Optimer second-quarter net loss decreases to $10.4 million

Aug 5 2010

Optimer Pharmaceuticals, Inc. (Nasdaq: OPTR) today reported financial results for the second quarter ended June 30, 2010.  Optimer reported a net loss for the second quarter of 2010 of $10.4 million, or $0.27 per share, which was in line with the Company's expectations. This compares to a net loss for the second quarter of 2009 of $12.4 million, or $0.37 per share.  The decrease in net loss was primarily due to lower research and development expenses offset by an increase in general and administrative expenses.  

Research and development expenses in the second quarter of 2010 were $6.4 million, compared to $10.7 million in the second quarter of 2009.

The decrease was primarily due to a decrease in fidaxomicin and Pruvel™ development expenses.  Additionally, the prior year's expenses included certain expenses that were reimbursed to Biocon Limited (NSE: BIOCON). The increase in general and administrative expenses of $1.8 million was due to higher compensation expenses, including a $1.3 million increase in non-cash stock compensation expenses compared to the second quarter of 2009.

As of June 30, 2010, Optimer held cash, cash equivalents and short-term investments of $66.6 million.

"Last quarter, we achieved key milestones in our pre-approval activities for fidaxomicin by securing a commercial manufacturing agreement with Biocon and by submitting a Marketing Authorization Application for European marketing approval," said Pedro Lichtinger, Optimer's President and Chief Executive Officer.  "We expect another strong presence at ICAAC and IDSA with additional data from our fidaxomicin Phase 3 studies.  As we head into the second half of this year, we are focused on completing our New Drug Applications with the FDA for both fidaxomicin and Pruvel."

Recent Corporate Highlights

• Submitted a Marketing Authorization Application to the European Medicines Agency for marketing approval of fidaxomicin for the treatment of Clostridium difficile infection.
• Optimer and Biocon Limited, entered into a long-term supply agreement for the commercial manufacture of the active pharmaceutical ingredient in fidaxomicin.
• Received a $500,000 milestone payment from Cempra Pharmaceuticals as a result of Cempra's continuing development of a next-generation macrolide (CEM-101) for the treatment of respiratory infections.  Cempra licensed CEM-101 from Optimer, and has successfully completed a Phase 1 study.
• Pedro Lichtinger succeeded Michael N. Chang, Ph.D. as Optimer's President and Chief Executive Officer and also was appointed to the Board of Directors.  Dr. Chang has remained on the Board of Directors as the Chairman and is serving as a consultant.  Mr. Lichtinger joined Optimer with more than 30 years of global experience in the pharmaceutical industry.  He served as an executive of Pfizer, Inc. from 1995 to 2009, most recently as President of Pfizer's Global Primary Care Business Unit, where he oversaw operations in North America, Europe, Korea, and Australia with revenues of $23 billion and 15,000 employees.