The Seattle biotech company’s stock fell 10 percent after the report was released. Omeros said the report is “replete with falsehoods.”
Seattle biotech Omeros plans to pursue legal action against the author of a critical report that the company says is “replete with falsehoods.”
Omeros’ stock price fell 10 percent Wednesday after the author tweeted the report.
The report was published by Art Doyle, although it’s unclear if that’s a person or an organization. Art Doyle offers “expertise in immune oncology, statistics and James Beard award winning restaurants,” according to its Twitter profile. Art Doyle didn’t respond to a Twitter message for comment.
Art Doyle’s report is riddled with photos from movies and exclamation points, and expresses concern and disbelief about the progress of Omeros’ drug candidates and its CEO, Gregory Demopulos. The report insinuates that the biotech is hiding something about the Phase 1 results of a drug that is meant to treat diseases that involve tissue injury.
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“SO COME ON GREG,” the report reads. “Show us the Phase 1 subcutaneous data, you loser. Stop hiding.”
Art Doyle’s report also repeatedly referred to a lawsuit that a former executive filed against the company in 2009. The wrongful termination suit was settled in 2012.
Omeros shot back at Art Doyle on Thursday, saying it does not usually respond to such statements, but this report was “egregious.”
“This report is replete with falsehoods, misleading statements and incorrect analyses and conclusions,” the company said in a statement. “ ‘Art Doyle’ states that it stands to profit in the event that Omeros’ share price declines. The report is actionable and the company is pursuing legal remedies.”
Indeed, Art Doyle’s report includes a disclaimer that the…