SEATTLE, May 11, 2015 /PRNewswire/ -- Omeros
Corporation (NASDAQ: OMER), a biopharmaceutical company committed
to discovering, developing and commercializing both 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 first quarter of
2015, which include:
- Successfully completed Omidria controlled launch followed by
initiation of broad U.S. launch in first part of April
- Net loss of $18.7 million, or
$0.51 per share, which included
$2.8 million ($0.08 per share) of non-cash expenses
- Reported clinical improvement in first cohort in OMS721 Phase 2
trial and completed dosing in second cohort; third cohort
enrollment now underway
- Closed equity financing in February, receiving $79.1 million in net proceeds
"In the first quarter of 2015, we completed the controlled
launch of Omidria, which was successful across all of the assessed
parameters – product was quickly and efficiently received by the
facilities, reimbursement was confirmed across Medicare
Administrative Contractors, and the clinical response was uniformly
positive," said Gregory A.
Demopulos, M.D., chairman and chief executive officer of
Omeros. "In April, we initiated the broad U.S. launch of Omidria,
and are excited to be making this important product widely
available to both ophthalmic surgeons and their patients. The
commercialization of Omidria, together with the encouraging results
in our Phase 2 OMS721 clinical trial in TMA patients and the
anticipated re-initiation of our Phase 2 OMS824 clinical program
for patients with Huntington's disease and schizophrenia, should
provide a series of potentially value-driving milestones for Omeros
throughout the remainder of 2015 and beyond."
First Quarter and Recent Highlights and Developments
- In February 2015, the company
began a controlled launch of Omidria, its first FDA-approved drug
product, to a small number of ambulatory surgery centers (ASCs) for
the purpose of evaluating Omidria commercialization processes,
including those directed to distribution and reimbursement. Omeros
subsequently initiated the broad U.S. product launch in the first
part of April.
- Omeros' ongoing OMS721 Phase 2 study in patients with
thrombotic microangiopathies (TMAs), including atypical hemolytic
uremic syndrome (aHUS), completed dosing of the first two cohorts,
with the second cohort receiving a higher dose than the first.
OMS721 is the lead human monoclonal antibody in Omeros'
mannan-binding lectin-associated serine protease-2 (MASP-2)
program. As in the first cohort, all patients in the second cohort
received OMS721 and improvements were observed across a wide range
of markers of TMA disease activity. Following a pre-planned data
review by internal and external physicians, the study's safety
committee recommended that the trial advance to the third cohort at
a dose higher than both the first and the second cohorts. The
company expects to release additional data from the Phase 2 trial
later this year.
- Based on the clinical results from the initial cohort in the
OMS721 Phase 2 trial, a European investigator requested that Omeros
provide extended access to OMS721 for compassionate use in two of
the investigator's patients with TMAs. The presiding European
regulatory authority approved this request and the company has
shipped OMS721 to continue treatment of those patients.
- Based on the clinical results from the second cohort in the
OMS721 Phase 2 trial, another European investigator has requested
that Omeros provide extended access to OMS721 for compassionate use
in the investigator's patient with TMA. Efforts are underway in
this second country to obtain the approvals necessary to make
OMS721 available to the investigator for patient use.
- Omeros finalized the evaluation of data from nonclinical rat
and non-human primate studies in its OMS824 program and submitted
the package of nonclinical materials requested by the FDA, seeking
to re-initiate its OMS824 Phase 2 Huntington's disease and
schizophrenia programs. The company looks forward to re-activating
enrollment in the OMS824 program in the near future.
- In February 2015, Omeros closed a
public equity offering of common stock and pre-funded warrants
through which the company received net proceeds of approximately
$79.1 million.
Financial Results
For the quarter ended March 31, 2015, product revenue from the
controlled launch of Omidria was $238,000, and grant revenue was $150,000 compared to $100,000 for the same period in 2014.
Total costs and operating expenses for the three months ended
March 31, 2015 were $18.3 million compared to $15.8 million for the same period in 2014. The
increase was primarily due to expenses related to the initiation of
sales and marketing costs in anticipation of the U.S. commercial
launch of Omidria.
Omeros reported a net loss of $18.7
million, or $0.51 per share,
which included noncash expenses of $2.8
million ($0.08 per share).
This compares to a net loss of $16.6
million, or $0.54 per share,
for the same period in 2014, which included noncash expenses of
$2.7 million ($0.09 per share).
At March 31, 2015, Omeros had
cash, cash equivalents and short-term investments of $70.1 million.
Conference Call Details
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 35820733. 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
35820733.
To access the live or 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
both 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 (IOL) replacement to
maintain pupil size by preventing intraoperative miosis (pupil
constriction) and to reduce postoperative ocular pain. Omidria is
currently under review for marketing approval by the European
Medicines Agency. Omeros 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 Omeros'
ability to obtain regulatory approval for its Marketing
Authorization Application 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
May 11, 2015. 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
|
|
|
March
31,
|
|
|
2015
|
|
2014
|
|
|
(unaudited)
|
Revenues:
|
|
|
|
|
Product
sales
|
|
$
|
238
|
|
$
|
-
|
Grant
revenue
|
|
150
|
|
100
|
Total
revenue
|
|
388
|
|
100
|
Costs and
expenses:
|
|
|
|
|
Cost of product
sales
|
|
11
|
|
-
|
Research and
development
|
|
9,318
|
|
12,017
|
Selling, general and
administrative
|
|
8,989
|
|
3,767
|
Total costs and
expenses
|
|
18,318
|
|
15,784
|
Loss from
operations
|
|
(17,930)
|
|
(15,684)
|
Interest
expense
|
|
|
(957)
|
|
|
(672)
|
Investment income and
other income (expense), net
|
|
|
218
|
|
|
(286)
|
Net loss
|
|
$
|
(18,669)
|
|
$
|
(16,642)
|
Basic and diluted net
loss per share
|
|
$
|
(0.51)
|
|
$
|
(0.54)
|
Weighted-average
shares used to compute basic and diluted
net loss per share
|
|
36,483,559
|
|
30,897,039
|
|
|
|
|
|
|
|
|
|
|
OMEROS
CORPORATION
|
CONSOLIDATED
BALANCE SHEET DATA
|
(In
thousands)
|
|
|
March
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
Cash, cash
equivalents and short-term investments
|
|
$
|
70,062
|
|
$
|
6,886
|
Total
assets
|
|
74,911
|
|
11,090
|
Total current
liabilities
|
|
20,068
|
|
18,431
|
Notes
payable
|
|
32,925
|
|
32,709
|
Accumulated
deficit
|
|
(346,715)
|
|
(328,046)
|
Total shareholders'
equity (deficit)
|
|
21,846
|
|
(42,654)
|
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SOURCE Omeros Corporation