Omeros Announces Debt Financing Transaction for $20 Million in Additional Funds
May 17 2016 - 7:00AM
Business Wire
Omeros Corporation (NASDAQ: OMER) (the “Company”) today
announced that it has entered into an amendment to its existing
credit facility with Oxford Finance LLC (“Oxford”) and East West
Bank (“East West”) to provide the Company with an additional $20
million in unrestricted cash by funding the remaining tranches of
the facility. Omeros will issue warrants to the lenders,
exercisable for seven years for up to 100,602 shares of the
Company’s common stock at an exercise price per share of $9.94, the
closing price of the Company’s stock on May 16, 2016. All loan
payments will be interest-only until August 1, 2017. The final
payment fee rate on the $20 million borrowed will increase from
5.25% to 6.25%, reflecting the accelerated draw-down of these
additional funds. Omeros expects funding will occur on May 18,
2016.
“We are pleased to provide additional funds to Omeros,” said
Christopher A Herr, senior managing director at Oxford Finance.
“Our partnership with Omeros is long-standing, and we are confident
in the Company’s ability to achieve success with its first product,
OMIDRIA®, and bring additional therapies to market that will
address significant unmet needs.”
“We appreciate our partners, Oxford and East West, funding the
two additional $10-million tranches,” stated Gregory A. Demopulos,
M.D., chairman and chief executive officer of Omeros. “Together
with growing OMIDRIA® sales, the amount provided will support
further development of our pipeline.”
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%, was
broadly launched in the U.S. in April 2015 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. In the European
Union, the European Commission has approved OMIDRIA for
use in cataract surgery and lens replacement procedures to maintain
mydriasis (pupil dilation), prevent miosis (pupil constriction),
and to reduce postoperative eye pain. Omeros has five
clinical-stage development programs focused on: complement-related
thrombotic microangiopathies; complement-mediated glomerulopathies;
Huntington’s disease and cognitive impairment; addictive and
compulsive disorders; and preventing problems associated with
urologic 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, and
a platform used to generate antibodies.
About Oxford Finance LLC
Oxford Finance is a specialty finance firm providing senior
secured loans to public and private life sciences and healthcare
services companies worldwide. For over 20 years, Oxford has
delivered flexible financing solutions to its clients, enabling
these companies to maximize their equity by leveraging their
assets. In recent years, Oxford has originated over $3 billion in
loans, with lines of credit ranging from $500 thousand to $75
million. Oxford is headquartered in Alexandria, Virginia, with
additional offices in California and Massachusetts. For more
information visit www.oxfordfinance.com.
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 and variations thereof. 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 product
commercialization including with respect to OMIDRIA®, Omeros’
ability to partner and commercialize OMIDRIA in Europe and the
Middle East, Omeros’ unproven preclinical and clinical development
activities, regulatory oversight, intellectual property claims,
competitive developments, litigation including pending patent
litigation related to an application seeking approval from the FDA
to market a generic version of OMIDRIA, closing of the debt
financing transaction described in this press release, 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 10, 2016. 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.
This press release does not constitute an offer to sell or
the solicitation of an offer to buy any securities of Omeros, and
shall not constitute an offer, solicitation or sale of any security
in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction. Any
warrants issued to Oxford Finance or East West Bank have not been
and will not be registered under the Securities Act and may not be
offered or sold in the United States absent registration or an
applicable exemption from registration requirements.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160517005793/en/
Cook Williams Communications, Inc.Jennifer Cook Williams,
360-668-3701Investor and Media Relationsjennifer@cwcomm.orgorOxford
Finance LLCShelly Davis, 703-519-6013sdavis@oxfordfinance.com
Omeros (NASDAQ:OMER)
Historical Stock Chart
From Aug 2024 to Sep 2024
Omeros (NASDAQ:OMER)
Historical Stock Chart
From Sep 2023 to Sep 2024