SCOTTSDALE, Ariz., Dec. 27, 2011 (GLOBE NEWSWIRE) -- Medicis (NYSE:MRX) today announced that it has made substantial progress with its previously announced strategy to significantly reduce the Company's exposure to managed care restrictions for SOLODYN® (minocycline HCl, USP) Extended Release Tablets and the Company's other therapeutic products. This strategy includes, among other things, negotiating new, multi-year contracts to begin in 2012 with targeted managed care organizations and pharmacy benefit managers to profitably achieve total coverage and access for SOLODYN of at least 75% of the insurable lives in the U.S. Medicis has also begun shipping ZYCLARA® (imiquimod) Cream 3.75% in the U.S. and a number of its newly acquired products in Canada. Additionally, the Company has purchased approximately 4.4 million shares, or approximately $150 million, of its common stock under the previously announced Stock Repurchase Plan. As a result of successful execution on these initiatives to date, the Company has updated its financial guidance for the remainder of 2011.
