11:16 AM EDT, 05/12/2025 (MT Newswires) -- Omeros ( OMER ) said Monday it has entered into agreements with certain investors to exchange $70.5 million of its existing 2026 convertible notes for new 2029 convertible notes with a higher interest rate and a conversion rate set at a 35% premium.

The exchange, extending the maturity of a large portion of Omeros' ( OMER ) debt, is expected to close around May 14.

The company said it has also reached an agreement with another investor to convert $10 million of its existing 2026 convertible notes into shares of the company's common stock.

After the planned exchange and conversion of its 2026 convertible notes, Omeros ( OMER ) will have about $17.4 million in principal amount of those notes still outstanding, the company said.

The new convertible notes will bear interest at 9.50% per year, payable semi-annually on June 15 and Dec. 15 starting Dec. 15, 2025, and will mature on June 15, 2029, unless converted, redeemed, or repurchased earlier.

Shares of Omeros ( OMER ) were down 25% in recent Monday trading.

Price: 4.64, Change: -1.55, Percent Change: -25.00