Omeros Corporation (OMER) Rockets on Positive Phase 2 Test Data
Shares of Seattle, Washington, based Omeros Corporation (OMER) rose dramatically on Tuesday, against the backrop of a down day in stocks overall. Omeros stock was up 72.03%, rising $10.48 per share, to close at $25.03, on volume of 32,518,858 shares. The company reported additional positive data from the Phase 2 study of its thrombotic microangiopathies therapy.
Founded in 1994, Omeros Corporation is a clinical stage biopharmaceutical company, engaged in the discovering, developing and commercializing products targeting inflammation, coagulopathies and disorders of the central nervous system.
Omeros announced its additional positive data in the Phase 2 clinical trials of its OMS7521 product on Tuesday. The therapy is intended for the treadtment of thrombotic microangiopathies, or TMA. Data from the first (low-dose) cohort were released on February 19, 2015. In the most recent tests the company is releasing data from its second (mid-dose) cohort and data to date from its third (high-dose) cohort.
Thrombotic microangiopathies are a family of life-threatening clotting disorders. They are characterized by clumps of aggregated platelets in small blood vessels - mostly in the kidneys and brain - that lead to below-normal platelet counts and cause red blood cells to fragment. Omeros' OMS721 is the company's leading human monoclonal antibody treatment candidate. The recent test results revealed that two patients showed a 47% increase in mean platelet counts in conjunction with an 86% decrease in fragmentation of red blood cells.
"We are excited by the data from this Phase 2 clinical trial with OMS721, both with respect to aHUS and TTP patients," said Gregory A. Demopulos M.D., chairman and chief executive officer of Omeros. "Based on clinical data, we expect that we can deliver OMS721 either subcutaneously or intravenously at a frequency and dose that are both convenient and comfortable for patients while effectively eliminating lectin-pathway activity. Compassionate use in aHUS patients has begun, and we look forward to advancing to the fixed-dose stage of the trial and discussing Phase 3 trial design with the FDA later this year."
Despite Tuesday's impressive share performance, Omeros' stock was down 41% year-to-date through Monday.
In other news, last week Omeros reported a loss on second quarter operations of $16.7 million, or $-0.44 per share. The loss came on revenue of $3.2 million for the quarter. This compares with a net loss of $18.0 million, or $-0.53 per share, for the second quarter of 2014. However, the company also reported that it had cash, cash equivalents and short-term investments of $51.4 million available as of June 30, 2015.
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