Payment was triggered by firm’s compound optimization activities.
Omeros was awarded $3.1 million in a second tranche of equity and grant funding from The Stanley Medical Research Institute (SMRI) to support late-stage preclinical development of its schizophrenia drug candidates. The funds serve as a milestone payment to Omeros for having successfully met preclinical compound optimization criteria.
Omeros’ schizophrenia product candidates inhibit the phosphodiesterase 10 (PDE10) enzyme. “We believe that our program could provide product candidates that have benefits not offered by existing antipsychotics and we are working to advance into clinical trials next year,” says Gregory A. Demopulos, M.D., chairman and CEO.
In December 2006, Omeros entered into an agreement with SMRI to develop its PDE10 inhibitors through Phase I trials. The $2.6 million first tranche of grant and equity funding was received at signing of the deal, and Omeros stands to earn another $3.3 million.