January 11, 2007

$9 Million For Development of New Schizophrenia Drug

Omeros Corporation announced today that the Stanley Medical Research Institute (SMRI) will provide up to $9 million in equity and grant funding toward the development of Omeros' proprietary drug candidate for the treatment of schizophrenia. The funding is expected to allow Omeros to move the schizophrenia program forward through the completion of Phase 1 clinical trials.

“We are pleased to be working with SMRI,” said Gregory A. Demopulos, M.D., chairman and CEO of Omeros. “The Institute’s decision to fund Omeros’ schizophrenia program validates the program’s scientific and commercial potential. Our compound and its target hold real promise for significant improvement over existing therapeutics for schizophrenic patients.”

Schizophrenia has a significant impact on global disease burden as a consequence of early adult onset and a significant sub-population (approximately two-thirds) of patients that experience continued symptoms despite treatment. The U.S. market for drugs to treat schizophrenia exceeds $10 billion annually. The problem is that none of the current therapies improve the cognitive deficit in schizophrenic patients, and almost all of these drugs have significant side effects.

“The preclinical data for Omeros’ drug candidate is the finest SMRI has seen in schizophrenia research in a long time,” said Michael B. Knable, D.O., Executive Director of SMRI. “Our mission at SMRI is to help bring the medical community new and better treatments for severe mental illness. With Omeros’ schizophrenia program, we believe that we have a good chance of doing that.”

The Stanley Medical Research Institute is based in Chevy Chase, Maryland, and has provided more than $200 million in funding since 1989.

For More Information, see the Omeros Web Site


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