Proactive Investors - Run By Investors For Investors

Omeros stock rises on 4Q revenue of $22 million boosted by OMIDRIA eye solution

CEO Gregory A Demopulos said revenue was boosted by the biotech’s OMIDRIA irrigation eye solution used during cataract surgery
A woman undergoing an eye examination
The Seattle biopharma develops therapeutics to treat inflammation and central nervous system disorders

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.

READ: Omeros trial results show little difference between the effect of drug and placebo in kidney disease study

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]

Follow her on Twitter@UttaraProactive 

View full OMER profile View Profile

Omeros Timeline

Related Articles

Vial of pills
June 25 2018
Cosmos is a modern company, but the trade routes it relies on are ancient
October 17 2018
The biotech was founded by an investment group led by scientists and driven by a no-nonsense CEO whose stake is more than just business as usual
scientist in lab
December 20 2018
Data from Midatech's MTD201 drug has validated the company's Q-Sphera sustained release technology, and other, bigger players are starting to sit up and take note
Copyright ©, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use