Omeros Corporation (OMER) saw its loss narrow to $13.96 million, or $0.34 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $19.92 million, or $0.53 a share.
Revenue during the quarter surged 246.39 percent to $11.29 million from $3.26 million in the previous year period. Gross margin for the quarter expanded 426 basis points over the previous year period to 96.65 percent.
Operating loss for the quarter was $12.04 million, compared with an operating loss of $19.30 million in the previous year period.
“Omeros’ achievements this quarter underscore the breadth and strength of our commercial and development programs,” said Gregory A. Demopulos, M.D., chairman and chief executive officer of Omeros. “OMIDRIA revenues have grown by double digits every quarter since launch, and we expect that growth to continue. We have expanded the indications for our late-stage complement inhibitor OMS721 beyond our Phase 3 program in aHUS and have recently reported positive data across four Phase 2 clinical trials in the hematologic, renal and addiction fields. With OMIDRIA revenues growing and the recent restructuring of our debt, we expect that we have the necessary funds to advance significantly the development of our robust pipeline.”
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