Full Press Release Details
Omeros Corporation Reports First Quarter 2011 Financial Results
Seattle, WA May 10, 2011 Omeros Corporation (NASDAQ: OMER), a biopharmaceutical company committed to
discovering, developing and commercializing products focused on inflammation, coagulopathies and disorders of the central nervous system, today announced its financial results for the first quarter of 2011.
expenses for the three months ended March 31, 2011 were $7.7 million compared to $6.8 million for the same periods in 2010. The increase in operating expense was primarily due to increased clinical trial activities and additional employee costs. For
the three months ended March 31, 2011, Omeros reported a net loss of $6.5 million, or $0.30 per share. During the same period in 2010, Omeros reported a net loss of $6.7 million, or $0.31 per share. At March 31, 2011, Omeros had cash, cash
equivalents and short-term investments of $43.6 million.
The first quarter included several significant events for Omeros, most notably
the announcement that our OMS103HP Phase 3 ACL program did not meet its prespecified primary endpoints, said Gregory A. Demopulos, M.D., chairman and chief executive officer of Omeros. While this setback delays OMS103HP s
commercialization opportunity, the meniscectomy indication for the drug remains viable and, based on strong Phase 2 data, Phase 3 preparations are underway. We also recently reported positive results from our OMS302 Phase 2b, full-factorial OMS302
cataract trial and are submitting a request to the FDA for an end-of-Phase-2 meeting. We are evaluating our multiple options and will soon finalize our clinical plans for the remainder of 2011.
About Omeros Corporation
Omeros is a clinical-stage biopharmaceutical
company committed to discovering, developing and commercializing products focused on inflammation, coagulopathies and disorders of the central nervous system. The Company s most clinically advanced product candidates are derived from its
proprietary PharmacoSurgery 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.
Forward-looking Statements
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 Omeros clinical plans for 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 May 10, 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.
Jennifer Cook Williams
Cook Williams Communications, Inc.
Investor and Media Relations
(A Development Stage Company)
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2011 | 2010 | |||||||
| Grant revenue | $ | 1,239 | $ | 378 | ||||
| Operating expenses: | ||||||||
| Research and development | 5,425 | 5,082 | ||||||
| General and administrative | 2,264 | 1,721 | ||||||
| Total operating expenses | 7,689 | 6,803 | ||||||
| Loss from operations | (6,450 | ) | (6,425 | ) | ||||
| Investment income | 17 | 17 | ||||||
| Interest expense | (293 | ) | (452 | ) | ||||
| Other income (expense), net | 184 | 199 | ||||||
| Net loss | $ | (6,542 | ) | $ | (6,661 | ) | ||
| Basic and diluted net loss per common share | $ | (0.30 | ) | $ | (0.31 | ) | ||
| Weighted-average shares used to compute basic and diluted net loss per common share | 22,056,590 | 21,293,985 |
(A Development Stage Company)
CONSOLIDATED BALANCE SHEET DATA
| March 31, | December 31, | |||||||
| 2011 | 2010 | |||||||
| (unaudited) | ||||||||
| Cash and cash equivalents and short-term investments | $ | 43,636 | $ | 41,993 | ||||
| Total assets | 47,753 | 45,704 | ||||||
| Total notes payable | 20,260 | 10,255 | ||||||
| Total current liabilities | 15,023 | 15,374 | ||||||
| Deficit accumulated during the development stage | (154,129 | ) | (147,587 | ) | ||||
| Total shareholders equity | 14,672 | 20,470 |