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Omeros reports $18.7 million net loss in first quarter

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Omeros reported a net loss of $18.7 million, or $0.51 per share, in the first quarter 2015 vs. a net loss of $16.6 million, or $0.54 per share, in the first quarter 2014, according to a press release.

The company had a controlled launch of Omidria (1% phenylephrine and 0.3% ketorolac injection) in the first quarter, which resulted in product revenue of $238,000. Grant revenue was $150,000 compared with $100,000 in the first quarter 2014.

Omidria was broadly launched in the U.S. in April.

Total costs and operating expenses were $18.3 million in the first quarter 2015 compared with $15.8 million in the first quarter of the previous year. The increase was attributed to the initiation of sales and marketing for the launch of Omidria, the release said.

Omeros received net proceeds of approximately $79.1 million after closing equity financing.