ANAHEIM, Calif., Jan. 28, 2013 /PRNewswire/ -- Questcor Pharmaceuticals, Inc. (NASDAQ: QCOR) today announced the appointment of Michael Aldridge to the new position of Senior Vice President, Corporate Strategic Development. Mr. Aldridge's primary responsibilities will be the identification and development of partnership and acquisition opportunities to leverage Questcor's business model. Over time, such initiatives may include development programs or products complementary to Acthar (H.P. Acthar Gel®) and the evaluation of potential expansion into ex-US markets. Mr. Aldridge will report to Steve Cartt, Questcor's Chief Operating Officer.
"Michael brings an extensive background in the global biotechnology and pharmaceutical industries that is relevant to Questcor's long term strategic growth and development," said Steve Cartt, Chief Operating Officer of Questcor. "Our flagship product, Acthar, has proven to be a product of great clinical utility and promise, and the addition of Michael to the Questcor team bolsters our ability to further build our portfolio within a longer term global strategy. Questcor should also benefit from Michael's investment banking background in connection with any broader corporate M&A initiatives it may consider in the future."
Mr. Aldridge previously served as Chief Executive Officer, Managing Director, and member of the Board of Directors of Xenome Limited, where he led the strategic growth and direction of the privately held product development company.
Prior to that, Mr. Aldridge served as Chief Executive Officer, Managing Director and member of the Board of Directors of Peplin, Inc, which successfully developed a treatment for skin cancer. Peplin was sold to LEO Pharma in 2009. Before this, Mr. Aldridge held investment banking positions at leading international financial firms, including Wilson HTM Investment Group, Bear Stearns & Co., Volpe, Brown Whelan & Company, and SG Warburg Group.
Questcor Pharmaceuticals, Inc. is a biopharmaceutical company focused on the treatment of patients with serious, difficult-to-treat autoimmune and inflammatory disorders. Questcor's primary product is H.P. Acthar® Gel (repository corticotropin injection), an injectable drug that is approved by the FDA for the treatment of 19 indications. Of these 19 indications, Questcor currently generates substantially all of its net sales from three indications: the treatment of proteinuria in idiopathic types of nephrotic syndrome, the treatment of acute exacerbations of multiple sclerosis in adults, and the treatment of infantile spasms in children under two years of age. With respect to nephrotic syndrome, the FDA has approved Acthar to "induce a diuresis or a remission of proteinuria in the nephrotic syndrome without uremia of the idiopathic type or that due to lupus erythematosus." Questcor has also launched a pilot effort in rheumatology, as Acthar is approved for several rheumatology-related conditions including Dermatomyositis, Polymyositis, Lupus and Rheumatoid Arthritis. Questcor is also exploring the possibility of developing markets for other on-label indications and the possibility of pursuing FDA approval of additional indications not currently on the Acthar label where there is high unmet medical need. For more information about Questcor, please visit www.questcor.com.
Note: Except for the historical information contained herein, this press release contains forward-looking statements that have been made pursuant to the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance. These statements are only predictions. Actual events or results may differ materially. Factors that could cause or contribute to such differences include risks discussed in Questcor's annual report on Form 10-K for the year ended December 31, 2011 as filed with the Securities and Exchange Commission, or SEC, on February 22, 2012, and other documents filed with the SEC. The risk factors and other information contained in these documents should be considered in evaluating Questcor's prospects and future financial performance.
Questcor undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date of this release.
SOURCE Questcor Pharmaceuticals, Inc.