Healthcare Industry News: Biovail
News Release - September 25, 2007
Depomed and Watson Expand ProQuin(R) XR Promotion Agreement to Include Ob/Gyn FieldMENLO PARK, Calif. & CORONA, Calif.--(HSMN NewsFeed)--Depomed, Inc. (NASDAQ: DEPO ) and Watson Pharmaceuticals, Inc. (NYSE: WPI ) announced today that the companies have expanded their co-promotion agreement to grant Watson the right to promote Depomed's ProQuin® XR in the obstetrics/gynecology (Ob/Gyn) specialty market area. ProQuin XR is a once-daily, extended-release formulation of ciprofloxacin hydrochloride for the treatment of uncomplicated urinary tract infections. This agreement expands the relationship entered into in July 2007 for the promotion to both urology and long-term care specialty areas in the United States.
"We are very excited about the expansion of our relationship with Watson," said Carl Pelzel, president and chief executive officer of Depomed. "We are pleased to further engage an enthusiastic partner with an experienced sales force that is committed to deliver the details required to realize ProQuin's commercial potential within the Ob/Gyn and urology specialty markets."
"The expansion of our relationship with Depomed for ProQuin further demonstrates our commitment both to the Ob/Gyn specialty area and to ProQuin," stated Paul Bisaro, Watson's chief executive officer. "The additional promotion to select Ob/Gyn physicians will generate significant benefit for patients and allows us to continue to deliver high value products to Ob/Gyn physicians."
Pursuant to the agreement, Depomed will book top-line revenue and Watson will receive a portion of the profits. Watson and Depomed plan to re-launch ProQuin XR in the U.S. market by the end of this year. Depomed retains manufacturing and distribution rights and Watson will be responsible for promotion to physicians in obstetrics/gynecology, urology and long-term care. Depomed also retains the right to promote ProQuin XR in other market areas.
About ProQuin® XR
ProQuin XR is a once-daily extended-release formulation of ciprofloxacin hydrochloride and is intended to treat uncomplicated urinary tract infections (UTIs). UTIs are bacterial infections frequently caused by E. coli and are typically treated with antibiotics. Patients should not take Proquin XR if they are allergic to, or have ever had a severe reaction to, ciprofloxacin or to any other "quinolone" antibiotics. Proquin XR is generally well tolerated. The most common side effects with Proquin XR include vaginal yeast infection and headache.
Depomed, Inc. is a specialty pharmaceutical company with two approved products on the market and other product candidates in its pipeline. The company utilizes its proven, proprietary AcuForm(TM) drug delivery technology to improve existing oral medications, allowing for extended, controlled release of medications to the upper gastrointestinal tract. Benefits of AcuForm-enhanced pharmaceuticals include the convenience of once-daily administration, improved treatment tolerability and enhanced compliance and efficacy. Glumetza(TM) (metformin hydrochloride extended release tablets) is approved for use in adults with type 2 diabetes and is being marketed in the United States by King Pharmaceuticals and in Canada by Biovail Corporation. Proquin® XR (ciprofloxacin hydrochloride) extended release tablets are approved in the United States for the once-daily treatment of uncomplicated urinary tract infections and will be marketed in the United States within the urology specialty by Watson Pharmaceuticals. Product candidate Gabapentin GR is currently in clinical development for the treatment of two pain indications. A Phase 2 clinical trial of Gabapentin GR in menopausal hot flashes is also underway. Additional information about Depomed may be found on its web site, www.depomedinc.com.
Watson Pharmaceuticals, Inc., headquartered in Corona, CA, is a leading specialty pharmaceutical company that develops, manufactures, markets, sells and distributes brand and generic pharmaceutical products. Watson pursues a growth strategy combining internal product development, strategic alliances and collaborations and synergistic acquisitions of products and businesses. For press releases and other company information, visit Watson Pharmaceuticals' Web site at http://www.watson.com.
"Safe Harbor" Statements in this press release that are not historical facts are forward-looking statements that involve risks and uncertainties. The inclusion of forward-looking statements, including those related to the transition and commercialization of ProQuin XR, should not be regarded as a representation that any of Depomed or Watson's plans will be achieved. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in Depomed and Watson's business, including, without limitation, risks and uncertainties related to: Regulation by the FDA and other government agencies; the timing of product launches; Depomed and Watson's ability to successfully commercialize their products, including ProQuin XR; the success of Depomed and Watson's collaborative arrangements with development and commercialization partners; and other risks detailed in Depomed and Watson's filings with the Securities and Exchange Commission, including their most recent Annual Report on Form 10-K. You are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof. Depomed and Watson undertake no obligation to revise or update this release to reflect events or circumstances that occur after the date of this release.
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