MENLO PARK, Calif.--(BUSINESS WIRE)--Nov. 16, 2009--
Depomed, Inc. (NASDAQ:DEPO) announced today that it was recognized as
the number 13 fastest growing company on Deloitte’s Technology Fast 500TM
which provides a ranking of the fastest growing technology, media,
telecommunications, life sciences and clean technologies companies in
North America.
The ranking is based on percentage fiscal year revenue growth during the
five year period from 2004 to 2008. Depomed grew its annual revenues
from $203,000 to $35M during that period. Most of the revenue growth had
been driven by GLUMETZA® which is an extended-release
metformin formulation based on Depomed’s Acuform® technology
and approved for use in adults with type 2 diabetes. The remaining
growth had been driven by revenues from business development deals.
“We are proud that we are being recognized as one of the top growth
companies within the technology industries. We are very pleased with the
growth of GLUMETZA which achieved more than $30M in revenues in 2008,
and now has further grown to an annual run rate of close to $50M in
revenues. GLUMETZA is increasingly being embraced by patients and
physicians,” said Carl Pelzel, Depomed’s president and chief executive
officer. “We will continue our strategy of growing our marketed
products, while monetizing the value of our technology and pipeline
assets through business development deals.”
“Technology Fast 500TM recognizes innovative companies that
have broken down barriers to success and defied the odds with their
remarkable five-year revenue growth,” said Phil Asmundson, Vice Chairman
and U.S. Technology, Media and Telecommunications leader, Deloitte LLP.
“We congratulate Depomed on this accomplishment.”
Technology Fast 500™ Selection and Qualifying Criteria
Technology Fast 500™ provides a ranking of the fastest growing
technology, media, telecommunications, life sciences and clean
technology companies in North America. This ranking is compiled from
nominations submitted directly to the Technology Fast 500™ website, and
public company database research conducted by Deloitte. Technology Fast
500™ award winners for 2009 are selected based on percentage fiscal year
revenue growth during the five year period from 2004 to 2008.
In order to be eligible for Technology Fast 500™ recognition, companies
must own proprietary intellectual property or proprietary technology
that contributes to a significant portion of the company’s operating
revenues. Using other companies’ technology or intellectual property in
a unique way does not satisfy this requirement. Consulting companies,
professional service firms, etc. are not eligible unless they have
proprietary technology that contributes to a significant portion of
their operating revenues.
Technology Fast 500™ award eligibility requirements also include
base-year operating revenues of at least $50,000 USD or CD, and
current-year operating revenues of at least $5 million USD or CD. These
revenues must have more than doubled between 2004 and 2008.
Additionally, companies must be in business for a minimum of five years,
and be headquartered in North America.
About Depomed
Depomed, Inc. is a specialty pharmaceutical company with one product
candidate through Phase 3 clinical development, another in Phase 3
clinical development, two approved products on the market and other
product candidates in its early stage pipeline. Product candidate
DM-1796 has completed Phase 3 clinical development and has been licensed
to Solvay Pharmaceuticals. A New Drug Applications for DM-1796 is
expected to be filed with the FDA in the first quarter of 2010. Product
candidate SeradaTM is in Phase 3 clinical development for
menopausal hot flashes. GLUMETZA(R) (metformin hydrochloride
extended release tablets) is approved for use in adults with type 2
diabetes and promoted by Santarus, Inc. in the United States. Depomed
formulates its products and product candidates with its proven,
proprietary Acuform(R) drug delivery technology, which is
designed 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. Additional information about Depomed may be
found on its website, www.depomed.com.
About Deloitte
As used in this document, “Deloitte” means Deloitte LLP. Please see www.deloitte.com/about
for a detailed description of the legal structure of Deloitte LLP and
its subsidiaries.
“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 collaboration with
Covidien; our research and development efforts, including pre-clinical
and clinical testing; regulation by the FDA and other government
agencies; the timing of regulatory applications and product launches;
and other risks detailed in the company’s Securities and Exchange
Commission filings, including the company’s Annual Report on Form 10-K
and most recent Quarterly Report on Form 10-Q. 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.
Source: Depomed, Inc.
Depomed, Inc.
Sheilah Serradell, 650-462-5900
sserradell@depomed.com
