Depomed Acquires Remaining Interest in Majority-Owned Subsidiary.Business Editors/Health/Medical Writers MENLO PARK, Calif.--(BUSINESS WIRE)--June 7, 2004 Depomed, Inc. (Nasdaq:DEPO DEPO Delegated Episcopal Pastoral Oversight DEPO Devils Postpile National Monument (US National Park Service) DEPO Defence Export Promotion Organization (Pakistan) DEPO Double Even Pass Odd ) today announced that it has acquired Elan's 19.9 percent stake in Depomed's 80.1 percent owned subsidiary, Depomed Development Ltd. (DDL (1) (Data Description Language) A language used to define data and their relationships to other data. It is used to create the data structure in a database. Major database management systems (DBMSs) use a SQL data description language. ) for $50,000. The acquisition gives Depomed 100 percent ownership of the subsidiary. The DDL subsidiary has performed early stage development on extended release formulations of gabapentin, baclofen and losartan. "Having full ownership of DDL provides us with a more straightforward path to establishing corporate development and commercialization partnerships with companies specifically focused on building franchises around three pharmaceutical opportunities," said John W. Fara, Ph.D., chairman, president and chief executive officer of Depomed. Gabapentin is a widely used anti-epileptic medication and is also used to manage pain. In a Phase I clinical trial Noun 1. phase I clinical trial - a clinical trial on a few persons to determine the safety of a new drug or invasive medical device; for drugs, dosage or toxicity limits should be obtained phase I conducted by DDL, the data showed that Gabapentin GR was as bioavailable as the currently marketed immediate release gabapentin and showed an extended release plasma profile. Depomed is seeking a development and commercialization partner that will share in the continued development of Gabapentin GR for a pain indication. Baclofen is a muscle relaxant and antispastic agent used to relieve muscle spasms, pain and muscular rigidity often associated with multiple sclerosis. Losartan is an angiotensin II antagonist that is used to treat hypertension and congestive heart failure congestive heart failure, inability of the heart to expel sufficient blood to keep pace with the metabolic demands of the body. In the healthy individual the heart can tolerate large increases of workload for a considerable length of time. . These programs will be evaluated and prioritized relative to other new product opportunities. About Depomed Depomed, Inc. is a specialty pharmaceutical company utilizing its innovative Gastric Retention (GR(TM)) system to develop novel oral products and improved formulations of existing oral drugs. GR-based products are designed to provide once daily administration and reduced gastrointestinal side effects, improving patient convenience, compliance and pharmacokinetic profiles. Regulatory applications for once daily Glumetza(TM) (Metformin GR) for the treatment of Type II diabetes Type II diabetes Type II diabetes is the most common form of diabetes and usually appears in middle aged adults. It is often associated with obesity and may be delayed or controlled with diet and exercise. Mentioned in: Diabetic Ketoacidosis have been submitted to agencies in the U.S. and Canada, and the company has completed its Phase III clinical trial Noun 1. phase III clinical trial - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the with once daily Proquin (TM) XR (ciprofloxacin HCl extended-release tablets) for the treatment of urinary tract infections. The company is also conducting a Phase II trial with the diuretic diuretic (dī'yərĕt`ĭk), drug used to increase urine formation and output. Diuretics are prescribed for the treatment of edema (the accumulation of excess fluids in the tissues of the body), which is often the result of underlying Furosemide furosemide /fu·ro·sem·ide/ (fu-ro´se-mid) a loop diuretic used in the treatment of edema and hypertension. fu·ro·se·mide n. A white to yellow crystalline powder used as a diuretic. GR and plans to initiate a Phase II trial with the seizure and pain drug Gabapentin GR later in 2004. Additional information about Depomed may be found at its web site, www.depomedinc.com. "Safe Harbor" Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 intellectual property rights, research and development efforts, including pre-clinical and clinical testing; regulation by the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. 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. 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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