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Optimer Pharmaceuticals Reports First Quarter 2011 Financial Results

Friday, May 6, 2011 General News J E 4
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Optimer Pharmaceuticals, Inc.

Consolidated Statements of Operations

(unaudited)

Three Months Ended

March 31,

2011

2010

Revenues:

Licensing

$   69,165,000

$                    -

Research grants

111,639

297,437

  Total revenues

69,276,639

297,437

Cost and expenses:

  Cost of licensing

4,273,532

-

Research and development

8,470,509

11,361,579

Marketing

3,433,593

268,594

General and administrative

8,280,182

2,388,712

Total operating expenses

24,457,816

14,018,885

Income (loss) from operations

44,818,823

(13,721,448)

Interest income and other, net

23,242

24,778

Consolidated net income (loss)

$   44,842,065

$  (13,696,670)

Net loss attributable to noncontrolling interest

290,805

200,915

Net income (loss) attributable to Optimer Pharmaceuticals, Inc.

$   45,132,870

$  (13,495,755)

Net income (loss) per share - basic

$              1.06

$             (0.39)

Net income (loss) per share - diluted

$              1.04

$             (0.39)

Weighted average number of shares used to compute net

 income (loss) per share - basic

42,661,533

35,001,596

Weighted average number of shares used to compute net

 income (loss) per share - diluted

43,399,798

35,001,596

Optimer Pharmaceuticals, Inc.

Condensed Consolidated Balance Sheets

March 31,

December 31,

2011

2010

(unaudited)

ASSETS

Current assets:

   Cash and cash equivalents

$ 139,687,802

$   19,861,924

   Short-term investments

40,408,051

29,553,506

   Prepaid expenses and other current assets

2,630,038

516,859

Total current assets

182,725,891

49,932,289

Property and equipment, net

863,980

697,683

Long-term investments

882,000

882,000

Other assets

791,857

508,190

Total assets

$ 185,263,728

$   52,020,162

LIABILITIES  AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$     5,168,991

$     2,307,820

Accrued expenses

3,126,189

2,385,046

Total current liabilities

8,295,180

4,692,866

Deferred rent

134,239

141,138

Commitments and contingencies

-

-

Stockholders’ equity

176,834,309

47,186,158

Total liabilities and stockholders’ equity

$ 185,263,728

$   52,020,162

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