) reported second quarter 2013 loss of 48 cents per share, wider
than the Zacks Consensus Estimate of a loss of 40 cents per share
and the year-ago loss of 38 cents per share.
The company's revenue for the second quarter of 2013 declined to
$0.1 million from $1.5 million in the year-ago period. The
decline was attributable to lower collaboration revenues. The
Zacks Consensus Estimate stood at $1 million for the second
quarter of 2013.
Operating expenses increased 36.1% to $13.3 million in the second
quarter of 2013 primarily due to rent expenses, stock-based
compensation and investment in pipeline. In the second quarter of
2013, Research and development expenses were $9.6 million, up
26.5%. Selling, general and administrative expenses increased
68.9% to $3.7 million.
Omeros made significant progress with respect to its pipeline in
the second quarter of 2013. The company submitted the New Drug
Application to the U.S. Food and Drug Administration for OMS302.
The company is looking to get the candidate approved for
maintaining intraoperative mydriasis (pupil dilation), preventing
surgically induced miosis (pupil constriction) and reducing
postoperative pain and irritation due to intraocular lens
replacement (ILR) surgery, including cataract surgery and
refractive lens exchange.
The company plans to submit the Marketing Authorization
Application to the European Medicines Agency for the use of
OMS302 in the above mentioned indications, shortly. Omeros
expects OMS302 to reach the markets in 2014.
Currently, the ophthalmology market is dominated by players like
Apart from OMS302, other interesting candidates in Omeros'
pipeline include OMS824 and OMS721. OMS824 is Omeros' lead
compound in its phosphodiesterase 10 (PDE10) program. The company
plans to initiate phase II studies on OMS824 for treating
patients suffering from Huntington's disease and for
schizophrenia by 2013 end.
OMS721 will be primarily developed for the treatment of atypical
hemolytic uremic syndrome, a rare but life-threatening form of
thrombotic microangiopathy. Omeros initiated a phase I study on
the candidate in Jul 2013.
Omeros, a biopharmaceutical company, currently carries a Zacks
Rank #3 (Hold). Other biopharma stocks such as
) currently look more attractive. The stocks carries a Zacks Rank
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