Why Omeros Stock Bolted Higher This Week
Shares of Omeros (NASDAQ: OMER) rose by a stately 69.9% through the first three and a half days of trading this week, according to data provided by S&P Global Market Intelligence. Shares of the commercial-stage biopharmaceutical company jumped this week in response to a $200 million milestone payment from Rayner Surgical.
The payment stems from Rayner's 2021 asset purchase agreement of Omidria, which is an ophthalmic irrigating solution used during cataract surgery or intraocular lens replacement. The drug generated U.S. net sales of $131 million in 2022, according to Omeros' press release.
This $200 million milestone pay should secure the biopharma's near-term financing requirements. Omeros, in fact, noted in the press release that its cash runway should now extend well into 2025 at a minimum.
Source Fool.com
