Omeros Corporation (OMER) saw its loss narrow to $15.09 million, or $0.34 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $20.54 million, or $0.54 a share.
Revenue during the quarter surged 65.21 percent to $12.26 million from $7.42 million in the previous year period. Gross margin for the quarter expanded 220 basis points over the previous year period to 97.79 percent.
Operating loss for the quarter was $12.72 million, compared with an operating loss of $19.45 million in the previous year period.
"The first quarter of 2017 was largely a story of progress for OMIDRIA and our MASP-2 inhibitor OMS721," said Gregory A. Demopulos, M.D., chairman and chief executive officer of Omeros. "Utilization of OMIDRIA continued its double-digit growth as ophthalmic surgeons increasingly recognize the drug’s clinical benefits, driving expansion across and within surgical facilities. We began the quarter with one OMS721 Phase 3 program in aHUS and are now poised to initiate two additional Phase 3 programs in IgA nephropathy and stem cell transplant-associated thrombotic microangiopathies. In addition, one part of our addiction franchise is in Phase 2, the other is expected to enter the clinic early next year and our GPCR program continues to break new ground. Collectively, these achievements and the related milestones that follow we expect bode well for the remainder of 2017 and beyond."
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
