Optimer Pharma’s (OPTR) first quarter fiscal 2010 loss per share came in at 39 cents, narrower than the Zacks Consensus Estimate of a loss of 41 cents. However, loss per share increased from the year-ago quarter’s 36 cents.
Optimer does not have any marketed products at present. It earns revenues primarily from research grants and collaborative agreements. The company reported revenues of $0.3 million compared to $0.08 million in the first quarter of 2010.
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), meant to treat Clostridium difficile-associated diarrhea (CDAD), the most common nosocomial or hospital-acquired diarrhea and travelers’ diarrhea, respectively.
Operating expenses during the quarter were $14.1 million, up from $11.2 million reported in the year-ago period. R&D expenses were up by 28% driven by the completion of the second fidaxomicin phase III trial, partially offset by the reduction in development costs associated with Pruvel.
Additionally, a $5 million milestone payment to Par Pharmaceuticals (PRX) was responsible for the increase. Both marketing expenses and general and administrative expenses increased 37.9% and 17.2% compared to the first quarter of 2009.
Optimer, in addition to posting first quarter 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 the quarter with $48.2 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 in March 2010.
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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