MENLO PARK, Calif. & CORONA, Calif.--(BUSINESS WIRE)--Depomed, Inc. (NASDAQ:DEPO - News) and Watson Pharmaceuticals, Inc. (NYSE:WPI - News) announced today that Depomed and Watson Pharma, Inc. have entered into a co-promotion agreement for ProQuin® XR, Depomed’s extended release formulation of ciprofloxacin hydrochloride for the treatment of uncomplicated urinary tract infections.
Under the agreement, Depomed has granted Watson a co-exclusive right to promote ProQuin XR for the urology and long-term care specialties in the United States and its possessions, including Puerto Rico.
“We believe Watson is an ideal partner to promote ProQuin XR,” said John W. Fara, Ph.D., chairman, president and chief executive officer of Depomed. “They understand the benefits of ProQuin XR and have a great deal of experience marketing specialty brand products, particularly in competitive markets,” Dr. Fara continued. “This agreement is specifically for urology and long-term care specialties so we have the flexibility to seek alliances in other therapeutic areas.”
“Our agreement with Depomed on ProQuin is in line with our commitment to further enhance our specialty brand business,” added Allen Chao, Ph.D., Watson’s Chairman and Chief Executive Officer. “Urinary tract infections are one of the top 10 reasons patients visit urologists and ProQuin XR will be a nice addition to our growing portfolio of urology products as we continue to strengthen our presence in this area.”
Pursuant to the agreement, Depomed will book top-line revenue and Watson will receive a portion of the profits. Watson and Depomed plan to re-launch ProQuin XR in the U.S. urology market by the end of this year. Depomed retains manufacturing and distribution rights and Watson will be responsible for promotion to physicians in urology and long-term care.
About ProQuin® XR
ProQuin XR is a once-daily extended-release formulation of ciprofloxacin hydrochloride and is intended to treat uncomplicated urinary tract infections (UTIs). UTIs are bacterial infections frequently caused by E. coli and are typically treated with antibiotics. Patients should not take Proquin XR if they are allergic to, or have ever had a severe reaction to, ciprofloxacin or to any other “quinolone” antibiotics. Proquin XR is generally well tolerated. The most common side effects with Proquin XR include vaginal yeast infection and headache.
About Depomed
Depomed, Inc., is a specialty pharmaceutical company with two approved products on the market and other product candidates in its pipeline. The company utilizes its proven, proprietary AcuForm(TM) drug delivery technology to improve existing oral medications, allowing for extended, controlled release of medications to the upper gastrointestinal tract. Benefits of AcuForm-enhanced pharmaceuticals include the convenience of once-daily administration, improved treatment tolerability and enhanced compliance and efficacy. Glumetza(TM) (metformin hydrochloride extended release tablets) is approved for use in adults with type 2 diabetes and is being marketed in the United States by King Pharmaceuticals and in Canada by Biovail Corporation. ProQuin® XR (ciprofloxacin hydrochloride) extended release tablets are approved in the United States for the once-daily treatment of uncomplicated urinary tract infections. Product candidate Gabapentin GR(TM) is currently in clinical development for the treatment of two pain indications. A Phase 2 clinical trial of Gabapentin GR in menopausal hot flashes is also underway. Additional information about Depomed may be found on its web site, www.depomedinc.com.
About Watson
Watson Pharmaceuticals, Inc., headquartered in Corona, CA, is a leading specialty pharmaceutical company that develops, manufactures, markets, sells and distributes brand and generic pharmaceutical products. Watson pursues a growth strategy combining internal product development, strategic alliances and collaborations and synergistic acquisitions of products and businesses. For press releases and other company information, visit Watson Pharmaceuticals’ Web site at http://www.watson.com.
“Safe Harbor” Statements in this press release that are not historical facts are forward-looking statements that involve risks and uncertainties. The inclusion of forward-looking statements, including those related to the transition and commercialization of ProQuin XR, should not be regarded as a representation that any of Depomed or Watson’s plans will be achieved. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in Depomed and Watson’s business, including, without limitation, risks and uncertainties related to: Regulation by the FDA and other government agencies; the timing of product launches; Depomed and Watson’s ability to successfully commercialize their products, including ProQuin XR; the success of Depomed and Watson’s collaborative arrangements with development and commercialization partners; and other risks detailed in Depomed and Watson’s filings with the Securities and Exchange Commission, including their most recent 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 and Watson undertake no obligation to revise or update this release to reflect events or circumstances that occur after the date of this release.
Contact: Depomed, Inc. Mohamad Tabrizi, 650-462-5900 or Watson Pharmaceuticals, Inc. Patty Eisenhaur, 951-493-5611
Source: Depomed, Inc.
