Omeros Corporation (NASDAQ: OMER), a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing products targeting inflammation, coagulopathies and disorders of the central nervous system, today announced its financial results for the third quarter of 2011.
Total operating expenses for the quarter ended September 30, 2011 were $7.2 million compared to $7.7 million for the same period in 2010. The decrease in operating expenses primarily relates to reduced clinical trial and general and administrative expenses. For the quarter ended September 30, 2011, Omeros reported a net loss of $6.5 million, or $0.29 per share, compared to a net loss of $7.6 million, or $0.35 per share, for the same period in 2010. At September 30, 2011, Omeros had cash, cash equivalents and short-term investments of $32.9 million.
"During the last quarter, we continued to advance our co-lead products, OMS103HP for arthroscopy and OMS302 for intra-ocular lens replacement surgery, through Phase 3 clinical programs," said Gregory A. Demopulos, M.D., chairman and chief executive officer of Omeros. "We are currently enrolling patients in both of these Phase 3 programs and plan to report data next year – OMS302 in the first quarter and OMS103HP in mid-year. We also made significant progress in the rest of our pipeline – PDE10, PDE7, MASP-2 and our anti-plasmin programs are all advancing to the clinic, and our GPCR platform continued its success, finding functional compounds for four additional orphan receptors."
Third Quarter Highlights