The Omeros Corporation, one of Seattle’s biggest biotech companies, is looking to raise approximately $70 million in a follow-on public stock offering.
The company is offering 3 million shares at $22.75 per share. The funds will help the company continue development of OMS721, an antibody-based small molecule drug that is being studied as a treatment for immune system disorders. That drug is approaching the end of its clinical trials, and will likely be submitted to the FDA for approval soon, a process that the new funds will support.
The company also has a handful of other drugs in its pipeline, including ones aimed at treating Huntington’s, Schizophrenia and opioid and nicotine addictions. The company’s drugs all rely on its antibody-based science.
Its first drug on the market, Omidria, was approved in 2015 and is used in cataract and other eye surgeries.
Omeros was founded in Seattle in 1994 and went public in 2009. The company’s shares were trading at $24.61 prior to the announcement and fell to $22.74 as of the close of trading today.