UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 12, 2010
OMEROS CORPORATION
(Exact name of registrant as specified in its charter)
| Washington | 001-34475 | 91-1663741 | ||
| (State or other jurisdiction of | (Commission File Number) | (IRS Employer | ||
| incorporation) | Identification No.) |
1420 Fifth Avenue, Suite 2600
Seattle, Washington 98101
(Address of principal executive offices, including zip code)
Seattle, Washington 98101
(Address of principal executive offices, including zip code)
(206) 676-5000
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operation and Financial Condition.
On May 12, 2010, Omeros Corporation issued a press release announcing financial results for
the three months ended March 31, 2010. A copy of such press release is furnished herewith as
Exhibit 99.1 and is incorporated herein by reference.
The information in this Current Report on Form 8-K, including the exhibit hereto, shall not be
deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended,
or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the
Securities Act of 1933, as amended. The information contained herein and in the accompanying
exhibit shall not be incorporated by reference into any filing with the United States Securities
and Exchange Commission made by Omeros, whether made before or after the date hereof, regardless of
any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit | ||
| Number | Description | |
99.1
|
Press release dated May 12, 2010 relating to Omeros’ financial results for the three months ended March 31, 2010. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| OMEROS CORPORATION |
||||
| By: | /s/ Gregory A. Demopulos | |||
| Gregory A. Demopulos, M.D. | ||||
| President, Chief Executive Officer and Chairman of the Board of Directors | ||||
Date: May 12, 2010
EXHIBIT INDEX
| Exhibit | ||
| Number | Description | |
99.1
|
Press release dated May 12, 2010 relating to Omeros’ financial results for the three months ended March 31, 2010. |
Exhibit 99.1
OMEROS REPORTS FIRST QUARTER 2010 FINANCIAL RESULTS
Seattle, WA — May 12, 2010 — Omeros Corporation (NASDAQ: OMER), a biopharmaceutical company
committed to discovering, developing and commercializing products focused on inflammation and
disorders of the central nervous system, today announced financial results for the first quarter
ended March 31, 2010.
Total operating expenses for the three months ended March 31, 2010 were $6.8 million compared to
$5.4 million for the same period in 2009. The increase in operating expenses was primarily due to
higher contract service and consulting costs associated with several of the Company’s clinical and
preclinical programs as well as increased costs associated with being a public company. In
addition, the operating expenses for the first quarter of 2010 included Omeros’ agreement to pay
Affitech $500,000 for the release of any future milestone or royalty obligations under our MASP-2
antibody development agreement.
For the first quarter ended March 31, 2010, Omeros reported a net loss of $6.7 million, or $0.31
per share, compared to a net loss of $5.5 million, or $1.87 per share, for the same period in 2009.
At March 31, 2010, Omeros had cash, cash equivalents and short-term investments of $51.1 million.
“During the quarter, we continued to advance our PharmacoSurgery™ pipeline of clinical-stage
products and reported Phase 2 study results demonstrating clinically meaningful and statistically
significant benefits using OMS103HP in patients undergoing arthroscopic meniscectomy surgery,” said
Gregory A. Demopulos, M.D., chairman and chief executive officer of Omeros. “Moving forward, we
plan to report results from our OMS103HP Phase 3 ACL program and our Addiction Phase 2 trial later
this year, and in mid-2010 we expect to complete our Phase 1/Phase 2 trial of OMS201 in patients
undergoing urological surgery as well as initiate another Phase 2 trial for our ophthalmologic
product, OMS302. We also expect this quarter to “unlock” the first of potentially many orphan
GPCRs, opening them to drug development by the pharmaceutical industry.”
For a corporate update, a replay of last week’s webcast of Dr. Demopulos’ presentation at the
Deutsche Bank 35th Annual Healthcare Conference can be accessed on the “Events” page of
the Company’s website at http://www.omeros.com. Given this recent update, the Company will not host
a conference call to discuss its first quarter 2010 results.
About Omeros Corporation
Omeros is a clinical-stage biopharmaceutical company committed to discovering, developing and
commercializing products focused on inflammation and disorders of the central nervous system. The
Company’s most clinically advanced product candidates are derived from its proprietary
PharmacoSurgery™ platform designed to improve clinical outcomes of patients undergoing a wide range
of surgical and medical procedures. Omeros has five ongoing clinical development programs,
including
four from its PharmacoSurgery™ platform and one from its Addiction program, the most advanced of
which is in Phase 3 clinical trials. Omeros may also have the near-term capability, through its
GPCR program, to add an unprecedented number of wholly new drug targets to the market. Behind its
clinical candidates and GPCR platform, Omeros is building a diverse pipeline of antibody and
small-molecule preclinical programs targeting inflammation and central nervous system disorders.
Forward-Looking Statements
This press release contains forward-looking statements as defined within the Private Securities
Litigation Reform Act of 1995, which are subject to the “safe harbor” created by those sections.
These statements include, but are not limited to, statements regarding the Company’s ability to
announce the results from its OMS103HP Phase 3 ACL program and Addiction Phase 2 trial later this
year, its ability to complete its Phase 1/Phase 2 trial of OMS201 as well as initiate another Phase
2 trial of OMS302 in mid-2010, and its ability to “unlock” one or more orphan GPCRs during the
current quarter. Forward-looking statements are based on management’s beliefs and assumptions and
on information available to management only as of the date of this press release. Omeros’ actual
results could differ materially from those anticipated in these forward-looking statements for many
reasons, including, without limitation, the risks, uncertainties and other factors described under
the heading “Risk Factors” in the Company’s Quarterly Report on Form 10-Q filed with the Securities
and Exchange Commission on May 12, 2010. Given these risks, uncertainties and other factors, you
should not place undue reliance on these forward-looking statements, and the Company assumes no
obligation to update these forward-looking statements publicly, even if new information becomes
available in the future.
Contact:
Jennifer Cook Williams
Cook Williams Communications, Inc.
Investor and Media Relations
360.668.3701
jennifer@cwcomm.org
Jennifer Cook Williams
Cook Williams Communications, Inc.
Investor and Media Relations
360.668.3701
jennifer@cwcomm.org
OMEROS CORPORATION
(A Development Stage Company)
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(unaudited)
(A Development Stage Company)
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(unaudited)
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2010 | 2009 | |||||||
Grant revenue |
$ | 378 | $ | 197 | ||||
Operating expenses: |
||||||||
Research and development |
5,082 | 4,022 | ||||||
General and administrative |
1,721 | 1,410 | ||||||
Total operating expenses |
6,803 | 5,432 | ||||||
Loss from operations |
(6,425 | ) | (5,235 | ) | ||||
Investment income |
17 | 81 | ||||||
Interest expense |
(452 | ) | (590 | ) | ||||
Other income (expense), net |
199 | 262 | ||||||
Net loss |
$ | (6,661 | ) | $ | (5,482 | ) | ||
Basic and diluted net loss per common share |
$ | (0.31 | ) | $ | (1.87 | ) | ||
Weighted-average shares used to compute
basic and diluted net loss per common share |
21,293,895 | 2,929,103 | ||||||
OMEROS CORPORATION
(A Development Stage Company)
CONSOLIDATED BALANCE SHEET DATA
(In thousands)
(A Development Stage Company)
CONSOLIDATED BALANCE SHEET DATA
(In thousands)
| March 31, | December 31, | |||||||
| 2010 | 2009 | |||||||
| (unaudited) | ||||||||
Cash and cash equivalents and short-term investments |
$ | 51,073 | $ | 60,305 | ||||
Total assets |
53,486 | 62,062 | ||||||
Total notes payable |
11,480 | 12,758 | ||||||
Total current liabilities |
10,122 | 11,090 | ||||||
Deficit accumulated during the development stage |
(124,997 | ) | (118,336 | ) | ||||
Total shareholders’ equity |
36,988 | 43,145 | ||||||