Omeros (OMER -11.2%) is down out of the gate this morning despite positive results from a prospective study that showed significantly less fentanyl use in cataract surgery patients receiving eye drop Omidria (phenylephrine and ketorolac intraocular solution) 1%/0.3%. The data were just published in the journal Clinical Ophthalmology.
The study compared Omidria to epinephrine on perioperative use of fentanyl. 9.8% of patients receiving Omidria required fentanyl versus 42.1% of those receiving epinephrine (p=0.006). In addition, mean visual analog scale (VAS) pain scores were also lower (2.3 vs. 4.5; p<0.0001).
Investors appear to be reacting to CMS’ final rule related to its outpatient prospective payment system (OPPS) for opioids and non-opioid alternatives for 2020 published on November 1 that did not include Omidria in the non-opioid exclusion from packaged payment.
The company says CMS had received an analysis of the data from the study beforehand but wanted to see peer-reviewed published evidence before considering Omidria for non-opioid exclusion.
Omidria qualifies for reimbursement through October 1, 2020 under its current pass-through extension.
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