November 26, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Omeros Corporation (OMER) said that it has completed the acquisition of a GPCR assay technology, comprised of patents and other intellectual property rights, from Patobios Ltd.

During the preceding exclusive option period with Patobios, Omeros said it optimized the assay technology, enabling its use for high-throughput identification of compounds for drug development against orphan GPCRs.

The purchase price of these assets was $10.8 million Canadian dollars, of which $7.8 million CAD was paid in cash and the remaining $3.0 million was paid in 379,039 shares of Omeros common stock.

Omeros said it has no milestone, royalty or other payment obligations to Patobios. The company said it paid the cash portion of the purchase price with part of the $20 million of funding it received from Vulcan Capital on October 21, 2010.

Washington-based Omeros has begun screening orphan GPCRs against its small-molecule chemical libraries using its proprietary assay.

Drugs targeting GPCRs, which mediate physiological processes in the body, post annual worldwide drug sales exceed $700 billion and, according to Insight Pharma Reports, represent 30 to 40 percent of marketed pharmaceuticals.

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