Replies to post #208105 on Biotech Values

[mcbio]

RARX/OMER -

Agreed, but, compassionate use for (OMS 721) more than one indication in Europe, seems positive. They have tried OMS 721 on most Soliris indications, with success, but not PNH. OMS 906 (MASP 3), which targets more than the C5 pathway, and has demonstrated single dose efficacy for 16 days in a primate model, will enter the clinic this year. Market cap of RARX looks rich, versus Omeros.

Not clear to me on valuations. RARX market cap is around $350M whereas OMER is around $400M. I get OMER has the approved drug but not clear to me that there are expectations of Omidria ever being a big drug. Also, OMS721 is in P3 but is going after aHUS, which is different from PHN that RARX is targeting with their lead drug. So, RARX is ahead on the PHN front. They claim differentiation from Soliris by binding to a different part of C5 and also claim the more frequent subQ dosing will have advantages.

Also, I thought Peter had an interesting post on OMER from a few years ago here: #msg-116312232. Basically saying that because OMER is targeting complement system a bit more upstream, there could be issues on efficacy front with complement system being so complex (although by being more selective could be advantages on safety front). I think this applies both to OMS721 targeting MASP2 and the pre-clinical drug targeting MASP3 that will be pursued in indications beyond aHUS.