Stock Alert: Omeros Corporation Gains 13%

(RTTNews) - Shares of bio pharmaceutical company Omeros Corporation (OMER) are climbing more than 13% Thursday morning and currently trading at $14.13.

Thursday, Omeros said that the Centers for Medicare & Medicaid Services (CMS) confirmed separate payment in ambulatory surgery centers (ASCs) for Omeros' cataract surgery drug Omidria.

Omidria qualifies for separate payment under CMS' policy for non-opioid pain management surgical drugs when used in the ASC setting, CMS confirmed in its final rule directed to the Medicare outpatient prospective payment system (OPPS) and the ASC payment system for calendar year 2021.

This separate payment for Omidria is effective retroactively beginning October 1, 2020.

Omidria is the only FDA-approved product for use during cataract or lens replacement surgery that prevents pupil constriction during surgery and reduces postoperative ocular pain.

"In addition to reducing patient exposure to opioids, CMS' decision continues to provide important access to OMIDRIA for Medicare beneficiaries and to allow ophthalmic surgeons to use their best medical judgment to treat those patients. This is a good outcome for surgical facilities, surgeons and their patients," said Gregory A. Demopulos, M.D., Omeros' chairman and chief executive officer.

OMER has been trading in the range of $8.50- $25.46 in the past 52 weeks.