Shares of Omeros Corporation (NASDAQ:OMER) climbed Monday after it shared preliminary fourth-quarter results that showed revenue in the fourth quarter touched $22 million up from $4.6 million in the previous quarter.
The Seattle, Washington biotech’s revenue received a boost from sales of OMIDRIA, an irrigating eye solution used during cataract surgery or intraocular lens replacement.
Total and OMIDRIA revenues for the fourth quarter are expected to touch $22 million compared to $4.6 million in the third quarter and 13.8 million in the fourth quarter in the prior year.
The biotech's stock climbed nearly 6.9% to $12.88.
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The company noted that the increase reflects strong demand for OMIDRIA from ambulatory surgery centers and hospitals following reinstatement of pass-through reimbursement for OMIDRIA on October 1, 2018.
“We are very pleased that demand for OMIDRIA, in its first quarter of restored separate payment, has not only returned quickly to the levels experienced prior to the expiration of pass-through reimbursement but that quarterly revenue and sell-through results are already setting new high-water marks,” said Omeros Corporation CEO Gregory A Demopulos.
The company said there was “Increased utilization” through commercial insurance and Veterans Health Administration systems which boosted revenue.
“As expected, revenues from sales of OMIDRIA ramped up throughout the fourth quarter, and we look forward to continued revenue growth in 2019 as we prepare to commercialize OMS721 for the treatment of stem cell transplant-associated TMA,” said Demopulos.
OMS721 has received orphan drug designation from the US Food and Drug Administration for the treatment of hematopoietic stem cell transplant-associated thrombotic microangiopathy, considered a severe complication after cell transplantation. It is also a treatment for IgA Nephropathy, a kidney disease that occurs when an antibody called immunoglobulin A, or IgA, gets stuck in the kidneys and affects their ability to filter wastes from the blood.
Contact Uttara Choudhury at [email protected]