With its silence on key questions, Omeros raises doubts about its rare disease drug

The Seattle biotech Omeros (OMER) has long told investors it has a potential blockbuster on its hands in OMS721, an experimental drug aimed at treating patients with rare blood and kidney diseases.

So why won’t the company answer questions about its clinical data?

I’ve been trying for months to get answers on key points: How many patients have been dosed with the drug in clinical trials? And is there any proof at all that the drug can be administered via subcutaneous injection, rather than intravenous drip — which is a key selling point for Omeros?

I’ve been met with total silence. That leads me to believe that Omeros may have oversold the drug, which it pitches as a potential competitor to Soliris, a), hit almost $3 billion worldwide last year — and much of Omeros’ $1 billion valuation comes from investors hoping that OMS721 can be a viable competitor.