UPDATE 2-Omeros gains as eye drug meets late-stage trial goal

Tue Mar 13, 2012 10:00am EDT

* Says drug maintains pupil dilation during lens replacement surgery

* Says drug reduces postoperative pain

* Plans to file for marketing approval in US, Europe in 2013

* Shares jump 30 percent to life high

March 13 (Reuters) - Omeros Corp said its experimental drug to dilate pupils and relieve pain in patients undergoing lens replacement surgery met the main goal of a late-stage trial, sending its shares to their life high on Tuesday morning.

The biopharmaceutical company's stock jumped as much as 30 percent to $9.91 in early trade, making it one of the top percentage gainers on the Nasdaq.

The company plans to start enrolling patients in a second late-stage trial of the drug, OMS302, early next month.

"We plan ... to submit marketing applications in both the United States and Europe in the first part of 2013," Omeros Chief Executive Gregory Demopulos said in a statement.

Omeros said the drug was found to effectively maintain pupil dilation during lens replacement surgery and reduce postoperative pain compared with a dummy drug.

The risk of injuring structures within the eye increases if pupil dilation is not maintained during the surgery, thereby prolonging operating time.

It added that OMS302 was well tolerated in the study and the incidence of adverse events were similar to the dummy drug.

Seattle-based Omeros is also developing its lead drug, OMS103HP, for arthroscopic knee surgery in a late-stage trial. It has six other pre-clinical programs in the pipeline.

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