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Optimer Pharmaceuticals Reports Fourth Quarter and Full Year 2009 Financial Results
SAN DIEGO, March 11, 2010 /PRNewswire via COMTEX News Network/ -- Optimer Pharmaceuticals, Inc. (Nasdaq: OPTR) today announced 2009 fourth quarter and full year financial results and accomplishments.
(Logo: http://www.newscom.com/cgi-bin/prnh/20090413/LA97352LOGO)
Optimer reported a net loss for the three months ended December 31, 2009 of $9.6 million, or $0.28 per common share, as compared to a net loss of $10.4 million, or $0.35 per common share, for the same period in 2008. Optimer reported a net loss for the year ended December 31, 2009 of $42.2 million, or $1.30 per common share, as compared to a net loss of $35.6 million, or $1.24 per common share, for 2008. The increase of $6.6 million was due primarily to an increase in development expenses, manufacturing scale-up expenses, and expenses to prepare regulatory filings related to fidaxomicin and Pruvel(TM) (prulifloxacin).
As of December 31, 2009, Optimer held cash, cash equivalents and short-term investments of $38.2 million. In March 2010, Optimer raised an additional $51.2 million of net proceeds in a public offering of common stock.
"Recently, we announced robust results from our second Phase 3 trial of fidaxomicin confirming the positive results of our first Phase 3 trial showing that fidaxomicin has the potential to be a first-in-class drug for the treatment of Clostridium difficile infection," said Michael N. Chang, President and CEO of Optimer. "2010 will be a significant year for Optimer, as we focus on completing fidaxomicin and Pruvel regulatory filings, publish existing data and continue to prepare for the commercialization of these product candidates."
Optimer expects to use cash, cash equivalents and short-term investments of approximately $50 million for its operating activities in 2010, based on its current operating plans.
Optimer 2009 and Recent Highlights
Scheduled Conference Call
The Company will host both a conference call and webcast to discuss the fourth quarter and full year 2009 financial results and to provide a corporate update today, Thursday, March 11, 2010 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time).
The conference call may be accessed by dialing (877) 375-5161 for domestic callers and (631) 291-4558 for international callers. Please specify to the operator that you would like to join the "Optimer Earnings Call." The conference call will be webcast live under the Investors section of Optimer's website at www.optimerpharma.com, where it will be archived for 30 days following the call.
About Optimer Pharmaceuticals
Optimer Pharmaceuticals, Inc. is a biopharmaceutical company focused on discovering, developing and commercializing innovative anti-infectives to treat serious infections and address unmet medical needs. Optimer has two late-stage anti-infective product candidates under development. Fidaxomicin, formerly known as OPT-80, is the first of a new class of antibiotics with narrow spectrum bactericidal activity targeted at the site of infection. Recently reported positive top-line results from the second Phase 3 trial confirmed the results from the first Phase 3 trial regarding fidaxomicin's safety and efficacy in patients with Clostridium difficile infection. Optimer has also successfully completed two Phase 3 trials with Pruvel(TM), for the treatment of travelers' diarrhea, a form of infectious diarrhea. Additional information can be found at http://www.optimerpharma.com.
Forward-looking Statements
Statements included in this press release that are not a description of historical facts are forward-looking statements, including without limitation all statements related to the development of fidaxomicin and Pruvel, anticipated uses of cash, cash equivalents and short term investments, the timing of anticipated regulatory submissions, and the future presentation of clinical data. Words such as "believes," "anticipates," "plans," "expects," "intend," "will," "goal" and similar expressions are intended to identify forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation by Optimer that any of its plans will be achieved. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in Optimer's business including, without limitation, risks relating to: the timing, progress and likelihood of success of its product research and development programs, the timing and status of its preclinical and clinical development of potential drugs, uncertainty regarding regulatory requirements for approval and the timing of regulatory submissions, an inability to enter into partnerships on favorable terms or at all, and other risks detailed in Optimer's filings with the Securities and Exchange Commission.
Contacts
Optimer Pharmaceuticals, Inc.
John Prunty, CFO & VP, Finance
Christina Donaghy, Corporate Communications Manager
858-909-0736
Porter Novelli Life Sciences
Jason I. Spark, Vice President
619-849-6005
Optimer Pharmaceuticals, Inc.
Consolidated Statements of Operations
Three Months Ended Year Ended
December 31, December 31,
------------ ------------
2009 2008 2009 2008
---- ---- ---- ----
Revenues:
Research grants $208,652 $128,695 $792,644 $973,370
Collaborative
research
agreements - - 100,000 50,000
--- --- ------- ------
Total revenues 208,652 128,695 892,644 1,023,370
Operating expenses:
Research and
development 7,195,983 8,032,064 33,715,430 29,035,828
Marketing 572,101 755,791 1,751,313 2,451,191
General and
administrative 2,074,192 1,879,459 8,024,138 6,682,881
--------- --------- --------- ---------
Total
operating
expenses 9,842,276 10,667,314 43,490,881 38,169,900
--------- ---------- ---------- ----------
Loss from
operations (9,633,624) (10,538,619) (42,598,237) (37,146,530)
Interest income
and other, net 55,025 135,548 363,998 1,561,934
------ ------- ------- ---------
Net loss
allocable to
common
stockholders (9,578,599) (10,403,071) (42,234,239) (35,584,596)
Net loss
attributable to
noncontrolling
interest,
net of tax 141,682 - 141,682 -
------- --- ------- ---
Net loss attributable
to Optimer
Pharmaceuticals,
Inc. common
stockholders $(9,436,917) $(10,403,071) $(42,092,557) $(35,584,596)
=========== ============ ============ ============
Basic and diluted
net loss per
share
attributable to
common
stockholders $(0.28) $(0.35) $(1.30) $(1.24)
====== ====== ====== ======
Shares used to compute
basic and diluted net
loss per share
attributable to
common
stockholders 33,117,095 29,697,503 32,468,702 28,682,542
========== ========== ========== ==========
Optimer Pharmaceuticals, Inc.
Consolidated Balance Sheets
Year Ended
December 31,
------------
2009 2008
---- ----
ASSETS
Current assets:
Cash and cash
equivalents $17,054,328 $16,778,880
Short-term
investments 21,131,145 22,547,515
Prepaid expenses
and other current
assets 416,859 744,670
------- -------
Total current assets 38,602,332 40,071,065
Property and
equipment, net 672,896 694,183
Long-term investments 882,000 1,032,000
Other assets 498,762 498,250
------- -------
Total assets $40,655,990 $42,295,498
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $2,625,240 $3,767,831
Accrued expenses 5,025,669 4,045,660
--------- ---------
Total current
liabilities $7,650,909 $7,813,491
Deferred rent 253,474 251,504
Commitments and
contingencies - -
Stockholders' equity 32,751,607 34,230,503
---------- ----------
Total liabilities
and stockholders'
equity $40,655,990 $42,295,498
=========== ===========
SOURCE Optimer Pharmaceuticals, Inc.
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