Ebb & Flow

The pair of life sciences companies on IPO road shows may give investors and other companies clues on the opening of an IPO window. Profitable plasma-derived protein company Talecris Biotherapeutics Inc. may price this week, while Phase III pharmacosurgery play Omeros Corp. is looking to get out early in October.

Omeros is the first development stage company to test the waters, with a tentative IPO date around Oct. 8. The company has three clinical candidates, all of which are combinations of generics for use as additives to standard surgical irrigation solutions.

Omeros recently updated its S1 to sell 6.8 million shares at $10-$12. An $11 price would raise $75 million and value the company at $234.2 million. In January 2008, the company filed to raise up to $115 million (see "Tracking Omeros").

Its OMS103HP is in Phase III testing to improve postoperative joint function and reduce pain following arthroscopic anterior cruciate ligament (ACL) reconstruction surgery. The compound is a combination of ketoprofen, amitriptyline and oxymetazoline added to standard arthroscopic irrigation solution.

VP of Clinical Development Stephen Murray said the company has almost completed enrollment. The company expects to submit an NDA under section 505(b)(2) of the Food, Drug and Cosmetic Act in 2H10.

Next half, Omeros anticipates Phase II data in patients undergoing meniscectomy surgery.

Ophthalmology compound OMS302 is in Phase II trials and urology candidate OMS201 is in Phase I/II trials.

On the company's road show, co-founder, Chairman, President, CEO and CMO Gregory Demopulos said Omeros has issued patents covering delivery to a site during surgery of proprietary or generic agents. These expire in December 2014. However, pending patents could extend patent life to 2019 for OMS103HP; to 2023 for OMS302; and to 2026 for OMS201.

At June 30, Omeros had $10.4 million in cash and a 1H09 operating loss of $10.9 million. The company also has borrowed $17 million under a $20 million debt facility from BlueCrest Capital Finance. To June 30, Omeros had spent $109 million

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