Healthcare Industry News: metformin
News Release - October 11, 2007
Depomed Announces Retirement of Chief Financial Officer John F. HamiltonMENLO PARK, Calif.--(HSMN NewsFeed)--Depomed, Inc. (NASDAQ: DEPO ) today announced that John F. Hamilton (63) will retire from his position as vice president, finance and chief financial officer, effective October 12, 2007. Mr. Hamilton will continue to serve Depomed as a consultant to ensure an orderly transition to a successor.
Carl A. Pelzel, Depomed's president and chief executive officer, commented, "I want to thank John for the contributions he has made to Depomed during his nearly 11 years of service. In particular, I appreciate his continued assistance as we identify a successor. Looking forward, as we continue to build our revenues and grow our specialty pharmaceutical business, we have begun to actively recruit chief financial officer candidates with broad commercial experience."
Mr. Hamilton added, "It has been a great experience to help build Depomed from its 1997 initial public offering to where it is today, a commercial company with products on the market. I look forward to continuing to support the company as an advisor and as a shareholder."
The company also announced that its Board of Directors has designated the company's controller, Tammy L. Cameron, CPA, as the company's principal accounting and financial officer on an interim basis. Ms. Cameron joined the company earlier this year, and brings to Depomed nearly 20 years of accounting and commercial financial expertise, most recently as Adeza Biomedical Corporation's controller.
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 and ob/gyn specialties 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.
Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. 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 management of the company, and potential benefits of our products and product candidates, should not be regarded as a representation that any of our plans will be achieved. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in our business, including, without limitation, risks and uncertainties related to: our research and development efforts, including pre-clinical and clinical testing; regulation by the FDA and other government agencies; the timing of regulatory applications and product launches; our ability to successfully commercialize our products; the success of our collaborative arrangements with development and commercialization partners; and other risks detailed in our filings with the Securities and Exchange Commission filings, including our most recent Annual Report on Form 10-K and our most recent Quarterly Report on Form 10-Q. You are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof. We 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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