Full Press Release Details
Omeros Corporation Reports First Quarter 2012 Financial Results
Seattle, WA May 10, 2012 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 its financial results for the first quarter of 2012.
expenses for the quarter ended March 31, 2012 were $9.6 million compared to $7.7 million for the same period in 2011. The increase in operating expenses primarily relates to increased clinical trial expenses for OMS302 and an increase of
$673,000 of stock-based compensation expenses for company-wide options granted in the 2012 period with April 2011 vesting start dates, partially offset by lower general and administrative expenses. Compared to a net loss of $6.5 million, or $0.30
per share, for the same period in 2011, for the quarter ended March 31, 2012 Omeros reported a net loss of $8.9 million, or $0.40 per share, which includes the non-cash expenses of the $673,000 noted above and a one-time charge of $511,000 in
connection with a one-year extension of the expiration dates of warrants to purchase up to 197,478 shares of common stock that were originally issued to brokers who assisted Omeros in connection with its Series E Preferred Stock financing.
At March 31, 2012, Omeros had cash, cash equivalents and short-term investments of $17.6 million. Omeros holds a $40.0 million equity
line financing facility with Azimuth Opportunity, Ltd. and believes that it has sufficient resources and access to capital to fund operations for at least the next 12 months.
During the quarter we successfully completed our first of two planned OMS302 Phase 3 clinical trials, representing Omeros most significant development milestone to date, said Gregory A.
Demopulos, M.D., chairman and chief executive officer of Omeros. With the second Phase 3 trial already enrolling, we expect to report data later this year. We also continued to advance our OMS103HP Phase 3 arthroscopic meniscectomy program as
well as the rest of our pipeline. Data from the first OMS103HP trial are expected in the second half of 2012, and four of our preclinical programs are on track to enter the clinic throughout the second half of this year and the first part of
First Quarter and Recent Highlights
About Omeros Corporation
clinical-stage biopharmaceutical company committed to discovering, developing and commercializing products targeting 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, coagulopathies and central nervous system disorders.
Forward-Looking Statements
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,
Omeros expectations that it will report data from the ongoing Phase 3 clinical trials for its OMS302 and OMS103HP programs during the second half of 2012; that four of Omeros preclinical programs will enter the clinic throughout the
second half of this year and the first part of 2013; and that Omeros may have 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 Annual Report on Form 10-Q filed with the Securities and Exchange Commission on
May 10, 2012. 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
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
| Three Months Ended March 31, | ||||||||
| 2012 | 2011 | |||||||
| (unaudited) | ||||||||
| Revenue | $ | 1,496 | $ | 1,239 | ||||
| Operating expenses: | ||||||||
| Research and development | 7,246 | 5,425 | ||||||
| General and administrative | 2,322 | 2,264 | ||||||
| Total operating expenses | 9,568 | 7,689 | ||||||
| Loss from operations | (8,072 | ) | (6,450 | ) | ||||
| Investment income | 12 | 17 | ||||||
| Interest expense | (494 | ) | (293 | ) | ||||
| Other income, net | (341 | ) | 184 | |||||
| Net loss | $ | (8,895 | ) | $ | (6,542 | ) | ||
| Basic and diluted net loss per share | $ | (0.40 | ) | $ | (0.30 | ) | ||
| Weighted-average shares used to compute basic and diluted net loss per share | 22,434,903 | 22,056,590 |
CONSOLIDATED BALANCE SHEET DATA
| March 31, 2012 | December 31, 2011 | |||||||
| Cash and cash equivalents and short-term investments | $ | 17,617 | $ | 24,570 | ||||
| Total assets | 21,089 | 26,982 | ||||||
| Total notes payable | 18,019 | 19,446 | ||||||
| Total current liabilities | 18,742 | 18,985 | ||||||
| Accumulated deficit | (185,028 | ) | (176,133 | ) | ||||
| Total shareholders (deficit) equity | (12,683 | ) | (5,554 | ) |