Optimer Pharmaceuticals files for $86.25 million IPO

By Jennifer Chiou

New York, Nov. 9 - Optimer Pharmaceuticals, Inc. filed for an estimated $86.25 million initial public offering of stock in an S-1 registration with the Securities and Exchange Commission.

Piper Jaffray is bookrunner, Jefferies & Co. is joint lead and JMP Securities and Rodman & Renshaw are co-managers.

The San Diego, Calif.-based biopharmaceutical company is focused on anti-infective products, with its initial molecules geared to treat gastrointestinal infections and related diseases.

The company added it has two late-stage anti-infective product candidates, Difimicin and Prulifloxacin. Difimicin, the lead product candidate, is an antibiotic in a phase 2b/3 registration trial for the treatment of Clostridium difficile-associated diarrhea.

Prulifloxacin is for the treatment of infectious diarrhea and is in a phase 3 trial for the treatment of travelers' diarrhea.

IPO proceeds will be used to fund clinical trials and other research and development activites for its lead product candidates as well as general corporate purposes.

Optimer Pharmaceuticals said it had a $7.682 million operating loss on revenues of $2.147 million for 2005, compared with an operating loss of $10.157 million on revenues of $1.111 million for the same period in 2004.

Currently Par Pharmaceutical, Inc. is the largest shareholder with 15.5% of the equity followed by Formosa Healthcare Investments, LP at 8.5%, ProQuest Investments II, LP at 7.9% and BB Biotech Ventures II, LP at 12.30%.

The company has applied to list its stock on the Nasdaq Global Market under the symbol "OPTR."

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