7:08AM Optimer Pharma (Halted) removes Chang as Board of Directors and Prunty as CFO following compliance issue; co appoints Hank McKinnel new Board of Directors; preannounces Q1 rev below ests (OPTR) 14.29 : 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 co said that Dr. Chang remains as a Director of the co , but that the Board has requested his resignation. Dr. Chang's removal as Chairman resulted from the Board's views as to his actions in his capacity as Optimer's representative on the Board of Directors 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 to Dr. Chang, potentially for the benefit of a third party, of 1.5 million shares of OBI. The terminations of Mr. Prunty and Dr. Shue were related to the belief of Optimer's Independent Directors that both individuals failed to follow proper procedures when they became aware of the issues related to the issuance of the OBI shares to Dr. Chang. The co said it has disclosed the matter to the relevant U.S. authorities and is cooperating with those authorities in reviewing the matter. Optimer's Board has determined to remove Dr. Chang from OBI's Board of Directors and to appoint Dr. McKinnell to replace Dr. Chang as Optimer's representative on the OBI Board. Board of Directors has appointed Hank McKinnell as its new Chairman. Dr. McKinnell was previously appointed Lead Independent Director at the Feb 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 changes are not expected to materially impact the Company's revenues or operations.
Separately, the co announced that, based upon preliminary results, it expects to report Q1 gross revenues of ~$16.45 mln vs. the $29.4 mln consensus, an increase of ~36% over gross revenues for the fourth quarter of 2011.
surf's up......crikey
