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Omeros Corporation Message Board

  • pick1998_2 pick1998_2 Mar 14, 2012 9:41 AM Flag

    OMER has run out of cash

    Based on Nov PR, 3Q11 it has $32M cash. It burned about $8M per quarter. Assume $10M 4Q11 and $12M 1Q12 because of more clinical trials, there will be only $10M left, only one quarter cash.

    We should see offering sooner than later!

    It is another pump and dump scheme.

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    • You have you raised a valid point but it looks like Omeros has locked in $40 million by selling stock to Azimuth. So we might expect dilution of up to 4 million shares (20%) over the next 1.5 years. So it might not be "pump and dump."

      In May 2011, we entered into an equity line financing facility with Azimuth Opportunity, Ltd., or Azimuth, pursuant to which we may sell up to $40.0
      million of our shares of common stock over a 24-month term. From time to time over the 24-month term, and in our sole discretion, we may present Azimuth
      with draw down notices requiring Azimuth to purchase a specified dollar amount of shares of our common stock, based on the volume-weighted average price
      per share on each of 10 consecutive trading days, or the draw down period, with the total dollar amount of each draw down subject to certain agreed-upon
      limitations based on the market price of our common stock at the time of the draw down. The purchase price for these shares equals the daily volumeweighted
      average price of our common stock on each date during the draw down period on which shares are purchased, less a discount ranging from 3.00% to
      6.00%, based on a minimum price that we specify. In addition, in our sole discretion, but subject to certain limitations, we may require Azimuth to purchase a
      percentage of the daily trading volume of our common stock for each trading day during the draw down
      Table of Contents
      period. We are allowed to present Azimuth with up to 24 draw down notices during the 24-month term, with only one such draw down notice allowed per
      draw down period and a minimum of five trading days required between each draw down period. We may not issue more than 4,427,562 shares in connection
      with the committed equity line financing facility, although this limitation does not apply if the average purchase price of all shares issued to Azimuth, taking
      into account all discounts, equals or exceed $5.02 per share, which amount is subject to adjustment in certain circumstances specified in the facility. We have
      not drawn funds under this facility.

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