The Stanley Medical Research Institute (SMRI) awarded Omeros $9 million to advance its schizophrenia program through the completion of Phase I trials. "The preclinical data for Omeros' drug candidate is the finest SMRI has seen in schizophrenia research in a long time," informs Michael B. Knable, executive director of SMRI.
The award will be in the form of equity and grant funding. "The Institute's decision to fund Omeros' schizophrenia program,” says Gregory A. Demopulos, M.D., chairman and CEO of Omeros, “validates the program's scientific and commercial potential. Our compound and its target hold real promise for significant improvement over existing therapeutics for schizophrenic patients."
Based on a systems biology approach, Omeros says that its patented lead product candidates are designed to act on multiple molecular targets at the site of delivery. The company believes this will improve the therapeutic benefit and minimize side effects.