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Optimer Pharmaceuticals Reports First Quarter 2010 Financial Results
SAN DIEGO, May 6, 2010 /PRNewswire via COMTEX News Network/ -- Optimer Pharmaceuticals, Inc. (Nasdaq: OPTR) today announced its financial results for the quarter ended March 31, 2010.
(Logo: http://www.newscom.com/cgi-bin/prnh/20090413/LA97352LOGO)
Optimer reported a net loss for the first quarter of 2010 of $13.5 million, or $0.39 per share which was in line with the Company's expectations. This compares to a net loss for the first quarter of 2009 of $10.9 million, or $0.36 per share. Research and development expenses in the first quarter of 2010 were $11.4 million compared to $8.9 million in the first quarter of 2009. The increase was primarily due to the accrual of a $5.0 million milestone payment due to Par Pharmaceutical Companies, Inc. and related to the successful completion of the second fidaxomicin Phase 3 trial, and was partially offset by a decrease in Pruvel(TM) development related expenses.
As of March 31, 2010, Optimer held cash, cash equivalents and short-term investments of $81.2 million.
"In the first quarter of 2010, we announced results from our second fidaxomicin Phase 3 study confirming results from our first fidaxomicin Phase 3 study and are now focused on our regulatory filings for both fidaxomicin and Pruvel(TM)," said Michael N. Chang, Ph.D., Chairman of Optimer's Board of Directors. "Pedro Lichtinger joining the team as Chief Executive Officer comes at the optimal time to lead the company in its transition into a commercial organization."
Recent Corporate Highlights
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 is a narrow spectrum antibiotic being developed for the treatment of Clostridium difficile infection. Optmer has reported positive top-line results from two Phase 3 trials of fidaxomicin. Pruvel(TM) is a prodrug in the fluoroquinolone class of antibiotics being developed as a treatment for infectious diarrhea. Optimer has also successfully completed two Phase 3 trials with Pruvel. 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 benefits of Mr. Lichtinger joining the Company and the timing of anticipated regulatory submissions. 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, 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
Canale Communications, Inc.
Jason I. Spark, Senior Vice President
619-849-6005
Optimer Pharmaceuticals, Inc.
Consolidated Statements of Operations
(unaudited)
Three Months Ended March
31,
------------------------
2010 2009
---- ----
Revenues:
Research grants $297,437 $83,012
Operating expenses:
Research and development 11,361,579 8,914,072
Marketing 268,594 194,796
General and administrative 2,388,712 2,048,500
-- -
Total operating expenses 14,018,885 11,157,368
----- ----
Loss from operations (13,721,448) (11,074,356)
Interest income and other, net 24,778 186,968
Consolidated net loss $(13,696,670) $(10,887,388)
Net loss attributable to
noncontrolling interest 200,915
Net loss attributable to Optimer
Pharmaceuticals, Inc. $(13,495,755) $(10,887,388)
============ ============
Basic and diluted net loss per share $(0.39) $(0.36)
====== ======
Shares used to compute basic and
diluted net loss per share 35,001,596 30,535,577
========== ==========
Optimer Pharmaceuticals, Inc.
Condensed Consolidated Balance Sheets
December
March 31, 31,
2010 2009
---- ----
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $48,181,074 $17,054,328
Short-term investments 33,024,013 21,131,145
Prepaid expenses and other current assets 1,093,976 416,859
--
Total current assets 82,299,063 38,602,332
Property and equipment, net 727,303 672,896
Long-term investments 882,000 882,000
Other assets 499,150 498,762
Total assets $84,407,516 $40,655,990
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $5,019,592 $2,625,240
Accrued expenses 7,541,375 5,025,669
-- -
Total current liabilities 12,560,967 7,650,909
Deferred rent 226,143 253,474
Commitments and contingencies
Stockholders' equity 71,620,406 32,751,607
Total liabilities and stockholders' equity $84,407,516 $40,655,990
=========== ===========
SOURCE Optimer Pharmaceuticals, Inc.
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