Omeros stock slides based on kidney disease data

USA-based Omeros Corporation (Nasdaq: OMER) called its latest data on OMS721 in immunoglobulin A (IgA) nephropathy 'positive', a claim belied by the reaction of the stock market.

Monday’s announcement was on additional data from a Phase II trial of the drug in patients with IgA nephropathy with high risk of progression who had not received corticosteroid treatment immediately prior to or during the study, unlike a cohort reported last year in which those involved were receiving steroid therapy.

For the nine evaluable patients, median reductions in proteinuria following the initial 12-week course of treatment were 18.4% and 18% for the OMS721 and placebo groups, respectively, a reduction that is not significant.