Omeros Corporation (NASDAQ:OMER) announced that the European Commission (EC) has granted marketing authorization for Omidria (phenylephrine and ketorolac injection) 1% / 0.3% in the European Union (EU) for use in cataract surgery and lens replacement procedures to maintain mydriasis (pupil dilation), prevent miosis (pupil constriction), and to reduce postoperative eye pain. This approval allows for the marketing of Omidria in all EU member states plus Iceland, Lichtenstein, and Norway. Cataract surgery and lens replacement are among the most common surgical procedures worldwide, with approximately 3.9 million of them expected to be performed in Western Europe alone in 2015.
“European ophthalmic surgeons are excited by the approval of Omidria in the EU,” said Roberto Bellucci, MD, professor of ophthalmology at the University of Verona, Italy, director of the Ophthalmic Unit at the Hospital of Verona, and current president of the European Society for Cataract and Refractive Surgeons. “For the first time, we will have a product that provides consistent and predictable management of intraoperative miosis – a problem that can be challenging for surgeons. I expect that use of Omidria will translate into better outcomes for our patients and, together with the drug’s ability to reduce postoperative pain, will improve patient satisfaction following cataract surgery.”
Approval in the EU is based on the same clinical data that were the basis for the U.S. approval received from the U.S. Food and Drug Administration last year and follows the previously reported unanimous positive opinion by the European Medicines Agency’s Committee for Medicinal Products for Human Use. Decisions about price and reimbursement for Omidria occur on a country-by-country basis.
“We are pleased with the European Commission’s decision to allow commercialization of Omidria throughout the EU and other European countries,” stated Gregory A. Demopulos, M.D., chairman and chief executive officer of Omeros. “We have developed strong thought-leader support acrossEurope and, building on the growing success of Omidria in the U.S., we expect the product to be well received by European cataract surgeons.” (Original Source)
Shares of Omeros closed last Friday at $16.10. OMER has a 1-year high of $27.64 and a 1-year low of $11.18. The stock’s 50-day moving average is $18.40 and its 200-day moving average is $21.28.
On the ratings front, Omeros has been the subject of a number of recent research reports. In a report issued on July 23, Wedbush analyst Liana Moussatos reiterated a Buy rating on OMER, with a price target of $61, which implies an upside of 278.9% from current levels. Separately, on June 18, MLV & Co.’s Ram Selvaraju reiterated a Buy rating on the stock and has a price target of $38.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Liana Moussatos and Ram Selvaraju have a total average return of 27.8% and 10.1% respectively. Moussatos has a success rate of 48.7% and is ranked #48 out of 3724 analysts, while Selvaraju has a success rate of 46.7% and is ranked #492.
Omeros Corp is engaged in the discovery, development and commercialization of pharmaceutical products for inflammation, coagulopathies and disorders of the central nervous system.