Omeros Corporation (NASDAQ: OMER) is having an incredibly strong day in today’s trading session and for good reason. The company was just granted breakthrough therapy designation with regard to a key treatment candidate. As a result, investor excitement ensued, leading to gains in the stock and prompting our partners at Trade Ideas to alert us to the movement. At the moment (11:51), OMER is trading at $18.07 per share after a gain of $0.97 per share (5.67%) thus far today.
OMER Receives Breakthrough Therapy Designation
As mentioned above, Omeros Corporation is having a strong time in the market at the moment after the United States Food and Drug Administration granted breakthrough therapy designation. The designation was granted to OMS721 for the treatment of Immunoglobulin A, also known as IgA, nephropathy.
The breakthrough therapy designation was granted to OMER based on the solid data surrounding the Phase 2 clinical trial of OMS721. The data was presented at the 54th European Renal Association-European Dialysis and Transplant Association Congress in Madrid.
The clinical data that was released surrounding OMS721 proved an unprecedented improvement in proteinuria following only 12 weeks of treatment. This came with a 77% mean reduction in urine albumin-to-creatinine ratios and a 73% mean reduction in 24-hour urine protein levels.
The breakthrough therapy designation is overwhelmingly positive news for OMER. As a result of the designation, the company will enjoy expedited development and review of the candidate. In a statement, Gregory A. Demopulos, M.D., Chairman and CEO at OMER, had the following to offer:
“We are pleased that FDA has granted breakthrough designation to OMS721 for IgA nephropathy and appreciate the Agency’s recognition of the potential importance of OMS721 in the treatment of this disease… OMS721 appears to be helping IgA nephropathy patients with a rapidity and magnitude not previously seen with any other therapy, and we look forward to working closely with the FDA to accelerate its development.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on OMER. In particular, we’re interested in following the company through the ongoing development of OMS721 and are excited for the progress the company has made and will make ahead. We’ll continue to follow the story closely and bring the news to you as it breaks!
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