Omeros Corp. (NASDAQ: OMER) is flying high in Tuesday’s trading session with shares practically doubling on positive phase 2 news. The company announced additional positive data in the it’s phase 2 clinical trial of OMS721 for the treatment of thrombotic microangiopathies (TMAs).

For some background, TMAs are a family of rare, debilitating and life-threatening disorders characterized by excessive thrombi (clots) – aggregations of platelets – in the microcirculation of the body’s organs, most commonly the kidney and brain. Also OMS721 is Omero’s lead human monoclonal antibody in its mannan-binding lectin-associated serine protease-2 (MASP-2) program for the treatment of TMAs, including atypical hemolytic uremic syndrome (aHUS).

Separately Omeros also believes that it has identified the proteins that activate the complement system’s alternative pathway in humans, which is linked to a wide range of immune-related disorders. In addition to its lectin pathway inhibitors, the Company is advancing the development of antibodies that block activation of the alternative pathway.

Gregory A. Demopulos M.D., Chairman and CEO of Omeros, commented on the results:

We are excited by the data from this Phase 2 clinical trial with OMS721, both with respect to aHUS and TTP patients. Based on clinical data, we expect that we can deliver OMS721 either subcutaneously or intravenously at a frequency and dose that are both convenient and comfortable for patients while effectively eliminating lectin-pathway activity. Compassionate use in aHUS patients has begun, and we look forward to advancing to the fixed-dose stage of the trial and discussing Phase 3 trial design with the FDA later this year.

So far Omeros has performed very poorly in 2015; shares are down 41% year to date compared to Monday’s close. However shares are up 11.8% in the last 52-weeks.

Shares of Omeros traded up about 102% at $29.39 on Monday morning. The stock has a consensus analyst price target of $43.17 and a 52-week trading range of $11.18 to $27.64.

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