Healthcare Industry News: metformin
News Release - January 5, 2009
Depomed Announces Management PromotionsMENLO PARK, Calif.--(HSMN NewsFeed)--Depomed, Inc. (NASDAQ:DEPO ) announced today that Thadd Vargas has been promoted to senior vice president, Business Development and Tammy Cameron to vice president, Finance. Mr. Vargas joined Depomed as vice president, Business Development in December 2002, while Ms. Cameron joined Depomed as controller in July 2007 and was named interim principal financial and accounting officer of the company in October 2007.
Prior to Depomed, Mr. Vargas held the positions of vice president, Finance, at Worldres.com, Inc., director of Finance at Kosan Biosciences, Inc., and director of Business Development, Finance, and Information Technology at Anergen, Inc. Earlier in his career, Mr. Vargas was a member of Ernst & Young’s biotech audit practice. Mr. Vargas received a B.A. degree in Business Economics from the University of California, Santa Barbara.
Before joining Depomed, Ms. Cameron has served as the controller at Adeza Biomedical Corporation, director of Finance and Administration at Timi3 Systems, director of Treasury and External Reporting at KeraVision, Inc., and was a member of Ernst & Young’s audit practice. She is a Certified Public Accountant and holds a B.A. degree from California State University, East Bay.
“On behalf of the rest of the company and the Board of Directors, I’d like to congratulate Thadd and Tammy on their promotions. While Thadd demonstrated strong leadership and Depomed’s ability to close business development deals in this challenging environment, Tammy has done an outstanding job managing our financial function and strong cash position, which is of utmost importance in today’s tight capital markets,” said Carl Pelzel, Depomed’s president and chief executive officer.
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. GLUMETZA® (metformin hydrochloride extended release tablets) is approved for use in adults with type 2 diabetes and promoted by Santarus, Inc. in the United States. Proquin® XR (ciprofloxacin hydrochloride) is 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, Ob/Gyn and long-term care specialties by Watson Pharmaceuticals. Product candidate DM-1796 is in clinical development for the treatment of neuropathic pain and has been licensed to Solvay Pharmaceuticals. Product candidate DM-5689 is in clinical development for menopausal hot flashes. Additional information about Depomed may be found on its website, www.depomedinc.com.
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The statements that are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties including, but not limited 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; and other risks detailed in the company's Securities and Exchange Commission filings, including the company's Annual Report on Form 10-K and 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. The company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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