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Omeros Corporation Reports Third Quarter 2013 Financial Results
Date:11/7/2013

unprecedented number of orphan receptors, and our addiction and high-risk bleeding programs advanced toward the clinic. Following the close of the quarter, we added over $17 million to our balance sheet, positioning Omeros to execute on a series of value-driving milestones during the remainder of 2013 and well into 2014."

Third Quarter and Recent Highlights

  • Reported U.S. and European regulators had accepted Omeros' OMS302 marketing applications for review. OMS302, added to standard irrigation solution used during ophthalmological procedures, is Omeros' proprietary PharmacoSurgery® product designed to maintain intraoperative mydriasis, prevent miosis and reduce postoperative pain and irritation resulting from cataract and other lens replacement surgery. Omeros is preparing for a planned commercial launch of OMS302 in the second half of 2014.
  • Announced that Omeros entered into a settlement agreement with Carolina Casualty Insurance Company, or, CCIC, dated October 2, 2013, related to CCIC's defense of, and coverage obligations owed to, Omeros and its chief executive officer and chairman, Dr. Demopulos, in previously settled litigation with Omeros' former chief financial officer. The settlement included a release of each party's respective claims in the insurance coverage lawsuit and payment by CCIC of $12.5 million to Omeros, which was received on October 24, 2013.
  • Reported positive clinical data from its Phase 1 clinical program evaluating OMS824, the lead compound from its phosphodiesterase 10 (PDE10) program. OMS824 selectively inhibits PDE10, an enzyme expressed in areas of the brain linked to a wide range of diseases that affect cognition, including Huntington's disease and schizophrenia.  Omeros subsequently started a Phase 2 trial evaluating the drug in patients with schizophrenia and plans to start a Phase 2 trial in Huntington's disease in early 2014. OMS824 has received orphan drug designation from the
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