DEPOMED/MADAUS SIGN PACT FOR PROQUIN XR IN EUROPE.
Under the terms of the agreement, Depomed has granted an exclusive right to Madaus for the commercialization of ProQuin XR in Europe and has agreed to supply Madaus with commercial quantities of ProQuin XR tablets in bulk form. In return, Madaus will pay Depomed for ProQuin XR tablets at a pre-specified percent of Madaus' wholesale ex-factory price, net of packaging costs. Madaus is obligated to obtain regulatory approvals necessary to market ProQuin XR within the various European jurisdictions. "We are pleased to enter into this agreement with Madaus, a rapidly growing pan-European pharmaceutical company with a proven track record of getting products approved and to market throughout Europe," said John W. Fara, Ph.D., chairman, president and chief executive officer of Depomed. "The agreement formalizes our relationship with Madaus, which has already begun to make contributions toward development and approval of ProQuin XR in Europe. In addition to being leaders in the urology market, Madaus has an established sales, marketing and distribution network throughout Europe that we believe will be successful in promoting ProQuin XR." Danilo Casadei Massari, vice president, corporate development for Madaus, commented, "ProQuin XR complements our existing product line and is strategically aligned with our focus on urology. We look forward to gaining approvals of the product throughout Europe with our first regulatory application planned for Sweden within a month, followed by a number of other European applications. Our development, sales and marketing infrastructure will be further leveraged to support regulatory approval and commercialization of ProQuin XR throughout Europe." Ciprofloxacin is one of the most widely used products for the treatment of UTIs (urinary tract infections) in Europe with millions of units sold every year. Currently, no extended release formulations are available on the European market.
Madaus is a privately owned specialty company with operations in Portugal, Spain, France, Germany, Italy, Benelux, Austria, Poland and collaborative arrangements with distributors in almost all other European countries. Madaus has a varied product portfolio targeting urology, including proprietary products such as Trospium Chloride. Urology is a primary focus for the company and Madaus' franchise in urology is strong. Madaus is one of the fastest growing pharmaceutical companies with aggregate sales in excess of 450 million Euro per year.
Depomed, Inc. is a specialty pharmaceutical company utilizing its innovative AcuForm drug delivery technology to develop novel oral products and improved, extended release formulations of existing oral drugs. AcuForm-based products are designed to provide once daily administration and reduced gastrointestinal side effects, improving patient convenience, compliance and pharmacokinetic profiles. ProQuin(R) XR (ciprofloxacin hydrochloride) once daily, extended-release tablets have been approved by the FDA for the treatment of uncomplicated urinary tract infections. In addition, regulatory applications for once daily Glumetza(TM) (Metformin GR(R)) for the treatment of Type II diabetes have been approved in the U.S. and Canada. The company is also conducting a Phase II trial in post herpetic neuralgia with its product, Gabapentin GR(TM). Additional information about Depomed may be found at its web site, www.depomedinc.com. "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 relationships with collaborative partners; expectations regarding regulatory approvals and commercialization of our products; 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. You are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof. Depomed 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.
For more information, call 650/462-5900.
|Printer friendly Cite/link Email Feedback|
|Date:||Jan 1, 2006|
|Previous Article:||BIOVAIL LAUNCHES GLUMETZA TO CANADIAN PHYSICIANS.|
|Next Article:||SANOFI-AVENTIS/REGENERON EXPAND VEGF TRAP PACT TO JAPAN.|