Healthcare Industry News: Biovail
News Release - December 3, 2007
Depomed Names Michael Sweeney Vice President of Product DevelopmentMENLO PARK, Calif.--(HSMN NewsFeed)--Depomed, Inc. (NASDAQ: DEPO ) today announced that Michael Sweeney, M.D. has joined the company as vice president of Product Development. Dr. Sweeney will implement Depomed’s strategic plan for product development activities, from opportunity assessment through clinical trials and interactions with the FDA. Dr. Sweeney will oversee several key functional areas, including formulations, pharmacokinetics, pre-clinical, clinical development and regulatory affairs. In addition, Dr. Sweeney will be responsible for the commercial medical affairs function at Depomed.
“Mike brings extensive experience in overall product strategy and commercialization planning and will be a strong addition to the Depomed leadership team,” stated Carl A. Pelzel, president and chief executive officer of Depomed. “Mike’s skills in the identification, evaluation and planning of product development will allow him to play a critically important role in advancing our progress toward additional commercialized products.”
Dr. Sweeney has more than 19 years experience in product development and marketing of pharmaceutical products. Before joining Depomed, Dr. Sweeney was vice president of Medical Affairs at CV Therapeutics, where he built the Medical Affairs Department to enable the commercial preparation and successful launch of Ranexa® in 2006. Prior to CV Therapeutics, Dr. Sweeney spent 11 years at Pfizer Pharmaceuticals in New York and the U.K. where he held a variety of senior-level medical and marketing positions, including director of Marketing, Viagra Worldwide Team and Global Urology Medical Group Leader for Pfizer’s urological products Viagra, Cardura and Detrol. Prior to Pfizer, he served as a senior clinical pharmacologist and a medical advisor at Zeneca PLC. Dr. Sweeney received his M.D. degree from Manchester University in the U.K. together with post graduate diplomas in Pharmaceutical Medicine and Pharmacoepidemiology, the latter from the University of London. He also is a Fellow of the Royal College of Physicians of Edinburgh.
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 AcuFormTM 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. GLUMETZATM (metformin hydrochloride extended release tablets) is approved for use in adults with type 2 diabetes and is being marketed 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 is being 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 capabilities of our management team, expectations regarding product development, 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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