Seattle-based Omeros Corp. (Nasdaq: OMER) provided new numbers around Omidria sales in its second quarter 2022 financial results, released Tuesday.
Omeros in December sold Omidria, a drug that prevents excessive pupil constriction during cataract surgery, to the British eye care company Rayner Surgical Group Ltd. in a deal the companies project is worth more than $1 billion. During the second quarter, Omidria generated $34.5 million in net sales, making Omeros' 50% royalty fee worth $17.2 million for the quarter.
"We continue to work closely with Rayner to ensure a smooth transition of the product, the teams and all operations with minimal disruption to customers," Greg Demopulos, Omeros' CEO, said on a call with investors. "The transition has gone well and we expect to complete it this quarter. We're encouraged by the quarter-over-quarter growth in Omidria sales."
Rayner's net sales of Omidria last quarter were all in the U.S. and represent a new quarterly high for Omidria sales, according to Omeros, which generated $28.8 million in Omidria sales during the second quarter of last year.
Omeros received roughly $126 million in cash upfront for the Omidria sale. In addition to royalty payments, which include sales both within and outside the U.S., Omeros can also receive a commercial milestone payment of $200 million. Omeros also kept the full amount in its accounts receivable.
Omeros, founded in 1994, is developing treatments aimed at cancer, opioid and nicotine addiction, and compulsive disorders. The company also has a drug called Narsoplimab that is designed to prevent inflammation and damage to the membranes that line the heart and blood vessels. Narsoplimab is in phase 3 clinical trials for multiple uses and phase 2 clinical trials to help treat the autoimmune disease lupus nephritis.
Rayner, meanwhile, was founded in 1910 and is headquartered in Worthing, England. The Omidria sale went to Rayner Surgical Group Inc., the company's New York-based U.S. subsidiary it established in 2017.
On the call with investors, Demopulos said that although he couldn't speak for Rayner, he said it is considering expanding its Omidria sales force.
"The sales force that Rayner has is the sales force that was within Omeros selling Omidria," Demopulos said on the call. "This is a group that's really outstanding at selling Omidria."
