Healthcare Industry News: Questcor Pharmaceuticals
News Release - June 9, 2006
Questcor Announces the Commercial Availability of Doral(R) and Outlines Future Development PipelineUNION CITY, Calif.--(HSMN NewsFeed)--June 9, 2006--Questcor Pharmaceuticals, Inc. (AMEX:QSC ) announced today that it began to ship its new CNS product, Doral® (quazepam), a non-narcotic, selective benzodiazepine receptor agonist that is indicated for the treatment of insomnia, characterized by difficulty in falling asleep, frequent nocturnal awakenings, and/or early morning awakenings. The first sales to wholesalers were recorded at the end of May and Questcor's national sales force will begin detailing the product in the third quarter. James Fares, Questcor's President and CEO, commented, "We are pleased to have completed the process of converting Doral into a Questcor product and reintroducing it to the market less than a month after we acquired it. We look forward to working with the neurology community to help them understand the many attributes of this important product. We are also excited about our sales force promoting both Acthar Gel® (repository corticotropin injection) and Doral during their visits with professionals in the neurology community."
Mr. Fares also commented on Questcor's goal to build a high value, low risk pipeline of medically important CNS products. "With the strong success we are seeing from our efforts to grow Acthar Gel, we are ready to turn to the next stage of our evolution into a leading CNS focused specialty pharmaceutical company, the building of our development pipeline. We recognize that a high quality pipeline is essential to the success of any pharmaceutical company and we are hard at work evaluating a number of opportunities to begin to build a CNS pipeline that would provide us with significant future opportunity. These programs will focus on the CNS market, fit our capital structure, and have a low regulatory risk."
Questcor has filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission. When declared effective by the SEC, the shelf registration statement will enable the Company to offer and sell up to $25 million of common shares or debt securities from time to time in one or more offerings. The terms of any such future offering would be established at the time of such offering. Questcor intends to use the proceeds from such offerings to build a pipeline of medically important CNS products as described above.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offer of these securities will be made solely by means of the prospectus included in the registration statement and any prospectus supplement that may be issued in respect of any such offering. A written prospectus, when available, meeting the requirements of Section 10 of the Securities Act of 1933, may be obtained by contacting Patricia Everest, Questcor Pharmaceuticals, Inc., 3260 Whipple Road, Union City, CA 94587.
About Questcor -- Questcor Pharmaceuticals, Inc.® (AMEX:QSC ) is a specialty pharmaceutical company that develops and commercializes novel therapeutics for the treatment of neurological disorders. Questcor currently markets H.P. Acthar® Gel (repository corticotropin injection), an injectable drug indicated for the treatment of exacerbations associated with Multiple Sclerosis and Doral® (quazepam) that is indicated for the treatment of insomnia, characterized by difficulty in falling asleep, frequent nocturnal awakenings, and/or early morning awakenings. For more information, please visit www.questcor.com.
Note: Except for the historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties. Such statements are subject to certain factors, which may cause Questcor's results to differ from those reported herein. Factors that may cause such differences include, but are not limited to, Questcor's ability to accurately forecast and create the demand for its products, the gross margin achieved from the sale of its products, Questcor's ability to enforce its product returns policy, the accuracy of the prescription data purchased from independent third parties by Questcor, the sell-through by Questcor's distributors, the inventories carried by Questcor's distributors, and the expenses and other cash needs for the upcoming periods, Questcor's ability to obtain finished goods from its sole source contract manufacturers on a timely basis if at all, Questcor's potential future need for additional funding, Questcor's ability to utilize its net operating loss carry forwards to reduce income taxes on the sale of its products, uncertainties regarding Questcor's intellectual property and other research, development, marketing and regulatory risks, and to the ability of Questcor to implement its strategy and acquire products and, if acquired, to market them successfully as well as the risks discussed in Questcor's annual report on Form 10-K for the year ended December 31, 2005 and other documents filed with the Securities and Exchange Commission. The risk factors and other information contained in these documents should be considered in evaluating Questcor's prospects and future financial performance.
Questcor undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Source: Questcor Pharmaceuticals
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