Key Developments: Optimer Pharmaceuticals Inc (OPTR.O)
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Latest Key Developments (Source: Significant Developments)
Optimer Pharmaceuticals Inc Exploring Sale-Reuters
Reuters reported that Optimer Pharmaceuticals Inc said it was exploring a sale. Optimer could potentially draw interest from drug makers focused on the antibiotics space. Full Article
Optimer Pharmaceuticals Inc Appoints Dr. Henry McKinnell as Chief Executive Officer
Optimer Pharmaceuticals Inc announced the appointment of its Chairman, Dr. Henry McKinnell, as Chief Executive Officer. Full Article
Optimer Pharmaceuticals Inc Initiates Phase 3b Clinical Trial Of DIFICID For Prevention Of Clostridium difficile-Associated Diarrhea In Bone Marrow Transplant Patients
Optimer Pharmaceuticals Inc announced that the first patient has been dosed in its DEFLECT-1, Phase 3b clinical trial of DIFICID (fidaxomicin) tablets for the prevention of Clostridium difficile-associated diarrhea (CDAD) in patients undergoing hematopoietic stem cell transplant (HSCT), often referred to as bone marrow transplantation. CDAD can be a serious complication of HSCT. Patients undergoing HSCT present with multiple risk factors including immune suppression and the use of prophylactic antibiotics which make them susceptible to CDAD; it is estimated that up to 30% of patients undergoing the procedure will develop CDAD. HSCT patients with CDAD generally have longer hospital stays, increased average costs and are at increased risk of death. Full Article
Optimer Pharmaceuticals Inc to Sell Remaining Ownership in Optimer Biotechnology Inc
Optimer Pharmaceuticals Inc announced the sale of its stake in Optimer Biotechnology, Inc. (OBI) to current OBI shareholders. The sale is expected to result in gross proceeds to Optimer of $60 million and will be used to support the commercialization of DIFICID (fidaxomicin) tablets and for other corporate purposes. The transaction is expected to close in two phases. The first closing is expected to take place in the fourth quarter of 2012 and the second closing is expected to take place in the first quarter of 2013. Full Article
Optimer Pharmaceuticals Inc's DIFICID (fidaxomicin) Tablets Approved By Health Canada For Treatment Of Clostridium Difficile Infection
Optimer Pharmaceuticals Inc announced that DIFICID (fidaxomicin) tablets were approved by Health Canada for the treatment of Clostridium difficile infection (CDI), in adults 18 years of age and older and that DIFICID is available to treat patients in Canada. The approval was based on Health Canada's evaluation of two large, multi-national, Phase 3 clinical trials demonstrating that DIFICID was as effective as oral vancomycin in providing an initial clinical response and was superior in providing a sustained clinical response for 28 days post treatment. Full Article
Optimer Pharmaceuticals Inc Appoints Stephen Webster as Chief Financial Officer
Optimer Pharmaceuticals Inc announced the appointment of Stephen Webster as Chief Financial Officer. Mr. Webster will be responsible for directing Optimer's financial strategy, accounting and investor relations functions. Full Article
Harwood Feffer LLP Announces Investigation Of Optimer Pharmaceuticals, Inc.
Harwood Feffer LLP announced that it is investigating potential claims against the board of directors of Optimer Pharmaceuticals, Inc., concerning whether the board has breached its fiduciary duties to shareholders. On April 9, 2012, Optimer fired its Chairman, CFO, and a vice president due to a failure of corporate governance practices in connection with a Taiwanese affiliate of the Company. One of the Company's founders, Michael Chang, was terminated after he failed to properly manage record keeping and conflict of interest issues related to a grant of 1.5 million shares he received from the Taiwanese affiliate. The two terminated officers failed to follow procedures upon learning of the grant. On this news, shares of Optimer fell nearly 20% over two days to a midday low of $11.91 on April 10, 2012. Optimer claims to be cooperating with the relevant U.S. authorities as they review the matter. Our investigation concerns whether the Optimer board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing. Full Article
Bronstein, Gewirtz & Grossman, LLC Announces Investigation Of Optimer Pharmaceuticals, Inc.
Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC announced that it is investigating potential claims on behalf of purchasers of the securities of Optimer Pharmaceuticals, Inc., concerning whether Optimer and certain of its officers and directors have violated federal securities laws. On April 9, 2012, shares of Optimer fell 7% to $13.35 in midday trading after firing its chairman, CFO and a vice president citing lapses in corporate governance practices related to Optimer's relationship with its Taiwanese affiliate. The maker of diarrhea drug Dificid, removed its co-founder/chairman Michael Chang for his actions as Optimer's representative on the board of Optimer Biotechnology Inc (OBI), its 43% owned independent affiliate based in Taiwan. Dr. Chang was removed from the chairmanship because he failed to identify and effectively manage compliance, record keeping and conflict of interest issues in connection to a grant of 1.5 million shares he received from a Taiwanese affiliate, Optimer said. CFO John Prunty and Youe-Kong Shue, a vice president, were let go because they failed to follow the proper procedures after finding out about the grant, Optimer said. Optimer said it has disclosed the matter to the relevant U.S. authorities and is cooperating with them in their review. Full Article
Optimer Pharmaceuticals, Inc. Announces Board Changes
Optimer Pharmaceuticals, Inc. announced its Board of Directors has appointed Hank McKinnell as its new Chairman. Dr. McKinnell was previously appointed Lead Independent Director at the February 29, 2012 Board meeting. The Company also announced that Kurt Hartman – who currently serves as General Counsel, Chief Compliance Officer and Senior Vice President – has been appointed acting CFO and a search for a permanent CFO has commenced. The appointments were made after the Optimer Board of Directors removed Dr. Michael Chang as Chairman and terminated John D. Prunty, Chief Financial Officer, and Dr. Youe-Kong Shue, Vice President. The Board, excluding Dr. Chang, unanimously approved the personnel changes. The Company said that Dr. Chang remains as a Director of the Company, but that the Board has requested his resignation. Full Article
Optimer Pharmaceuticals, Inc. And Astellas Pharma Inc. Enter Into Collaboration To Commercialize Fidaxomicin For Clostridium Difficile Infection In Japan
Optimer Pharmaceuticals, Inc. and Tokyo-based Astellas Pharma Inc. announced the execution of an exclusive collaboration and license agreement to develop and commercialize fidaxomicin tablets in Japan for the treatment of Clostridium difficile Infection (CDI). In return for the exclusive license to fidaxomicin in Japan, Optimer is entitled to receive a one-time, up-front cash payment of USD20 million from Astellas. Optimer is also eligible to receive additional cash payments of up to USD70 million upon the achievement of certain regulatory and commercial milestones. Optimer is further entitled to receive payments from Astellas that provide a return resulting in a double digit percent of Astellas net sales in the territory. Astellas is responsible for all future costs associated with the development and commercialization of fidaxomicin in Japan. Full Article
Cubist bid for Optimer before sale process began: sources
NEW YORK - Before Optimer Pharmaceuticals Inc even put itself up for sale earlier this year, Cubist Pharmaceuticals Inc offered to buy the antibiotic maker for $20 per share, or nearly $1 billion, two people familiar with the matter told Reuters on Wednesday.
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