Columbia Establishes New Targeted Sales Force of 80 Representatives
LIVINGSTON, N.J. and PARSIPPANY, N.J., Jan. 28 /PRNewswire-FirstCall/ -- Columbia Laboratories, Inc. and Innovex today announced a restructuring of the sales force dedicated to exclusively promoting Columbia's full line of pharmaceutical products in the United States. Columbia's products are Striant(TM) (testosterone buccal system), Prochieve(R) 8% (progesterone gel), Prochieve(R) 4% (progesterone gel), RepHresh(R) Vaginal Gel and Advantage-S(R) Contraceptive Gel. Columbia and Innovex further announced that the restructured sales force would be made up of nine Columbia district managers as well as 80 sales representatives divided evenly between Columbia and Innovex.
Under the terms of this restructuring, Innovex, Quintiles Transnational Corp.'s commercialization unit, will accelerate the transfer of responsibility for management of the sales force to Columbia, but would continue to provide half the sales representatives. Effective immediately, Columbia will take responsibility for all field sales management, all sales force support and will hire one-half of the field sales representatives. Columbia will take full responsibility for the remaining Sales Representatives by October 2005. The restructuring of the Innovex agreement will have no effect on the product royalty agreements between Columbia and Quintiles' subsidiary, PharmaBio Development, Inc.
"The initial support provided by Innovex helped Columbia establish the commercialization platform for our women's healthcare product line, as well as Striant, our testosterone replacement product," said Fred Wilkinson, Columbia's President and Chief Executive Officer. "The agreement to transfer greater responsibility for the sales force to Columbia earlier than previously anticipated is a positive move toward building a fully integrated specialty pharmaceutical company focusing on our key customers.
"We believe that this restructured selling effort will better allow us to maximize the market opportunity in our key products, Striant and Prochieve. We remain confident that Striant will become a valuable tool for patients who suffer from hypogonadism and conditions associated with testosterone deficiency. Based on the response from physicians who have prescribed, and patients who are using Striant, the acceptance of the product remains positive and parallels that seen in the clinical trials that were the basis for FDA approval," commented Wilkinson. "We share the same enthusiasm for our Prochieve product line, both for the current indications, as well as additional potential uses."
Tony Yost, President, Innovex North America, said: "Innovex was pleased to be chosen by Columbia to help them launch their commercialization effort and this transfer of responsibility underscores the flexibility in our partnering strategies for Innovex's commercialization business. In combining the financial and commercialization resources of PharmaBio Development and Innovex, Quintiles offers strategic solutions that help enhance the delivery of healthcare products from dynamic and forward-thinking companies like Columbia."
Innovex, a unit of Quintiles Transnational Corp., is a leading commercial solutions provider offering sales and marketing services designed to accelerate the success of pharmaceutical, biotech and other healthcare products. For more information visit http://www.innovex.com/.
PharmaBio Development, Inc., the strategic investment group of Quintiles Transnational Corp., is dedicated to innovative partnering solutions for pharmaceutical and biotech companies.
Quintiles Transnational Corp., headquartered near Research Triangle Park, N.C., helps improve healthcare worldwide by providing a broad range of professional services, information and partnering solutions to the pharmaceutical, biotechnology and healthcare industries. For more information, visit the company's Web site at http://www.quintiles.com/.
Columbia Laboratories, Inc. is a U.S.-based international pharmaceutical company dedicated to research and development of women's health care and endocrinology products, including those intended to treat infertility, dysmenorrhea, endometriosis and hormonal deficiencies. Columbia has also developed a hormonal product for men and is developing a buccal delivery system for peptides. Columbia's products primarily utilize the company's patented Bioadhesive Delivery System (BDS) technology. For more information, visit http://www.columbialabs.com/.
This press release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those statements include statements regarding the intent, belief or current expectations of the Columbia and its management team. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements. Such risks and uncertainties include, among other things, the successful reorganization of the sales force, the successful marketing of Striant(TM), Prochieve(R) 4%, Prochieve(R) 8%, RepHresh(R) Vaginal Gel, and Advantage-S(R) Contraceptive Gel; the impact of competitive products and pricing; the timely and successful development of products; timely and successful completion of clinical studies; success in obtaining acceptance and approval of new products by the FDA and international regulatory agencies; and competitive economic and regulatory factors in the pharmaceutical and healthcare industry; general economic conditions; and other risks and uncertainties that may be detailed, from time-to-time, in Columbia's reports filed with the Securities and Exchange Commission. Columbia Laboratories undertakes no obligation to publicly update any forward-looking statements.
With regard to Quintiles, this press release contains "forward-looking statements" that involve risks and uncertainties that could cause actual results to differ materially, including without limitation the risk that Innovex or PharmaBio transactions will not generate revenues or profit at the rate or levels anticipated, the risk that the market for our products and services will not grow as we expect, our ability to efficiently distribute backlog among therapeutic business units and match demand to resources, actual operating performance, the ability to maintain large client contracts or to enter into new contracts, changes in trends in the pharmaceutical industry, and the ability to operate successfully in new lines of business. Additional factors that could cause actual results to differ materially are discussed in Quintiles' recent filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K, its Form 8-Ks, and its other periodic reports, including Form 10-Qs.
Columbia Laboratories, Inc.; Innovex
CONTACT: James Apostolakis, Vice Chairman, +1-212-588-1900, or DavidWeinberg, Chief Financial Officer, +1-973-994-3999, both of ColumbiaLaboratories, Inc.; or Investors - Ritu Baral of The Trout Group,+1-212-477-9007, ext 25, for Columbia Laboratories, Inc.; or Tom Fuldner,Media Relations of Quintiles Transnational Corp., +1-919-998-2052,firstname.lastname@example.org, Investors - Greg Connors, +1-919-998-2000,email@example.com, both of Quintiles Transnational Corp., for Innovex