Omeros Corporation (NASDAQ: OMER) is having a great start to the trading session early on this morning, and for good reason. The company has received a nod toward orphan drug designation in Europe with regard to a lead candidate in the it’s pipeline. Today, we’ll talk about:
- The orphan drug designation news;
- what we’re seeing from OMER as a result; and
- what we’ll be watching for ahead.
OMER Announces Orphan Drug Designation
As mentioned above, Omeros Corporation is having an incredibly strong start to the trading session this morning after announcing that it has received Orphan Drug Designation. In a press release issued early this morning, the company announced that the European Medicines Agency’s (EMA’s) Committee for Orphan Medicinal Products (COMP) issued a positive opinion surrounding OMS721. In fact, the COMP recommended orphan drug designation of OMS721 for the treatment of hematopoietic stem cell transplantation.
OMS721 is the lead human monoclonal antibody at OMER. The drug targets mannan-binding lectin-associated serine protease-2 (MASP-2). This is the effector enzyme of the lectin pathway of the complement system. At the moment, OMER is assessing the treatment in three Phase 2 clinical programs with indications including hematopoitic stem cell transplant-associated thrombotic microangiopathy (TMA), immunoglobulin A (IgA) nephropathy, and atypical hemolytic uremic syndrome (aHUS). The treatment has also bee granted orphan drug disgnation for the inhibition of complement-mediated TMA as well as breakthrough therapy designation for the treatment of stem cell-transplant patients who have persistent TMA dispite modifications of immunosuppressive therapy.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news causes moves. In the case of Omeros, the news proved to be overwhelmingly positive. After all, Orphan Drug Designation will improve the time frame with regard to bringing OMS721 to market in Europe. So, it comes as no surprise that excited investors are sending the stock screaming for the top. As is usually the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:43), OMER is trading at $21.18 per share after a gain of $1.00 per share or 4.98% thus far today.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on OMER. In particular, we’re interested in following the progress surrounding OMS721 as the treatment seems to be yielding overwhelmingly promising results and is gaining further validation from regulatory bodies in both the United States and Europe. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!