Reuters: Global Markets: Omeros announces public offering of common stock

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Omeros announces public offering of common stock Jun 26th 2012, 22:10 Tue Jun 26, 2012 6:10pm EDT (Reuters) - Omeros Corp (OMER.O) said it intends to raise cash from a public offering of its common stock, in part to fund the clinical development of two drugs that are in late-stage trials. As of March 31, the company had $16.8 million in cash according to a regulatory filing. Omeros shares fell 15 percent in extended trade. They closed at $13.25 Tuesday on the Nasdaq. In March, Omeros reported positive results for the first of two late-stage trials for its eye dug OMS302, which is being developed to dilate pupils and relieve pain in patients undergoing lens replacement surgery. The Seattle-based biopharmaceutical company expects additional data from the first late-stage clinical trial for another drug OMS103HP, an experimental treatment for reducing pain in knee joint surgery patients, in the second half of 2012. The company said proceeds of the offering may also be used to fund research and development in Omeros' preclinical studies and clinical trials, capital expenditures, and for working capital. Omeros has six pre-clinical programs in the pipeline. Cowen and Company, and Deutsche Bank Securities Inc are acting as the joint book-running managers for the offering, Omeros said in a statement. (Reporting by Adithya Venkatesan in Bangalore; Editing by Anthony Kurian) Link this Share this Digg this Email Reprints

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