(In thousands,
except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
(unaudited)
|
|
(unaudited)
|
Revenue
|
$
214
|
|
$
196
|
|
$
359
|
|
$
1,431
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and
development
|
11,772
|
|
9,420
|
|
36,196
|
|
26,111
|
Selling general and
administrative
|
5,574
|
|
4,210
|
|
14,196
|
|
11,934
|
Total operating
expenses
|
17,346
|
|
13,630
|
|
50,392
|
|
38,045
|
Loss from
operations
|
(17,132)
|
|
(13,434)
|
|
(50,033)
|
|
(36,614)
|
Investment
income
|
3
|
|
2
|
|
10
|
|
10
|
Interest
expense
|
(944)
|
|
(592)
|
|
(2,555)
|
|
(1,768)
|
Other income
(expense), net
|
(254)
|
|
154
|
|
(382)
|
|
421
|
Net loss
|
$
(18,327)
|
|
$
(13,870)
|
|
$
(52,960)
|
|
$
(37,951)
|
Basic and diluted net
loss per share
|
$
(0.54)
|
|
$
(0.46)
|
|
$
(1.61)
|
|
$
(1.36)
|
Weighted-average
shares used to compute
|
|
|
|
|
|
|
|
basic and diluted net
loss per share
|
34,005,642
|
|
29,844,507
|
|
32,945,346
|
|
27,984,133
|
|
|
|
|
|
|
|
|
|
OMEROS
CORPORATION
|
CONSOLIDATED
BALANCE SHEET DATA
|
(In
thousands)
|
|
|
|
|
|
|
September
30,
|
|
December 31,
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents and short-term investments
|
|
$
21,780
|
|
$
14,101
|
Total
assets
|
|
25,294
|
|
16,535
|
Total notes
payable
|
|
32,542
|
|
20,498
|
Total current
liabilities
|
|
14,397
|
|
11,873
|
Accumulated
deficit
|
|
(307,333)
|
|
(254,373)
|
Total shareholders'
deficit
|
|
(26,589)
|
|
(18,384)
|
|
|
|
|
|
SOURCE Omeros Corporation