Optimer Pharmaceuticals
(
OPTR
) recently announced major changes in its management team. The
company announced that Mr. Hank McKinnell will be the new chairman
of the company. He was appointed following the removal of Mr.
Michael Chang from the post. Dr. Hank McKinnell is already serving
as the lead independent director- a post to which he was appointed
at the board meeting of Optimer Pharma held on February 29, 2012.
He was the former chairman and CEO of
Pfizer Inc.
(
PFE
).
Apart from firing Mr. Chang, Optimer Pharma also sacked Mr. John
D. Prunty and Dr. Youe-Kong Shue from the positions of chief
financial officer (CFO) and vice president, respectively. Mr. Kurt
Hartman, currently serving as the general counsel, chief compliance
officer and senior vice president, has been appointed as the new
CFO- albeit on a temporary basis. Optimer Pharma is currently
on the lookout for a permanent CFO.
Mr. Chang, whose resignation from the Board of Directors has
also been sought, was removed following inappropriate actions
relating to corporate governance in his capacity as Optimer
Pharma's representative on the Board of Optimer Biotechnology Inc.
- the 43% owned independent affiliate of the parent company. Dr.
McKinnell will replace Mr. Chang as Optimer Pharma's representative
on Optimer Biotechnology's Board, once the latter tenders his
resignation from the post. Mr. Prunty and Dr. Shue were also
removed due to lapses regarding corporate governance.
Optimer Pharma informed the relevant US authorities about the
matter, who are currently reviewing it. The drastic changes had a
negative impact on the stock price. The changes are, however, not
expected to impact Optimer Pharma's results.
In a separate development, Optimer Pharma, which intends to
announce its first quarter 2012 results on May 3, stated that gross
revenues for the quarter are expected to be approximately $16.45
million, up 36% sequentially.
Neutral on Optimer
Currently, we have a Neutral stance on Optimer Pharma in the
long run. The company carries a Zacks #3 Rank ("Hold" rating) in
the short run.
OPTIMER PHARMAC (
OPTR
): Free Stock Analysis Report
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PFE
): Free Stock Analysis Report
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