Omeros Corporation (OMER) stock surged 11.00% in the current-market trading session at the price of $7.57 after it had signed a deal to sell OMIDRIA to Rayner Surgical Group Limited.
OMER is a commercial-stage biopharmaceutical firm. The company explores, produces, and commercializes protein therapeutics and small molecules that target immunologic diseases.
OMER Signed Agreement to Sell OMIDRIA
On 2nd December 2021, OMER announced that it had signed a definitive deal to sell OMIDRIA to Rayner Surgical Group Limited. The transaction includes an upfront payment of $125 million with an additional commercial milestone payment of $200 million. The transaction is expected to close on 31st December 2021 and is subject to customary closing conditions.
As per the deal, Rayner will pay Omeros royalties on the U.S. net sales of OMIDRIA. Omeros Corporation will receive a 15% royalty rate on OMIDRIA net sales on a country-by-country basis.
OMER Third Quarter 2021 Financial Results
On 9th November 2021, OMER announced its financial results for the third quarter ended on 30th September 2021. The company has also provided its recent business highlights.
Financial Summary
OMER calculated revenue of $30.0 million for the third quarter ended 30th September 2021. It represents a gain of $1.2 million, or 4.1%, from $28.8 million for the second quarter of 2021. The increase in the third quarter of 2021 reflects growth in the sales of OMIDRIA.
For the third quarter of 2021, OMER reported a net loss of $22.7 million, or per share of $0.36. It includes $6.4 million in non-cash expenses. Net loss totaled $28.6 million, or per share of $0.46, for the second quarter ended 30th June 2021. On 30th September 2021, the company reported cash, cash equivalents, and short-term investments of approximately $50.4 million.
For the third quarter ended 30th September 2021, OMER’s expenses were $48.3 million. The company reported total costs of $52.8 million for the previous quarter ended on 30th June 2021. Lower charges during the third quarter resulted from less preclinical research and development expenses.
