Maxim Positive on Omeros' (OMER) Omidria, OMS721; Reaffirms at 'Buy'
Maxim reaffirms Omeros (Nasdaq: OMER) at 'Buy' following Q4 results and initiation of its Phase 3 OMS721 program for the treatment of atypical hemolytic uremic syndrome (aHUS).
Analyst Jason McCarthy noted the following points:
- Omidria's growth is welcome and we believe will build over time. The goal now is to see Omidria continue to gain traction and over time meaningful offset operating expenses as the company drives multiple programs forward, including the phase III pivotal study of OMS721. This is where we believe the most upside exists for the company.
- Going Pivotal in aHUS: OMS721, the company's lead monoclonal antibody (MAb) which targets MASP-2 (mannan-binding lectin-associated serine protease-2) in atypical hemolytic uremic syndrome (aHUS) has just started a pivotal program.
- Recall that OMS721 targets a specific arm of the complement system driven by MASP-2 (the lectin pathway) whereas Soliris targets more broadly downstream (C5). As such, OMS721 can block more pathways that drive the clotting cascade vs. Soliris and may be a more suitable therapy.
- The study design and path to approval will likely be similar to that of Soliris. Soliris evaluated 'hematological normalization' in two studies with a combined patient population of n=37.
- Conclusion. We are excited to see both Omidria building traction and OMS721 move into a pivotal study. OMS721 could be the next Soliris.
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