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|Depomed, Inc. Selects inVentiv Health to Provide Sales Team for Gralise(TM)|
BURLINGTON, Mass. and MENLO PARK, Calif., Jun 20, 2011 (GlobeNewswire via COMTEX) --
inVentiv Health, offering best-in-class clinical, consulting and commercial services to the healthcare industry, and Depomed, Inc. (Nasdaq:DEPO) announced today that both parties have signed an agreement under which inVentiv Selling Solutions, the company's outsourced sales business, will provide sales force recruiting, training, deployment and ongoing operational support for Gralise(TM), Depomed's once-daily tablets for treatment of Post-Herpetic Neuralgia (PHN).
"We are excited to partner with Depomed as they look to build awareness and market share for Gralise. Depomed's strong track record for developing successful therapeutic products is the ideal company to match our highly focused and execution driven sales teams," stated Paul Mignon, President of inVentiv Selling Solutions. "We look forward to working closely with Depomed's sales leadership team and leveraging this innovative product to create solid value for Depomed."
"As one of the largest providers of outsourced sales forces in the US, inVentiv offers us an ability to recruit and build our sales team with a partner that has a proven track record. Their ability to assist our internal operations is also an added benefit," said James A. Schoeneck, President and Chief Executive Officer, Depomed, Inc. "We are very pleased to be partnering with inVentiv on this initiative to help us achieve our Gralise sales goals."
Depomed, Inc. is a specialty pharmaceutical company having one approved product on the market, Glumetza(R), and another recently approved product, Gralise(TM). Gralise(TM) (gabapentin) is a once-daily treatment approved for the management of postherpetic neuralgia (PHN). Glumetza(R) (metformin hydrochloride) is approved for use in adults with type 2 diabetes and is promoted by Santarus, Inc. in the United States. The company has a robust pipeline, including Serada(R), which is in Phase 3 clinical development for menopausal hot flashes, as well as additional early stage product candidates. Depomed formulates its products and product candidates with its proven, proprietary Acuform(R) drug delivery technology, which is designed to enchance oral medications and allowing for controlled release of drug to the upper gastrointestinal tract. Additional information about Depomed may be found on its website, http://www.depomed.com.
The Depomed, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7529
About inVentiv Health
inVentiv Health, Inc. is a leading global provider of results-driven clinical, consulting and commercial services to the pharmaceutical and healthcare industries. inVentiv's client roster includes more than 400 pharmaceutical, biotech and life sciences companies. inVentiv Health Inc. is privately owned by inVentiv Group Holdings Inc., an organization sponsored by affiliates of Thomas H. Lee Partners, L.P., Liberty Lane Partners and members of the inVentiv management team. For more information, visit www.inventivhealth.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks that may cause inVentiv Health's performance to differ materially. Such risks include, without limitation: our ability to sufficiently increase our revenues and maintain or decrease expenses and cash capital expenditures to permit us to fund our operations; our ability to continue to comply with the covenants and terms of our credit facility and to access sufficient capital to fund our operations; our ability to grow our existing client relationships, obtain new clients and cross-sell our services; our ability to successfully operate new lines of business; our ability to manage our infrastructure and resources to support our growth; our ability to successfully identify new businesses to acquire, conclude acquisition negotiations and integrate the acquired businesses including i3 and the pending acquisition of PharmaNet into our operations; any disruptions, impairments, or malfunctions affecting software as well as excessive costs or delays that may adversely impact our continued investment in and development of software; the potential impact of government regulation on us and on our clients base; our ability to comply with all applicable laws as well as our ability to successfully implement from a timing and cost perspective any changes in applicable laws; our ability to recruit, motivate and retain qualified personnel, including sales representatives; the actual impact of the adoption of certain accounting standards; our ability to maintain technological advantages in a variety of functional areas, including sales force automation, electronic claims surveillance and patient compliance; changes in trends in the healthcare and pharmaceutical industries or in pharmaceutical outsourcing. Readers of this press release are referred to documents filed from time to time by inVentiv Health Inc. with the Securities and Exchange Commission for further discussion of these and other factors.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995.
Statements included in this press release that are not a description of historical facts are forward-looking statements. These forward-looking statements include statements related to the launch and prospects for Gralise. The inclusion of forward-looking statements should not be regarded as a representation that any of Depomed's plans or objectives will be achieved. The achievement of those plans and objectives involves risks and uncertainties including, but not limited to, risks and uncertainties related to the launch and market acceptance of Gralise; results of clinical trials and other research and development efforts; regulation by the FDA and other government agencies; the timing of regulatory applications and product launches; and other risks detailed in Depomed's Securities and Exchange Commission filings, including Depomed's 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 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.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Depomed, Inc.; inVentiv Health, Inc.
CONTACT: For inVentiv Health: Evan Smith Chandler Chicco Agency 212-229-8412 firstname.lastname@example.org For Depomed: Sheilah Serradell Investor Relations 650-462-5900 email@example.com