Omeros Corporation Announces it Q3 Financial Results

Biopharmaceutical company Omeros (NASDAQ: OMER) has announced its financial results from the third quarter of 2015.
According to the press release, some highlights include:

• Omidria^® (phenylephrine and ketorolac injection) 1% / 0.3% units shipped by wholesalers (“sell-through”) during Q3 increased 71% from prior quarter with no change to net revenue per vial sold from prior quarter
• Revenues of $3.3 million, $3.2 million of which resulted from net product sales of Omidria with minimal quarter-end wholesaler inventory levels
• Net loss of $19.9 million, or $0.53 per share, which included $2.7 million ($0.07 per share) of non-cash expenses for the three months ended September 30, 2015
• Converting Omidria sales force from a contracted to an in-house organization
• Received Fast Track Designation from FDA for OMS721 in the treatment of aHUS and reported additional positive data in the OMS721 Phase 2 clinical trial in patients with thrombotic microangiopathies (TMAs)
• Positive data in a patient with hematopoietic stem cell transplant-related TMA treated with OMS721; currently expanding clinical trials to include IgA nephropathy and other complement-related renal disorders
• Resuming previously suspended OMS824 Huntington’s clinical program following review of submitted data by and authorization from FDA

“The clinical acceptance of Omidria is strong and, throughout the third quarter, we continue to expand broadly reimbursement for Omidria across both government and commercial payers,” said Gregory A. Demopulos, M.D., chairman and chief executive officer of Omeros. “With the fourth-quarter introduction of OMIDRIAssure^™, we have now expanded access to all cataract surgery patients and have ensured that physicians and facilities can provide the benefits of Omidria to their patients without coverage or reimbursement concerns. Quarterly and monthly unit-sales growth rates are high and that trend has continued into the fourth quarter, with Omidria sales revenue now more than covering Omidria-related sales, marketing and manufacturing costs and providing funding for pipeline development. OMS721 has continued to generate positive data in the Phase 2 TMA program, and we are expanding clinical indications beginning with IgA nephropathy and then moving to additional lectin-mediated disorders. With Omidria sales increasing, the OMS721 program expanding, OMS824 headed back to the clinic and the rest of the pipeline advancing, the rest of this year and 2016 promise to be exciting.”

Click here to read the full press release.