Why Omeros (OMER) Shares Are Plunging Today - Omeros (NASDAQ:OMER)

Omeros Corp OMER reported results from the narsoplimab arm of the I-SPY COVID Trial, sponsored by Quantum Leap Healthcare Collaborative (QLHC).
Narsoplimab showed the largest reduction in mortality risk to date across all drugs reported from the I-SPY COVID Trial.
The company said that in approximately half of the patients died in the narsoplimab group, and narsoplimab was not given or was prematurely stopped, with those patients dying 9 to 35 days later.
Omeros adds that despite narsoplimab treatment exposure in a limited number of patients, a substantial efficacy signal was observed in reducing mortality risk for critically ill COVID-19 patients.
Narsoplimab did not shorten the time to recovery in critically ill COVID-19 patients.
The study did not identify any new safety signals for narsoplimab.
The company says a substantial imbalance in the consented population was detected, creating a statistically significant bias against the narsoplimab arm, rendering analysis of the consented population meaningless.
The I-SPY trial's data monitoring committee terminated the narsoplimab arm based on the biased analyses in the consented population before reaching the maximum of 125 patients.
To avoid similarly biased outcomes in future trial arms, QLHC subsequently revised the protocol for its I-SPY COVID Trial to obtain patient consent before randomization.
Price Action: OMER shares are down 27.46% at $3.91 on the last check Thursday.

Omeros COVID-19 Treatment Reduced Mortality Risk, But Biased Data Rendered Analysis Meaningless