Full Press Release Details
Omeros Corporation Reports Fourth Quarter and Year-End 2010 Financial Results
Seattle, WA March 15, 2011 Omeros Corporation (NASDAQ: OMER), a biopharmaceutical company committed to discovering, developing and
commercializing products focused on inflammation, bleeding and disorders of the central nervous system, today announced financial results for the fourth quarter and year ended December 31, 2010.
expenses for the three months ended December 31, 2010 were $9.5 million, compared to $5.7 million for the same period in 2009. Total operating expenses for the year ended December 31, 2010 were $32.2 million, compared to $22.2 million in 2009. The
increase in operating expenses for the fourth quarter and year ended December 31, 2010 was primarily due to increased research and development expense related to the Company s Phase 3 clinical program evaluating OMS103HP in arthroscopic ACL
reconstruction as well as its Phase 2b clinical trial evaluating OMS302 in patients undergoing cataract surgery. The increase was also due to expenses related to the advancement of Omeros preclinical-stage pipeline and increased costs
associated with being a public company.
For the fourth quarter ended December 31, 2010, Omeros reported a net loss of $7.2 million, or $0.34
per share, compared to a net loss of $5.6 million, or $0.28 per share, for the same period in 2009. For the year ended December 31, 2010, the Company reported a net loss of $29.3 million, or $1.37 per share, compared to a net loss of $21.1 million,
or $2.92 per share, in 2009.
At December 31, 2010, Omeros had cash and cash equivalents and short-term investments of $42.0 million, compared
with $60.3 million as of December 31, 2009.
We have reported significant progress across our development programs in recent months,
including obtaining substantial funding for our GPCR program, successfully completing a Phase 1/2 program evaluating our urological product candidate OMS201 and the initiation of a program to advance a promising new antifibrinolytic agent to control
surgical and traumatic bleeding, said Gregory A. Demopulos, M.D., chairman and chief executive officer of Omeros. While our primary focus remains on reporting data from our OMS103HP Phase 3 ACL program later this quarter, we also look
forward to reporting data from our Phase 2b ophthalmology trial of OMS302 in the coming weeks.
Fourth Quarter and Recent Highlights
About Omeros Corporation
Omeros is a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing products focused on inflammation, bleeding 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 six ongoing clinical development programs, including four from its PharmacoSurgery platform, the most advanced of which is in a Phase 3 clinical program, and two from its addiction franchise. 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 the Company s ability to report data this quarter from both its OMS103HP Phase 3 ACL program and its Phase 2b ophthalmology trial of OMS302; and that it 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-K filed with the Securities and Exchange Commission on March 15, 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 December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
| Grant revenue | $ | 976 | $ | 434 | $ | 2,105 | $ | 1,444 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 6,947 | 4,638 | 23,465 | 16,929 | ||||||||||||
| General and administrative | 2,586 | 1,111 | 8,746 | 5,273 | ||||||||||||
| Total operating expenses | 9,533 | 5,749 | 32,211 | 22,202 | ||||||||||||
| Loss from operations | (8,557 | ) | (5,315 | ) | (30,106 | ) | (20,758 | ) | ||||||||
| Investment income | 21 | 25 | 167 | 214 | ||||||||||||
| Interest expense | (312 | ) | (497 | ) | (1,535 | ) | (2,202 | ) | ||||||||
| Loss on extinguishment of debt | (296 | ) | (296 | ) | ||||||||||||
| Other income (expense) | 1,913 | 205 | 2,519 | 1,657 | ||||||||||||
| Net loss | $ | (7,231 | ) | $ | (5,582 | ) | $ | (29,251 | ) | $ | (21,089 | ) | ||||
| Basic and diluted net loss per common share | $ | (0.34 | ) | $ | (0.28 | ) | $ | (1.37 | ) | $ | (2.92 | ) | ||||
| Weighted-average shares used to compute basic and diluted net loss per common share | 21,520,798 | 20,086,479 | 21,420,883 | 7,218,915 |
(A Development Stage Company)
CONSOLIDATED BALANCE SHEET DATA
| December 31, 2010 | December 31, 2009 | |||||||
| (unaudited) | ||||||||
| Cash and cash equivalents and short-term investments | $ | 41,993 | $ | 60,305 | ||||
| Total assets | 45,704 | 62,062 | ||||||
| Total notes payable | 9,755 | 12,758 | ||||||
| Total current liabilities | 15,874 | 11,090 | ||||||
| Deficit accumulated during the development stage | (147,587 | ) | (118,336 | ) | ||||
| Total shareholders equity | 20,470 | 43,145 |