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Optimer Pharmaceuticals Reports Fourth Quarter and Full Year 2010 Financial Results
Date:3/10/2011

SAN DIEGO, March 10, 2011 /PRNewswire/ -- Optimer Pharmaceuticals, Inc. (Nasdaq: OPTR) today announced 2010 fourth quarter and full year financial results and accomplishments.

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Optimer reported a net loss for the three months ended December 31, 2010 of $11.9 million, or $0.31 per common share, as compared to a net loss of $9.4 million, or $0.28 per common share, for the same period in 2009.  Optimer reported a net loss for the year ended December 31, 2010 of $47.3 million, or $1.25 per common share, as compared to a net loss of $42.1 million, or $1.30 per common share, for 2009. The increase of $5.2 million was due primarily to a $3.6 million increase in stock compensation expense, an increase in market research and pre-commercial launch efforts related to our fidaxomicin program, and increases in consulting, recruitment and compensation expenses. The increases were offset by a decrease in development and manufacturing set-up expenses reimbursable to Biocon, Inc. incurred in the prior year in connection with commercial manufacturing scale-up.  The 2010 results include a $5 million milestone payment to Par for the successful completion of the second fidaxomicin Phase 3 trial and a $1.5 million regulatory filing fee for fidaxomicin.  

As of December 31, 2010, Optimer held cash, cash equivalents and short-term investments of $49.4 million.  In February 2011, Optimer raised an additional $73.1 million of net proceeds in a public offering of common stock. In March 2011, Optimer also received a $69.2 million upfront cash payment from Astellas Pharma under the terms of the collaboration agreement announced in February 2011.  

"In 2010, we completed our second fidaxomicin Phase 3 clinical trial, su
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SOURCE Optimer Pharmaceuticals, Inc.
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