Omeros released their third quarter earnings results on Thursday November 10th. The summary of their financial condition is listed below.
* $26 million in cash, as of their earnings release on Thursday.
* The burn rate is approximately $4.5 million per month.
* $20 million in debt as of the third quarter with a fixed annual rate of 9.25%. All interest and principle is due by December 1, 2016.
* MLV - The company has an open agreement with MLV to sell an aggregate of up to $49.3 million. They sold 373,700 shares of common stock in October at the price of $13.29 per share raising $4.9 million leaving $44.4 million available for future funding.
* Omer has approximately 38 million shares including stock options and warrants.
* The company believes that with the cash on hand, approximately $26 million and the avenues to other financing such as the MLV agreement, the company has enough for at least the next 12 months.
Commercialization:
The FDA has accepted their application for OMS302 and the company is planning the commercial launch for the second half of 2014, if approved mid 2014.
Bottom Line: Similar to other emerging biotechnology companies, financing is always a top priority with potential dilution of the shares. We continue to like the quality, the potential of the companies pipeline, and the management team. The stock will remain volatile in the near term, and we will use that volatility to add shares on weakness. Thank you for reading.
* $26 million in cash, as of their earnings release on Thursday.
* The burn rate is approximately $4.5 million per month.
* $20 million in debt as of the third quarter with a fixed annual rate of 9.25%. All interest and principle is due by December 1, 2016.
* MLV - The company has an open agreement with MLV to sell an aggregate of up to $49.3 million. They sold 373,700 shares of common stock in October at the price of $13.29 per share raising $4.9 million leaving $44.4 million available for future funding.
* Omer has approximately 38 million shares including stock options and warrants.
* The company believes that with the cash on hand, approximately $26 million and the avenues to other financing such as the MLV agreement, the company has enough for at least the next 12 months.
Commercialization:
The FDA has accepted their application for OMS302 and the company is planning the commercial launch for the second half of 2014, if approved mid 2014.
Bottom Line: Similar to other emerging biotechnology companies, financing is always a top priority with potential dilution of the shares. We continue to like the quality, the potential of the companies pipeline, and the management team. The stock will remain volatile in the near term, and we will use that volatility to add shares on weakness. Thank you for reading.
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