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

FDA for the treatment of Huntington's disease.
  • Reported positive clinical data from its Phase 1 clinical trial of OMS721, the company's lead human monoclonal antibody targeting mannan-binding lectin-associated serine protease-2 (MASP-2), an important regulator of the lectin pathway of the immune system. A Phase 2 clinical program to evaluate OMS721 in the treatment of thrombotic microangiopathies (TMAs), a family of disorders that occurs in the microcirculation of the body's organs, most commonly the kidney and brain, is expected to begin enrollment in early 2014.
  • Announced that its proprietary Cellular Redistribution Assay technology had "unlocked" six additional Class A orphan G protein-coupled receptors (GPCRs) for drug development, bringing the total number of Class A orphan GPCRs "unlocked" by Omeros to 52. These six orphan GPCRs are linked to a series of important indications, including cardiovascular indications, certain types of cancer and Grave's disease. Omeros also announced that it had identified small molecules that interact with two non-orphan Class B GPCRs, the glucagon-like peptide 1 receptor (GLP-1R) and the parathyroid hormone 1 receptor (PTH-1R). Both of these receptors are established drug targets – GLP-1R for diabetes and PTH-1R for osteoporosis.
  • Financial ResultsTotal operating expenses for the quarter ended September 30, 2013 were $13.6 million and included non-cash expenses of $3.2 million related to rent expense and stock-based compensation. For the same period in 2012, total operating expenses were $14.5 million, which included non-cash rent and stock-based compensation expenses of $576,000.

    The decrease in total operating expenses for the quarter ended September 30, 2013 compared to the prior year quarter is primarily due to a litigation settlement expense of $3.95 million recorded in the same period in 2012, which was reimbursed by CCIC in the fourth quarter of 2012. For the quarter ended Septemb
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