Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares in Omeros Corp (NASDAQ:OMER) have surged after the company reported that all of the patients in its study evaluating narsoplimab, its treatment for COVID-19 patients with Acute Respiratory Distress Syndrome (ARDS), recovered, survived and were discharged from the hospital.
The company said that narsoplimab was associated with “rapid and sustained” improvement in patients.
Shares in Omeros skyrocketed after the news, up to $21.37, a 51.24% rise from Friday’s close of $14.13. It now puts the company back in the green for the year to date at +0.28%.
“We are excited by the results in Bergamo,” stated Gregory A. Demopulos, M.D., chairman and chief executive officer of Omeros. “The work at Papa Giovanni, for the first time, puts many of the COVID-19 pieces together – endothelial injury and the pathophysiology of COVID-19, complement activation and clinical evidence of the potential therapeutic role of the lectin pathway inhibitor narsoplimab in treating this disease. We look forward to being able to make narsoplimab broadly available to hospitalized COVID-19 patients.”
According to the company’s press release, it is in discussions with the Department of Health and Human Services regarding the potential funding to accelerate large scale manufacturing to provide more extensive availability of the drug for patients and other programs.
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