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Covington Advises Omeros Corporation in Deal to Advance GPCR Program

October 25, 2010

SAN FRANCISCO, October 25, 2010 — Omeros Corporation today announced that it has received $20 million from Vulcan Capital as well as a grant award for $5 million from Washington State's Life Sciences Discovery Fund (LSDF) to support the advancement of the Company's G protein-coupled receptor (GPCR) program. In return, Vulcan Capital and LSDF have a right to receive a percentage of net proceeds generated by the GPCR program. Additionally, Omeros issued three five-year warrants to Vulcan to purchase common stock. Covington & Burling LLP advised Omeros on the transaction.

Omeros is a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing products focused on inflammation and disorders of the central nervous system.

The San Francisco and New York-based Covington corporate team included partners Jim Snipes (life sciences) and Peter Schwartz (finance), with associate Ingrid Rechtin (corporate).

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