Omeros Closes $32 Million Debt Financing, Receiving $12.6 Million in New Funds
SEATTLE, March 5, 2014 /PRNewswire/ -- Omeros Corporation (NASDAQ: OMER) today announced that it has closed a senior credit facility with Oxford Finance and MidCap Financial, which is expected to fund later today. The new credit facility consists of a $32 million term loan, which requires interest-only payments through March 2015. Thereafter, monthly principal and interest payments will be due through the March 2018 maturity date. The company will use a portion of the loan proceeds to repay its obligations under its prior loan and security agreement with Oxford Finance and affiliates, and the remaining net proceeds of approximately $12.6 million will be used for general corporate purposes and working capital.
"This financing further strengthens our balance sheet at an attractive cost of capital," stated Gregory A. Demopulos, M.D., chairman and chief executive officer of Omeros. "We are pleased to extend our partnership with Oxford and to initiate a relationship with MidCap as we continue preparing for the planned U.S. commercial launch of Omidria™ in the second half of 2014, expanding our clinical programs and advancing our preclinical pipeline."
"Omeros has an impressive pipeline of product candidates to treat inflammation, coagulopathies and central nervous system disorders," said Christopher A. Herr, managing director for Oxford Finance. "We value our business relationship with Omeros, and we are pleased to provide additional capital to support the company's growth and the launch of its lead product, Omidria."
About Omeros Corporation
Omeros is a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing small-molecule and protein therapeutics targeting inflammation, coagulopathies and disorders of the central nervous system. Derived from its proprietary PharmacoSurgery® platform, the Company's lead drug product, Omidria (OMS302) for lens replacement surgery, is currently under review for marketing approval by both the US Food and Drug Administration and the European Medicines Agency with U.S. commercial launch planned for the second half 2014. Omeros' five other clinical programs are focused on schizophrenia, Huntington's disease and cognitive impairment; addictive and compulsive disorders; complement-related diseases; and preventing problems associated with surgical procedures. Omeros also has a proprietary GPCR platform, which is making available an unprecedented number of new GPCR drug targets and corresponding compounds to the pharmaceutical industry for drug development.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are subject to the "safe harbor" created by those sections for such statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as "anticipate," "believe," "could," "estimate," "expect," "goal," "intend," "look forward to", "may," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions. Forward-looking statements are based on management's beliefs and assumptions and on information available to management only as of the date of this press release. Omeros' actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including, without limitation, risks associated with Omeros' unproven preclinical and clinical development activities, regulatory oversight, product commercialization, intellectual property claims, and the risks, uncertainties and other factors described under the heading "Risk Factors" in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 7, 2013. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements, and the Company assumes no obligation to update these forward-looking statements, even if new information becomes available in the future.
SOURCE Omeros Corporation