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Omeros Corporation: Elucidating Formulary Expansion At The VA

Apr. 13, 2018 2:31 AM ETOmeros Corporation (OMER)5 Comments


  • Omnibus bill was passed to extend the reimbursement rate for Omidria. Omidria recently gained placement at the Veteran Affairs National Formulary to boost for the significant sales increase.
  • Credit facility amendment to deepen the cash position for further pipeline innovation.
  • Crown Jewel (OMS-721) is advancing aggressively with the earliest data reporting for the lupus nephritis franchise in December this year.

Live within your income and save so that you can invest. Learn what you need to learn. - Charlie Munger

Subsequent to the tumultuous trading due to the concerns re the Center for Medicare and Medicaid Services (“CMS”) pass-through expiration of Omidria, Omeros Corporation (NASDAQ:NASDAQ:OMER) is witnessing the light at the end of the tunnel. Several months prior, the stock traded as high as $27.09. Nevertheless, it lost most value in the past three months, as shares depreciated over 25%. As alluded, Omeros has been on a rallied lately with 34% appreciation in the past 4-week. Accordingly, the renewed optimism is backed by various catalyst in developments. In this research, we’ll elucidate the latest event - Omidria’s addition to the Veteran Administration (“VA”) formulary - and to reaffirm the overall investing thesis in this highly promising grower.

Figure 1: Omeros stock chart. (Source: StockCharts).

Fundamental Analysis

Operating out of Seattle WA, Omeros is focused on the innovation and launch of medicines to manage inflammation, complement-mediated diseases, and central nervous system disorder (as presented in figure 2). We noted in the previous research,

Omidria (phenylephrine and ketorolac 1%/0.3%) is an approved medicine to maintain pupil size during cataract surgery and to reduce postoperative pain. There was a recent controversy that Omeros will falter due to the loss of the pass-through status that, in and of itself, enables surgeons to charge $492 (on top of the $992 standard reimbursement for the said procedure). Consequently, the stock lost roughly half of its value due to such concerns. Shareholders who did not sell out have been enjoying a drastic comeback. As alluded, the underlying catalyst for the share price appreciation is the approval of the Omnibus bill that granted the two-year extension of the pass-through status reimbursement for Omidria by CMS.

Figure 2: Therapeutic pipeline (Source:

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