Optimer plans $12.24 million; CareGuide to get $4 million; MicroPlanet wraps C$7.08 million

By Devika Patel

Knoxville, Tenn., July 21 - Optimer Pharmaceuticals, Inc. said it has commitments in place for a $12.24 million direct offering of shares that will bolster its resources as it aims to bring two new drugs to market in 2010.

In addition CareGuide, Inc. is planning an up-to $4 million private placement of its preferred shares, which will give the company adequate funds to proceed with its bid to go private, and MicroPlanet Technology Corp. completed a C$7.08 million deal with a second and final tranche.

Optimer: $12.24 million

Optimer has arranged a private placement of shares for $12.24 million.

The San Diego-based company will sell 1,443,396 common shares at $8.48 per share.

Proceeds will be used for development and general corporate purposes.

"The funds will be used to strengthen our balance sheet," Optimer's corporate communications manager Christina Donaghy told Prospect News. "The funds will go towards the company's two current programs, Opt-80, an antimicrobial agent currently in phase 3 trials, and Prulifloxacin, a treatment for infectious diarrhea, which is also in phase 3 trials. The company hopes to bring the drugs to market in 2010."

In a July 16 press release about Prulifloxacin, the company said it had high hopes for the drug.

"We are encouraged by the positive data, which shows superiority of Prulifloxacin over placebo," Optimer Pharmaceuticals' president and chief executive officer Michael N. Chang said in that release. "We believe these results provide a solid foundation for pursuing a New Drug Application with the FDA, assuming similar data from a second phase 3 trial.

"Prulifloxacin's short course of therapy, convenient dosing and potent bactericidal activity against a broad spectrum of gastrointestinal pathogens may make it an attractive alternative to existing treatments for infectious diarrhea," Chang concluded in the release.

The biopharmaceutical company's shares (Nasdaq: OPTR) dropped 1.88%, or $0.16, on Monday, to close at $8.36.

CareGuide secures $4 million

CareGuide announced it will sell up to 6,666,667 series A preferred shares at $0.60 apiece for $4 million and also said it hired a new executive to help the company in its planned bid to go private.

The investors include two directors of the company and two venture capital funds affiliated with directors of the company.

Proceeds will be used to finance the repurchase of fractional shares from stockholders owning fewer than 100,000 shares in the company's bid to go private, the company said in a July 18 press release posted on its Web site.

The company also said in the release it hired healthcare veteran Michael J. Condron as its new chief executive officer to take over once it goes private, effective immediately.

Condron initially will work as the company's primary operational executive and will assume the newly-created position of executive vice chairman of the company's board of directors.

He will report to board chairman Albert S. Waxman. Once CareGuide becomes a private company, Condron will assume the role of president and chief executive officer.

"We are delighted to have someone with Mike's strong track record, deep knowledge of the disease management industry and understanding of the opportunities and issues we face," Waxman said in the release. "The wealth of knowledge, healthcare experience and leadership skills Mike is bringing to our board and to his future position as CEO will no doubt help move the company forward as we strive to deliver the next generation of health optimizing solutions to patients."

"I am pleased to join CareGuide at a pivotal moment in the company's history. I look forward to the challenges and rewards that lie ahead, and look forward to helping the company realize its full potential," Condron added in the release.

The medical technology company is based in Coral Springs, Fla. Its shares (OTCBB: CGDE) remained unchanged, closing at $0.118 on Monday.

MicroPlanet sells C$7.08 million

MicroPlanet said it has settled a C$7.08 million private placement with a C$159,250 tranche. The company sold a total of 10,888,900 units at C$0.65 apiece, with 10,643,900 units sold in the first tranche and 245,000 units sold in the second.

Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$0.90 for two years.

The deal was conducted by a syndicate of agents, which was led by Loewen, Ondaatje, McCutcheon Ltd. and included PI Financial Corp. and D&D Securities Co.

Proceeds will be used to finance fulfillment of existing and new commercial orders; development of larger capacity generators and general working capital purposes.

The company has seen a boost in demand for its technologies recently.

In a May 23 press release announcing the company's results for the first quarter, MicroPlanet's chief executive officer Bruce Lisanti said it aims to convert trials into orders during the rest of the year.

"During the remainder of 2008, the company expects to convert multiple pilots and field tests into commercial sales of its products in three primary market applications; energy savings for commercial and industrial sites, energy savings for residential home builders and property management companies and power quality and peak load reduction for electric utilities," Lisanti said in the release.

"The company announced that it received a commercial order from Maui Land & Pineapple for energy conservation at the Kapalua Resort in Hawaii," Lisanti continued in the release. "In addition to the opportunity at Kapalua, the company intends to pursue follow-on orders from the other large commercial customers where pilot installations are underway and saving energy.

"MicroPlanet continues to measure the results at commercial and residential sites in Hawaii. Under contracts with the U.S. military, two major property management companies, a large resort developer and a 'green' residential builder, MicroPlanet is supplying its technology for installation in commercial buildings and residential applications, including military housing," Lisanti concluded.

Based in Seattle, MicroPlanet develops distributed-energy technologies.

Its shares (TSX Venture: MP) jumped 5.26% on Monday, or C$0.03, to close at C$0.60.

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