IPO activity in the biotech arena continues to heat up with the news that Omeros filed to sell 6.8 million shares for up to $81.6 million. The money is promised for its mid- and late-stage drug programs and includes a budget to launch a drug currently in Phase III.
Just this week we've seen Talecris launch an IPO and tiny Anthera pushed ahead with plans to raise $70 million through an initial public offering. These are the first green shoots we've seen in the IPO market in two years, possibly presaging a revival of public offerings that could inspire investors to get more ambitious. With the IPO window nailed shut, investors had lost one of their primary exit strategies.
As a result, Omeros' experience is likely to be closely watched. The Seattle-based company reported a loss of $11.6 million in the first half. Xconomy, which first broke the story about Omeros' IPO plans, notes that the developer is working on proprietary combinations of approved drugs that can reduce pain and inflammation during surgery. And it's spent $108.8 million on its research work from 1994 to the end of June.