Omeros Stock Lifted By Positive Phase 2 Clinical Data

Omeros Corporation OMER reported positive initial results for its Phase 2 trial of OMS721, a complement inhibitor for renal diseases.

Cantor Fitzgerald’s Elemer Piros reiterated a Buy rating on the company, with a price target of $21.

Effective Candidate

“In two out of the three nephropathy conditions tested, there are encouraging signals of efficacy for OMS721,” Piros mentioned.

So far, no drug has been approved and no product has proven to work in steroid-dependent populations. The patients' tests had more than 1,000 mg protein in their urine and were heading for end-stage renal disease and transplant.

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The Phase 2 study results revealed that two “IgA nephropathy (IgAN) patients achieved significant decreases in urine albumin-to-creatinine ratio (uACR)” at the end of treatment, with further decrease at the end of the follow up.

Unprecedented Results

In addition, a reduction in protein excretion was achieved in the patients, and Piros stated, “These patients achieved partial responses, or greater than 50 percent reduction in 24-hour urine protein excretion and/or protein excretion less than 1,000mg/day.”

Stating that the results were unprecedented, the analyst noted that these results highlighted a compelling potential opportunity in IgAN.

Additional data is expected at a kidney meeting in June 2017.

At last check, Omeros was up 21.93 percent in Monday's pre-market session, trading at $8.95.

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