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Omeros Corporation Reports Fourth Quarter and Year-End 2010 Financial Results

Tue, 03/15/2011 - 4:35am
Bio-Medicine.Org

SEATTLE, March 15, 2011 /PRNewswire/ -- Omeros Corporation (Nasdaq: OMER), a biopharmaceutical company committed to discovering, developing and commercializing products focused on inflammation, bleeding and disorders of the central nervous system, today announced financial results for the fourth quarter and year ended December 31, 2010.

Financial ResultsTotal operating expenses for the three months ended December 31, 2010 were $9.5 million, compared to $5.7 million for the same period in 2009. Total operating expenses for the year ended December 31, 2010 were $32.2 million, compared to $22.2 million in 2009. The increase in operating expenses for the fourth quarter and year ended December 31, 2010 was primarily due to increased research and development expense related to the Company's Phase 3 clinical program evaluating OMS103HP in arthroscopic ACL reconstruction as well as its Phase 2b clinical trial evaluating OMS302 in patients undergoing cataract surgery. The increase was also due to expenses related to the advancement of Omeros' preclinical-stage pipeline and increased costs associated with being a public company.

For the fourth quarter ended December 31, 2010, Omeros reported a net loss of $7.2 million, or $0.34 per share, compared to a net loss of $5.6 million, or $0.28 per share, for the same period in 2009. For the year ended December 31, 2010, the Company reported a net loss of $29.3 million, or $1.37 per share, compared to a net loss of $21.1 million, or $2.92 per share, in 2009.

At December 31, 2010, Omeros had cash and cash equivalents and short-term investments of $42.0 million, compared with $60.3 million as of December 31, 2009.

"We have reported significant progress across our development programs in recent months, including obtaining substantial funding for our GPCR program, successfully completing a Phase 1/2 program evaluating our

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