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Omeros Shares Fall Over 40% On Renal Disease Trial Results

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Omeros Shares Fall Over 40% On Renal Disease Trial Results

Biopharma Omeros Corporation (NASDAQ: OMER) released additional data Monday from the company’s OMS721 clinical trial in renal disease. 

What Happened

Omeros shares were down 42.81 percent at $13.96 at the close monday. 

The Phase 2 trial measured protein levels in the urine of nine patients to detect kidney function, according to Omeros. 

The median reduction after 12 weeks of the trial was roughly 18.4 percent versus an 18-percent reduction in the placebo group, the company said.  

“We now have results of treatment with OMS721 in IgA nephropathy patients both with and without concomitant steroid therapy,” said Jonathan Barratt, a professor of renal medicine at the University of Leicester. “Notably, the current study’s patients are at very high risk of progressive renal disease and generally have long-standing, established disease with multiple comorbidities, representing a difficult-to-treat population.”

Why It’s Important

Based on clinical updates from 2017, patients had demonstrated reductions as low as 14 percent, 23 percent and 24 percent, compared to median reductions of 55.7 percent in the most recent study.

Omeros shares fell more than 40 percent Monday on top of a 26-percent drop in the last three months.

What’s Next

No treatments are approved for IgA nephropathy, accoridng to Omeros. 

“Given these results, we are exploring ways to streamline our active Phase 3 development program in IgA nephropathy," the company said in Monday's announcement. 

Related Links:

Omeros Spikes 37% Amid Favorable Medicare Policy In Congressional Spending Bill

Omeros Elevated By Medicare Reimbursement And OMS721 Progress, Says Maxim

Posted-In: biopharmaceuticals clinical trialBiotech Movers General Best of Benzinga

 

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