SADDLE RIVER, N.J., Jan. 31 /PRNewswire-FirstCall/ -- PDI, Inc. , a diversified sales and marketing services provider to the biopharmaceutical industry, today announced that it has entered into a two-year agreement with Ascend Therapeutics, to promote their estrogen replacement therapy product, EstroGel, to the obstetrician/gynecologist market.
PDI will initially provide a specialty sales team of 50 field representatives, with the expectation the field force will grow over time. The program is due to run through January 31, 2008, with an automatic extension through January 31, 2009 if certain conditions are met.
Ascend Therapeutics has recently re-acquired the rights to commercialize EstroGel, a product Ascend initially developed. EstroGel competes in the $1.3 billion estrogen replacement therapy market, and provides unique advantages for women who choose a transdermal method of delivery.
As an emerging biopharmaceutical company, Ascend looked to partner with a firm to assist it with product commercialization, rather than develop that capability internally. PDI was contacted early in the planning stages, and helped Ascend develop a commercialization strategy that fit its objectives.
Steve Budd, President of PDI, said, "Our deep understanding of the obstetrician/gynecologist market, and our considerable experience in building and managing high performance specialty teams to serve that market, were key drivers in Ascend's decision to use PDI. Our wide range of capabilities including marketing research and field force sizing, were also very appealing to them as an emerging biopharmaceutical company."
Larry Ellberger, PDI's Interim CEO, added, "We are delighted that we have announced four new partnerships with emerging biopharmaceutical companies in the past six months. Our growing presence in the emerging pharmaceutical market, together with PDI's continuing long-standing relationships with large and mid-cap pharmaceutical companies, gives PDI a balanced client base for future growth."
Jay Bua, CEO of Ascend stated, "With EstroGel being Ascend's first commercialized product, it was critical to partner with a company that has a proven track record in assisting emerging companies with the process of commercialization. PDI's capabilities and experience precisely met our needs to rapidly develop and launch the initial sales and marketing effort for EstroGel."
PDI, Inc. is a diversified sales and marketing services provider to the biopharmaceutical industry. PDI's comprehensive set of outsourced sales and marketing solutions is designed to increase its clients' strategic flexibility and enhance their efficiency and profitability. Headquartered in Saddle River, NJ, PDI also has offices in Pennsylvania and Illinois.
PDI's sales and marketing services include our Performance Sales Teams(TM), which are dedicated teams for specific clients; and Select Access(TM), our targeted sales solution that leverages an existing infrastructure; marketing research and consulting; and medical education and communications. The company's experience extends across multiple therapeutic categories and includes office and hospital-based initiatives.
PDI's commitment is to deliver innovative solutions, unparalleled execution and superior results for its clients. Through strategic partnership and client-driven innovation, PDI maintains some of the longest standing sales and marketing relationships in the industry. Recognized as an industry pioneer, PDI remains committed to continued innovation.
For more information, visit the Company's website at http://www.pdi-inc.com.
This press release contains forward-looking statements regarding future events and financial performance. These statements involve a number of risks and uncertainties and are based on numerous assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond PDI's control. Some of the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements are general economic conditions, changes in our operating expenses, adverse patent rulings, FDA, legal or accounting developments, competitive pressures, failure to meet performance benchmarks in significant contracts, changes in customer and market requirements and standards, the impact of any stock repurchase programs, and the risk factors detailed from time to time in PDI's periodic filings with the Securities and Exchange Commission, including without limitation, PDI's Annual Report on Form 10-K for the year ended December 31, 2004, and PDI's periodic reports on Form 8-K filed with the Securities and Exchange Commission since January 1, 2005. The forward looking-statements in this press release are based upon management's reasonable belief as of the date hereof. PDI undertakes no obligation to revise or update publicly any forward-looking statements for any reason.