Why Omeros Corporation Stock Is Skyrocketing Today
Shares of Omeros Corporation (NASDAQ: OMER) skyrocketed 40.5% higher as of 11:12 a.m. ET on Monday. The huge gain came after the company announced that Rayner Surgical paid a $200 million milestone payment. This payment is related to Omeros' sale of its ophthalmology product Omidria to Rayner in December 2021.
Omeros received an upfront payment of $125 million with the sale of Omidria. However, the agreement included a commercial milestone payment of $200 million. That commercial milestone was met in late December 2022.
Omeros had around $195 million available to fund its operations at the end of 2022. The $200 million payment from Rayner puts the company in a much stronger financial position. Omeros chairman and CEO Gregory Demopulos said that the milestone payment should fund operations "well into at least 2025."
Source Fool.com
