Omeros Corp OMER shares are trading lower by 47% to $1.20 during Monday's pre-market session. The company has provided an update on its Phase 3 trial (ARTEMIS-IGAN) evaluating narsoplimab for the treatment of IgA nephropathy, an immunologic disorder.
What Happened?
The trial aimed to reduce proteinuria in IgA nephropathy patients but did not show a statistically significant improvement compared to a placebo. As a result, Omeros will not seek approval for narsoplimab in this indication and will discontinue the ARTEMIS-IGAN trial.
The company plans to redirect funds to other programs, including OMS906, and is focused on resubmitting its application for narsoplimab in another medical condition.
The company says the drug has demonstrated good safety in this study. Omeros will discuss these results in a conference call today.
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According to data from Benzinga Pro, OMER has a 52-week high of $7.80 and a 52-week low of $1.74.
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