Optimer Pharma’s (OPTR) fourth quarter loss per share came in at 28 cents, narrower than the Zacks Consensus Estimate of a loss of 34 cents and the year-ago loss of 31 cents. For 2009, the company reported a loss per share of $1.30 compared to a loss of $1.24 in 2008.

Optimer does not have any marketed products at present. It derives revenues primarily from research grants and collaborative agreements. The company reported revenues of $0.2 million, an increase of 62% compared to the corresponding quarter of 2008. Revenues during 2009 came in at $0.9 million compared to $1.02 million.

Current investor focus is more on the development of the company’s portfolio rather than the financials. The company has two late-stage anti-infective product candidates, fidaxomicin and Pruvel (prulifloxacin).

Both fidaxomicin and Pruvel are phase III candidates for the treatment of Clostridium difficile-associated diarrhea (CDAD), the most common nosocomial or hospital-acquired diarrhea and travelers’ diarrhea, respectively.

Operating expenses during the quarter were $9.8 million, down from $10.7 million reported in the year-ago period. While R&D (down 10.5% year-over-year to $7.2 million) and marketing expenses (down 24% to $0.6 million) declined, general and administrative expenses increased 10.7% compared to the fourth quarter of 2008.

Optimer, in addition to posting fourth quarter and annual results, provided an update on its pipeline. The company has presented favorable data from phase III studies of both fidaxomicin and Pruvel. We expect operating expenses to rise further as Optimer is currently focused on completing the regulatory filing of the two drugs. It is also doing the necessary groundwork for commercialization of these products.

Optimer exited 2009 with $38.2 million in cash, cash equivalents and short-term investments. With limited resources, the company raised $51.2 million from a public offering of common stock.

Apart from fidaxomicin and Pruvel, Optimer’s other pipeline candidates, targeting diseases such as cancer and osteoarthritis are in the initial stages of development. We are “Neutral” on the stock.

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