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Omeros Corporation (NASDAQ:OMER) shares were galloping higher Monday after the biopharma announced results from a compassionate use study of its lead investigational human monoclonal antibody.
What Happened: Seattle-based Omeros said its narsoplimab, when administered to six COVID-19 patients with Acute Respiratory Distress Syndrome who initially required mechanical ventilation, led to recovery, survival and discharge from the hospital.
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Mannan-binding lectin-associated serine protease-2, or MASP-2, binds the nucleocapsid protein of SARS-CoV-2 — the virus responsible for COVID-19 — resulting in complement activation and lung injury.
Narsoplimab targets MASP-2, alleviating symptoms of COVID-19, including ARDS and thrombotic events, according to Omeros.
Narsoplimab is being evaluated as a treatment option for hematopoietic stem cell transplant-associated thrombotic microangiopathy, or HSCT-TMA.
Rolling BLA submission is underway for the indication, Omeros said.
The study of narsoplimab in COVID-19 was initiated following a request from treating physicians at the Papa Giovanni XXIII Hospital in Bergamo, Italy, the company said.
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The uniformly successful outcomes of the study are impressive, Alessandro Rambaldi, head of the department of hematology and oncology at Papa Giovanni, said in a statement. Rambaldi also served as the lead investigator for the HSCT-TMA trial.
"Also of importance in this terribly sick population studied, the drug was well-tolerated, showing no adverse effects," Rambaldi said.
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What's Next: Omeros said a manuscript detailing the results of the study has been accepted for publication in the peer-reviewed journal Immunobiology.
OMER Price Action: At last check, Omeros shares were surging higher by 49.89% to $21.18.
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Attention Biotech Investors: Mark Your Calendar For August PDUFA Dates
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.