) surged 18.2% on Oct 3, 2013 to close at $13.23, after reaching
a 52-week high of $13.29.
The surge came on the back of a settlement agreement with its
insurance carrier, Carolina Casualty Insurance Company (CCIC), on
a case filed in 2009. By Oct 25, 2013, CCIC will make a payment
of $12.5 million to Omeros for costs related to coverage
obligations to Omeros and its CEO and chairman, Gregory A.
Demopulos. The CEO will give his share of settlement funds to
We note that in 2009, former CFO Richard Klein, filed a
lawsuit against Omeros alleging wrongful termination. Omeros
denied these allegations. The former CFO used whistleblower
policy and informed the chairman of the company's audit committee
that Omeros had submitted grant reimbursement claims pertaining
to the G protein-coupled receptors (GPCR) program to the National
Institutes of Health (NIH).Omeros denied these allegations.
In Nov 2012, Omeros made a one-time payment of $3.94 million
to Klein to release all his claims, which included a claim for
payment of his attorneys' fees since 2009 incurred in connection
with the lawsuit.
Besides the settlement agreement, Omeros revealed information
on its pipeline progress. Later this year, Omeros expects to
provide more data on its candidates, OMS824 and OMS721.
Omeros believes that OMS302 will be available both in the U.S.
and the EU in 2014 subject to regulatory approval. We note that
regulatory authorities in the U.S. and the EU accepted the
marketing applications for OMS302 earlier this month.
Omeros currently carries a Zacks Rank #3 (Hold). Currently,
Lannett Company, Inc.
) look more attractive with a Zacks Rank #1 (Strong Buy).
ACTELION LTD (ALIOF): Get Free Report
LANNETT INC (LCI): Free Stock Analysis Report
OMEROS CORP (OMER): Free Stock Analysis
ROCHE HLDG LTD (RHHBY): Get Free Report
To read this article on Zacks.com click here.