EX-99.1 2 a07-21568_1ex99d1.htm EX-99.1

Exhibit 99.1

Optimer Pharmaceuticals Reports Second Quarter 2007 Financial Results

SAN DIEGO, Calif. – August 9, 2007 - Optimer Pharmaceuticals, Inc. (NASDAQ: OPTR) today announced financial results for the second quarter ended June 30, 2007.

Optimer reported a net loss allocable to common stockholders for the second quarter of 2007 of $8.1 million or, $0.35 per common share, as compared to a net loss of $3.8 million, or $1.53 per common share, for the comparable quarter in 2006.  The increase of $4.3 million was due primarily to an increase in clinical development expenses of $3.4 million for the advancement of Optimer’s OPT-80 and Prulifloxacin clinical trials. For the six months ended June 30, 2007, Optimer reported a net loss allocable to common stockholders of $32.6 million, or $1.75 per share, as compared to a net loss of $5.9 million, or $2.37 per share, for the comparable six month period in 2006.  The increase of $26.7 million was due primarily to a $20.0 million payment to Par Pharmaceutical, Inc., or Par, to reacquire the North American rights to OPT-80.

As of June 30, 2007, Optimer held cash, cash equivalents and short-term investments of $38.1 million.

“We continue to advance OPT-80, for the treatment of CDAD, and Prulifloxacin, for traveler’s diarrhea, each in two pivotal Phase 3 clinical trials,” said Michael N. Chang, Ph.D., Optimer’s President and Chief Executive Officer.  “The increase in our R&D expenses is indicative of the Company’s late-stage development.  We remain on track to conclude the OPT-80 Phase 3 program in 2008, as well as our Prulifloxacin Phase 3 program for traveler’s diarrhea in late 2007.”

Financial Results

Revenue for the second quarter of 2007 was $211,000 compared to $217,000 for the second quarter of 2006. Revenue in the first half of 2007 was $357,000 compared to $638,000 in the first half of 2006.  The decrease of $281,000, or 44%, in the first half of 2007 compared to the first half of 2006 was due to a decrease in revenue from National Institute of Health grants and the conclusion of a development and license agreement.

Research and development expenses in the second quarter of 2007 were $7.0 million compared to $3.6 million in the second quarter of 2006.  Research and development expenses in the first half of 2007 were $30.5 million compared to $5.7 million in the first half of 2006.  Research and development expenses for the six months ended June 30, 2007 increased compared to the same period in 2006 primarily due to a $20.0 million payment to Par to reacquire the North American rights to OPT-80, the advancement on Optimer’s clinical trials for Prulifloxacin and OPT-80, including the May 2007 initiation of the second pivotal Phase 3 trial for OPT-80, and the purchase of $1.9 million of OPT-80 clinical supply material and active pharmaceutical ingredient.

Marketing expenses in the second quarter and first half of 2007 were $299,000 and $851,000, respectively.  Optimer did not incur any marketing expenses during the second quarter and the first half of 2006.  The expenses in the second quarter and first half of 2007 were attributable to salaries and pre-launch activities which include medical education, scientific conferences, and public relations.



General and administrative expenses for the second quarter of 2007 were $1.5 million compared to $672,000 in the second quarter of 2006. General and administrative expenses for the six months ended June 30, 2007 and 2006 were $2.6 million and $1.3 million, respectively.  The increase of $1.3 million in the first half of 2007 compared to the first half of 2006 was due to higher legal expenses, insurance expenses and compensation expenses, including $333,000 of stock-based compensation expense.

Interest income and other, net, in the second quarter of 2007 was $495,000 compared to $358,000 in the second quarter of 2006. Net interest income and other for the six months ended June 30, 2007 and 2006 was $938,000 and $649,000, respectively.  The increase in the second quarter and first half of 2007 compared to the second quarter and first half of 2006 was primarily due to higher cash and short-term investment balances as a result of Optimer’s initial public offering which closed on February 14, 2007.

Upcoming Conferences

Optimer is currently scheduled to present at the following investment and scientific conferences through October 2007:

·                  NewsMakers in the Biotech Industry Conference, September 6, 2007, New York, NY

·                  Interscience Conference on Antimicrobial Agents and Chemotherapy (ICAAC), September 17-20, Chicago, IL

·                  UBS Global Life Sciences Conference, September 24-27, 2007, New York, NY

The company will also be sponsoring a symposium focused on the diagnostic and treatment challenges of Clostridium difficile-associated diarrhea (CDAD), a severe form of hospital-acquired diarrhea.  The symposium will be held on October 4-7, 2007 during the Infectious Diseases Society of America (IDSA) conference in San Diego, CA.

About Optimer Pharmaceuticals

Optimer Pharmaceuticals is a biopharmaceutical company focused on discovering, developing and commercializing innovative anti-infective products for the treatment of serious infections. Optimer currently has two late-stage anti-infective product candidates.  OPT-80 is being developed for the treatment of Clostridium difficile-associated diarrhea, the most common hospital-acquired diarrhea.  Prulifloxacin is an antibiotic currently in two Phase 3 trials for the treatment of travelers’ diarrhea, a form of infectious diarrhea. Additional information regarding Optimer 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 OPT-80, Prulifloxacin, CDAD, anticipated research and development expenses, and the timing of clinical trials and anticipated results and regulatory activities. 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 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, Media Relations

858-909-0736

WeissComm Partners

Aline B. Schimmel

212-301-7218



Optimer Pharmaceuticals, Inc.

Consolidated Statements of Operations

(unaudited)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2007

 

2006

 

2007

 

2006

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

Research grants

 

$

51,002

 

$

178,113

 

$

197,300

 

$

382,172

 

Collaborative research agreements

 

160,000

 

39,163

 

160,000

 

256,326

 

Total revenues

 

211,002

 

217,276

 

357,300

 

638,498

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

 

7,022,093

 

3,625,701

 

30,468,360

 

5,723,686

 

Marketing

 

299,071

 

—

 

851,068

 

—

 

General and administrative

 

1,513,175

 

672,057

 

2,607,643

 

1,291,176

 

Total operating expenses

 

8,834,339

 

4,297,758

 

33,927,071

 

7,014,862

 

Loss from operations

 

(8,623,337

)

(4,080,482

)

(33,569,771

)

(6,376,364

)

Interest income and other, net

 

495,280

 

358,002

 

937,501

 

649,275

 

Net loss

 

(8,128,057

)

(3,722,480

)

(32,632,270

)

(5,727,089

)

Accretion to redemption amount of redeemable convertible preferred stock

 

—

 

(82,302

)

—

 

(164,604

)

Net loss allocable to common stockholders

 

$

(8,128,057

)

$

(3,804,782

)

$

(32,632,270

)

$

(5,891,693

)

 

 

 

 

 

 

 

 

 

 

Basic and diluted net loss per share attributable to common stockholders

 

$

(0.35

)

$

(1.53

)

$

(1.75

)

$

(2.37

)

Shares used to compute basic and diluted net loss per share attributable to common stockholders

 

23,136,754

 

2,517,314

 

18,613,135

 

2,481,765

 

 

Optimer Pharmaceuticals, Inc.

Condensed Consolidated Balance Sheets

 

 

June 30,
2007

 

December 31,
2006

 

 

 

(unaudited)

 

 

 

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

14,795,570

 

$

6,122,438

 

Short-term investments

 

23,256,272

 

15,218,860

 

Prepaid expenses and other current assets

 

742,757

 

1,712,564

 

Total current assets

 

38,794,599

 

23,053,862

 

Property and equipment, net

 

779,258

 

744,564

 

Other assets

 

302,257

 

315,490

 

Total assets

 

$

39,876,114

 

$

24,113,916

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

2,444,033

 

$

1,753,394

 

Accrued expenses

 

5,272,100

 

3,310,199

 

Total current liabilities

 

7,716,133

 

5,063,593

 

Deferred rent

 

288,147

 

292,384

 

Commitments and contingencies

 

—

 

—

 

Redeemable preferred stock

 

—

 

65,461,166

 

Stockholders’ equity (deficit)

 

31,871,834

 

(46,703,227

)

Total liabilities and stockholders’ equity

 

$

39,876,114

 

$

24,113,916