SEATTLE, March 15, 2012 /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 financial results for the fourth
quarter and year ended December 31,
2011.
Financial Results
Total operating expenses for the three months ended December 31, 2011 were $11.0 million, compared to $9.5 million for the same period in 2010. The
increase in operating expenses was primarily due to higher clinical
trial expenses related to the Company's Phase 3 clinical program
for OMS302. The increase during the quarter was also the
result of higher expenses incurred in Omeros' GPCR program as well
as one-time manufacturing and toxicology study costs intended to
support clinical trials for Omeros' PDE10 and PDE7 programs.
These increases were partially offset by lower costs related
to the Company's OMS103HP program.
Total operating expenses for the year ended December 31, 2011 were $31.9 million, compared to $32.2 million in 2010. The decrease was primarily
attributable to lower research and development expenses in Omeros'
OMS103HP program and lower one-time fees related to its MASP2
program. Additionally, general and administrative costs
decreased in part due to lower employee expenses and financing
costs. These decreases were partially offset by higher costs
related to Omeros' OMS302 Phase 3 clinical program, higher expenses
incurred in the Company's GPCR program and one-time manufacturing
and toxicology study costs intended to support clinical trials for
Omeros' PDE10 and PDE7 programs.
For the quarter ended December 31,
2011, Omeros reported a net loss of $10.2 million, or $0.46 per share, compared to a net loss of
$7.2 million, or $0.34 per share, for the same period in 2010. For
the year ended December 31, 2011,
Omeros reported a net loss of $28.5
million, or $1.29 per share,
compared to a net loss of $29.3
million, or $1.37 per share,
in 2010.
At December 31, 2011, Omeros had
cash and cash equivalents and short-term investments of
$24.6 million, compared with
$42.0 million as of December 31, 2010. Omeros holds a $40.0 million equity line financing facility with
Azimuth Opportunity, Ltd. Also, Omeros will receive an additional
$3.0 million lease incentive payment
in connection with its new office and laboratory space lease.
Omeros expects that it has sufficient resources to fund operations
for at least the next 12 months.
"Over the last few months, we have made significant strides
across many of our programs. Most importantly, our first Phase 3
clinical trial for OMS302 met its primary endpoint – maintenance of
intraoperative mydriasis – as well as the principal secondary
endpoint of pain reduction in the early postoperative period, "
said Gregory A. Demopulos, M.D.,
chairman and chief executive officer of Omeros. "Our GPCR program
continued to march through the Class A orphans – having now
unlocked over 40 percent, we expect to have screened all Class A
orphans by the end of this year. Omeros' near-term milestones
include completion of enrollment in our OMS103HP Phase 3 clinical
trial for meniscectomy and in our second Phase 3 clinical trial
evaluating OMS302. We look forward to reading out data from both
trials in the second half of 2012."
Fourth Quarter and Recent Highlights
- Reported positive data from its first Phase 3 clinical trial
evaluating OMS302 in patients undergoing intraocular lens
replacement surgery. OMS302 met its primary endpoint by
demonstrating statistically significant (p