logo
Share SHARE
FONT-SIZE Plus   Neg

Optimer Terminates Michael Chang As Chairman, John Prunty As CFO

Optimer Pharmaceuticals (OPTR) Monday said it removed Michael Chang as chairman, terminated John Prunty as chief financial officer and Youe-Kong Shue as vice president. The terminations are related to lapses in compliance and conflict in its relationship with its 43 percent-owned Taiwanese-based independent affiliate - Optimer Biotechnology, Inc. or OBI.

Hank McKinnell, lead independent director, will be the new Chairman and Kurt Hartman, general counsel, chief compliance officer and senior vice president, will be the acting chief financial officer.

Optimer stated that the removal of Chang as chairman was based on his actions in his capacity as Optimer's representative on the board of OBI as well as his failure to identify and effectively manage compliance, record keeping and conflict of interest issues in connection with OBI's grant of 1.5 million shares of OBI to Chang. Optimer's assessment is that the grant of shares is potentially for the benefit of a third party.

According to Optimer, the changes are not expected to materially impact its revenues or operations, including the commercialization and launch of Dificid. In May 2011, the U.S. Food and Drug Administration had approved its antibiotic Dificid for the treatment of Clostridium difficile infection in adult patients, making it the first drug to be cleared in nearly thirty years to treat the disease.

Further, based upon preliminary results, the company expects to report first-quarter gross revenues of around $16.45 million. This represents an increase of nearly 36 percent over the sequential fourth quarter, the company added.

OPTR is currently trading at $13.58, down $0.71 or 4.97 percent, on a volume of 409 thousand shares on the Nasdaq.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
KMG Chemicals Inc. (KMG) is likely to beat earnings per share or EPS estimates, when it reports first quarter results on December 11, after the bell. First quarter results of KMG are expected to benefit from the impact of Irma and Harvey, and early October fires in the West. Sysco Corp. is looking ahead to own 50 fully electric semi tracks to be launched by Tesla. The new electric tractors could run 500 miles on a single charging. The order from the food service distribution giant that owns more than 7000 trucks is worth up to $10 million. Patreon, the crowdfunding platform for artists, announced Wednesday a change in its payment structure that it says will help creators keep more money. Meanwhile, many are concerned that the change may discourage their patrons from pledging.
comments powered by Disqus
Follow RTT