Depomed, Inc. Completes Conversion of Contract Sales Force to Direct Employees
Published: Oct 02, 2012
MENLO PARK, Calif., Oct. 2, 2012 /PRNewswire/ -- Depomed, Inc. (Nasdaq:DEPO) today announced that effective September 24, 2012 it has converted its full-time, contract sales representative sales force to direct Depomed employees. Prior to conversion, these sales reps were employees of Ventiv Commercial Services, LLC (Ventiv) and were provided to Depomed pursuant to a service agreement. Ventiv continues to provide Depomed's flex sales representatives under the terms of the service agreement.
"We are delighted to convert our full-time, contract sales force to direct Depomed employees," said Jim Schoeneck, President and Chief Executive Officer of Depomed. "The agreement with Ventiv facilitated our launch of Gralise last October, and the sales reps have been promoting both Gralise and Zipsor, which we acquired in late June of this year. It has been our announced intention for some time to effect the conversion, and September was the first date allowed for conversion under our service agreement with Ventiv. Last week in conjunction with the conversion, we held our national sales meeting with all of our converted fulltime reps and our contract sales flex reps."
Depomed, Inc. is a specialty pharmaceutical company with three approved and marketed products. Gralise® (gabapentin) is a once-daily treatment approved for the management of postherpetic neuralgia (PHN). Zipsor ® (diclofenac potassium) Liquid Filled Capsules is a non-steroidal anti-inflammatory drug (NSAID) indicated for relief of mild to moderate acute pain in adults. Glumetza® (metformin hydrochloride extended release tablets) is approved for use in adults with type 2 diabetes and is commercialized by Santarus, Inc. in the United States. Depomed formulates its products and product candidates with its proven, proprietary Acuform® drug delivery technology, which is designed to improve existing oral medications, allowing for extended release of medications to the upper gastrointestinal tract when dosed with food. Additional information about Depomed may be found on its website, www.depomed.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 commercial arrangements and other risks detailed in the company's Securities and Exchange Commission filings, including the company's Annual Report on Form 10-K for the year ended December 31, 2011 and the Quarterly Reports on Form 10-Q for the quarter ended June 30, 2012. The inclusion of forward-looking statements should not be regarded as a representation that any of the company's plans or objectives will be achieved. 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.
August J. Moretti