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ARTICLE | Clinical News

Omeros' OMS721 underwhelms in Phase II

October 2, 2018 11:38 PM UTC

Shares of Omeros Corp. (NASDAQ:OMER) regained some ground Tuesday a day after the stock tumbled on data from nine evaluable steroid-free patients with IgA nephropathy in a Phase II trial showing that once-weekly IV OMS721 for 12 weeks led to a 0.4% greater reduction in median proteinuria vs. placebo (18.4% vs. 18%). The company lost $10.45 (43%) to $13.96 on Monday, before adding $1.43 (10%) to $15.39 Tuesday. Omeros has lost $436.4 million in market cap since closing at $24.41 on Friday, before the data were announced.

The Phase II trial enrolled a cohort of 12 IgA nephropathy patients at high risk of progression who did not receive corticosteroid treatment for the three months prior to screening or during the study, and who were on a stable, optimized dose of an angiotensin-converting enzyme (ACE) inhibitor or angiotensin II receptor blocker. Omeros said one patient who received OMS721 whose proteinuria level remained elevated after the initial 12-week treatment course had a 67.8% reduction from baseline following an additional course of OMS721...

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