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SOURCE Depomed, Inc.
Depomed to host investor conference call today at 5:00 p.m. EST, 2:00 p.m. PST
NEWARK, Calif., Dec. 17, 2013 /PRNewswire/ -- Depomed, Inc. (NASDAQ: DEPO) today announced that it has acquired the United States rights to CAMBIA® (diclofenac potassium for oral solution) from Nautilus Neurosciences for $48.7 million. In addition, Depomed may pay Nautilus up to an additional $5 million based on the achievement of certain annual net sales milestones. CAMBIA is a non-steroidal anti-inflammatory drug (NSAID) indicated for acute treatment of migraine attacks with or without aura in adults 18 years of age or older.
Benefits of CAMBIA acquisition:
"CAMBIA, our third product acquisition in 18 months, is a unique and fast acting treatment for migraine with long-term growth potential that is a great fit in our pain and neurology-focused portfolio," said Jim Schoeneck, President and CEO of Depomed. "Some of the capital secured in October 2013 from the sale of our royalties in type 2 diabetes assets is being put to work in this product acquisition that leverages our current infrastructure. We will continue to actively seek products that complement our pain and neurology portfolio and position us for a strong growth trajectory in the coming years."
Financial and Operational Guidance
CAMBIA is a powdered formulation of diclofenac potassium that is dissolved in liquid. It has a rapid onset and has demonstrated in clinical studies relief of the pain and associated symptoms of migraine, including nausea, sensitivity to light and sensitivity to sound. It was launched in 2010.
Important Safety Information
CAMBIA is a non-steroidal anti-inflammatory drug (NSAID). NSAIDs may increase your chance of a heart attack or stroke that can lead to death. This chance is higher with longer use of NSAID medicines and in people who have heart disease. CAMBIA should never be used right before or after certain heart surgeries.
NSAID medicines can also cause stomach and intestine problems, such as ulcers and bleeding, which can happen without warning and may cause death. This risk increases with use of steroids (corticosteroids), blood thinners (anticoagulants), smoking, alcohol use, older age, and for those in poor health.
Conference Call Information
Depomed will host a conference call today, December 17, beginning at 5:00 p.m. EST, 2:00 p.m. PST to discuss the transaction. The conference call will be available via a live webcast on the investor relations section of Depomed's website at http://www.depomed.com. The dial-in number for the conference call is 877-317-6789 and for international calls 412-317-6789. Access the website 15 minutes prior to the start of the call to download and install any necessary audio software. An archived webcast replay will be available on the Company's website for three months.
Depomed, Inc. is a specialty pharmaceutical company that commercializes products for pain and neurology related disorders. Gralise® (gabapentin) is a once-daily treatment approved for the management of postherpetic neuralgia. Zipsor® (diclofenac potassium) Liquid Filled Capsules is a non-steroidal anti-inflammatory drug indicated for relief of mild to moderate acute pain in adults. Lazanda® (fentanyl) Nasal Spray is an intranasal fentanyl drug used to manage breakthrough pain in adults (18 years of age or older) who are already routinely taking other opioid pain medicines around-the-clock for cancer pain. CAMBIA® (diclofenac potassium for oral solution) is a non-steroidal anti-inflammatory drug indicated for acute treatment of migraine attacks with or without aura in adults (18 years of age or older). Gralise and other products and product candidates are formulated with Depomed's proven, proprietary Acuform® drug delivery technology. Additional information about Depomed may be found at www.depomed.com.
Forward Looking Statements
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. 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, those related to our ability to commercialize CAMBIA, expected synergies from the acquisition, expected year-end cash, growth in future periods, and other risks detailed in the company's Securities and Exchange Commission filings, including the company's Annual Report on Form 10-K for the year ended December 31, 2012 and the Quarterly Report on Form 10-Q for the quarter ended September 30, 2013. The inclusion of forward-looking statements should not be regarded as a representation that any of the company's plans or objectives will be achieved. 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.
August J. Moretti
Canale Communications for Depomed
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