Depomed Inc.

Menlo Park, CA, United States

Depomed Inc.

Menlo Park, CA, United States
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News Article | May 8, 2017
Site: www.eurekalert.org

CINCINNATI--Changes in female hormones may trigger headaches in adolescent girls, but their effect may depend on age and their stage of pubertal development, according to a new study from researchers at University of Cincinnati College of Medicine and Cincinnati Children's Hospital Medical Center. The study, "Ovarian Hormones, Age and Pubertal Development and their Association with Days of Headache Onset in Girls with Migraine: An Observational Cohort Study" is currently available in the online edition of Cephalalgia, the scholarly journal of the International Headache Society. The study found that higher levels of the sex hormone progesterone were associated with fewer headaches in older teenagers, while lower levels resulted in more headache in that group. In younger girls, the opposite appears to be true. "Ours is the first study to show that migraine headaches might also be influenced by female hormones in girls with migraine," says Vincent Martin, MD, professor in the UC Division of General Internal Medicine and co-director of the Headache and Facial Pain Center at the UC Gardner Neuroscience Institute. "While low and declining estrogen levels are thought to precipitate migraine in adult women we found that progesterone to be the most important trigger factor in these young girls. However, this effect seemed to differ depending on the age of the girls and their pubertal development." Nationally, about 10 percent of school age children suffer from migraine, according to the Migraine Research Foundation (MRF). As adolescence approaches, the incidence of migraine increases rapidly in girls and by age 17 about 8 percent of boys and 23 percent of girls have experienced migraine, the MRF reports. Past studies have shown that female hormones are an important contributor for migraine in adult women, explains Martin, also a UC Health physician. Two thirds of adult women will develop migraine attacks of that occur shortly before or during menstrual bleeding. These attacks have been called "menstrual migraine." Low and declining levels of estrogen are thought to trigger attacks of menstrual migraine. Prior to this study the contribution of female hormones on migraine was unknown in girls and at what age this might occur, says Martin. "There is a dramatic change in the way that female hormones affect migraine that occurs during puberty," says Martin. "Prior to puberty progesterone has little effect on migraine, but after puberty high progesterone levels are associated with fewer headaches and low progesterone levels have more headache." Researchers as part of a 13-month study examined 34 girls experiencing migraine distributed across three age strata, ages 8 to 11, 12 to 15 and 16 to 17. Daily urine samples were collected and the occurrence and severity of headaches was recorded in diary for a 90-day period. The urine samples were evaluated for metabolites of the sex hormones estrogen and progesterone to determine if their presence was associated with days of headache onset or severity. All participants were patients of Cincinnati Children's Headache Center. The adolescents were offered a nominal stipend to encourage study compliance. Higher levels of progesterone appeared to be associated with reduced frequency of headaches in older teens. In the 16 to 17 age group there was a 42 percent chance of having a headache when levels of progesterone were low in urine samples, while when levels of the hormone was higher the chance of headache dropped to 24 percent, says Martin. In the 8 to 11 age group, there was 15 percent chance of suffering from migraine or headache when levels of progesterone were low, but a 20 percent chance of migraine or headache when high levels of progesterone were found in the urine, explains Martin. "The shifting contribution of female hormones to migraine occurrence from pre-pubertal girls through puberty into adulthood suggests a very dynamic process," says Andrew Hershey, MD, PhD, endowed chair and director of neurology at Cincinnati Children's Hospital Medical Center. "As the brain is developing in these girls there may be differences in the brain receptors sensitivity and their roles in migraine occurrence. The role of these receptors appear to shift from progesterone to estrogen as these girls progress through puberty. As the brain matures it could respond differently to hormones than a non-maturated brain." Girls may first start entering puberty between age 8-10 years old, although their first period may not be until age 12 or later. As they progress through this pubertal development, there may be cyclic hormonal fluctuations and irregular menstrual periods, explains Hershey. "We have previously demonstrated that a monthly headache pattern can begin during these early stages. As they age, their menstrual periods become more regular as do hormone fluctuations and by age 17, most girls are demonstrating adult hormone patterns," says Hershey. "But just having fluctuations in hormones or regular menstrual periods isn't enough to account for the differences in headache severity and onset displayed by younger girls compared to older teens." Martin says the research team was able to account for cyclic changes of hormones and that they were not found to be predictive of headache onset. "What I can say with the urine progesterone levels is that they were preventive in the older teens and that was more of an adult response; it is what you would expect to see in older women." "Our study suggests that female hormones play an important role in triggering headaches in young girls and that their response to hormones seems to change at the time of puberty," says Martin. "Since migraine commonly begins during puberty in girls one might ask whether a change in response to hormones might represent the initiating factor for migraine in some girls- kind of like the "big bang" theory of migraine." Martin and Hershey teamed with Scott W. Powers, PhD, professor of pediatrics at UC and co-director of the Cincinnati Children's Headache Center; Marielle Kabbouche, MD, professor of pediatrics at UC and director of the Acute and Inpatient Headache Program at Cincinnati Children's; Hope O'Brien, MD, associate professor of pediatrics at UC and program director of Headache Medicine Education at Cincinnati Children's; and Joanne Kacperski, MD, assistant professor of pediatrics at UC and director of the Post Headache Concussion Program at Cincinnati Children's. Team members also included Cincinnati Children's researchers, Janelle Allen, Susan LeCates, Polly Vaughan and Shannon White and Timothy Houle, PhD, Harvard University. The study received financial support from the National Headache Foundation and the Driskill Foundation. Martin is president of the National Headache Foundation. He is a speaker for Teva Pharmaceutical Industries, Allergan Plc., Avanir Pharmaceuticals and Depomed, Inc. Martin is also a consultant for NeuroScion, Avanir Pharmaceuticals, Depomed, Inc., Eli Lilly and Company, Amgen Inc., and Alder Biopharmaceuticals. Hershey is a consultant for Allergan Plc., Amgen Inc., Curelator Headache, Depomed, Inc. and Eli Lilly and Company.


NEWARK, Calif., April 25, 2017 (GLOBE NEWSWIRE) -- Depomed, Inc. (NASDAQ:DEPO) today announced that Sharon D. Larkin joined Depomed as Senior Vice President, Human Resources and Administration. Ms. Larkin brings over 25 years of global Human Resources leadership to this role. Most recently, she worked at Abbott, a Fortune 100 diversified healthcare company where she held roles of increased responsibility for 23 years, most recently as Divisional Vice President, Human Resources, Medical Devices Group. In this role, Ms. Larkin provided worldwide human resources leadership for Abbott’s five medical device operating businesses.  Ms. Larkin received a B.S. in Industrial Management from the Georgia Institute of Technology College of Management. “Sharon is a highly accomplished healthcare industry executive with a proven track record in organizational talent management and helping to create a high performance culture,” said Arthur Higgins, President and Chief Executive Officer of Depomed. “We are excited to have her join our team as we focus on superior performance and enhanced execution.” "I am pleased to be joining Depomed and contribute to creating a company that my colleagues throughout the company are proud to work for and one that our customers admire," said Ms. Larkin. Depomed is a leading specialty pharmaceutical company focused on enhancing the lives of the patients, families, physicians, providers and payers we serve through commercializing innovative products for pain and neurology related disorders. Depomed markets six medicines with areas of focus that include mild to severe acute pain, moderate to severe chronic pain, neuropathic pain, migraine and breakthrough cancer pain. Depomed is headquartered in Newark, California. To learn more about Depomed, visit 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 risks detailed in the Company’s Securities and Exchange Commission filings, including the Company’s most recent Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q. 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.


News Article | May 22, 2017
Site: globenewswire.com

NEWARK, Calif., May 22, 2017 (GLOBE NEWSWIRE) -- Depomed, Inc. (Nasdaq:DEPO) today announced that following a comprehensive review of the Company's corporate governance practices, the Board of Directors has taken a number of actions designed to ensure that the Company's policies are further aligned with shareholder interests and corporate governance best practices.  In addition, the Board of Directors set August 15, 2017 as the date for the Company’s 2017 Annual Meeting of Shareholders. "Our Board is committed to being responsive to our shareholders and aligning Depomed’s corporate governance policies with best practices," said Jim Fogarty, Chairman of the Board of Directors of Depomed. The actions taken by the Board of Directors, include, but are not limited to the following: In addition to updating the Company’s corporate governance policies and practices, the Board of Directors adopted a revised peer group for compensation benchmarking which reflects the Company’s size and profile.  This new peer group will assist the Board of Directors in aligning the Company’s compensation practices with shareholder interests. Shareholders are encouraged to read and review the definitive proxy statement relating to the 2017 Annual Meeting of Shareholders the Company will (i) file with the SEC (and which will be available on SEC’s website at www.sec.gov) and (ii) mail to shareholders entitled to vote at the meeting. About Depomed Depomed is a leading specialty pharmaceutical company focused on enhancing the lives of the patients, families, physicians, providers and payors we serve through commercializing innovative products for pain and neurology related disorders. Depomed markets six medicines with areas of focus that include mild to severe acute pain, moderate to severe chronic pain, neuropathic pain, migraine and breakthrough cancer pain. Depomed is headquartered in Newark, California. To learn more about Depomed, visit www.depomed.com.


PALO ALTO, Calif.--(BUSINESS WIRE)--twoXAR, Inc., a company dedicated to improving health through computation, today announced the appointment of Brian Moriarty as Chief Financial Officer and Jill Jene, PhD as Senior Vice President, Business Development. In addition, co-founder and former Chief Business Officer, Andrew M. Radin has been named to the newly created position of Chief Marketing Officer. “We are pleased to welcome Jill and Brian to the twoXAR management team,” said Andrew A. Radin, co-founder and Chief Executive Officer of twoXAR. “Their leadership and expertise in finance, operations, and business development will support our growing pipeline of partnerships and drug candidates, positioning twoXAR for success over the years to come.” Prior to joining twoXAR, Mr. Moriarty advised small and mid-size companies on strategic matters, led M&A activity as a corporate development executive, and advised clients as an investment banker. His 20+ year career includes: CFO of ChartOne, Vice President at Hewlett-Packard where he supported HP’s separation into two publicly-traded companies and led the HR group responsible for M&A and outsourcing; Vice President of M&A at Sun Microsystems where he led 17 acquisitions and helped the company sell itself to Oracle Corporation; and ten years as an investment banker advising clients. Mr. Moriarty holds a Master of Management from Northwestern University and a BA in English and economics from the University of California, Davis. Dr. Jene brings nearly 20 years of business development expertise in the life science and biopharmaceutical industries and a deal sheet totaling over $3 Billion to her new role at twoXAR. She joins twoXAR from Depomed, Inc. where she was the Vice President Business Development, closing over 20 transactions resulting in raising over $750 Million in non-dilutive financing and acquiring four commercial franchises. With almost 20 years of experience in the healthcare and biotech industry, Dr. Jene has an established track record for closing transactions, both acquisitions and divestitures. Prior to joining Depomed, Dr. Jene held business and corporate development roles with increasing responsibilities at Baxter, Cell Genesys (acquired by Biosante), and 3M Pharmaceutical Division (now Valeant). Dr. Jene earned a BS in chemistry from Bradley University graduating, with honors, and holds both a PhD and MS in chemistry from Northwestern University and an MBA in strategic management from DePaul University. twoXAR is an artificial intelligence-driven biopharmaceutical company. The company leverages its computational platform to identify promising drug candidates, de-risks the opportunities through preclinical studies, and progresses drug candidates to the clinic through industry partnerships. Based in Palo Alto, California, the twoXAR team includes experts in drug discovery and development, biomedical informatics, computational biology, data science, and software development. For more information, please visit www.twoXAR.com.


News Article | May 16, 2017
Site: globenewswire.com

NEWARK, Calif., May 16, 2017 (GLOBE NEWSWIRE) -- Depomed, Inc. (NASDAQ:DEPO) today announced that members of senior management will participate in a fireside chat at the 2017 UBS Global Healthcare Conference scheduled for 10:00 am ET (7:00 am PT) on Tuesday, May 23, 2017 in New York, New York. This presentation will be webcast and can be accessed via the Investor Relations page of the Depomed website at www.depomed.com.  A recording of the webcasts will be archived for 30 days. Depomed is a leading specialty pharmaceutical company focused on enhancing the lives of the patients, families, physicians, providers and payors we serve through commercializing innovative products for pain and neurology related disorders. Depomed markets six medicines with areas of focus that include mild to severe acute pain, moderate to severe chronic pain, neuropathic pain, migraine and breakthrough cancer pain. Depomed is headquartered in Newark, California. To learn more about Depomed, visit www.depomed.com.


News Article | May 16, 2017
Site: globenewswire.com

NEWARK, Calif., May 16, 2017 (GLOBE NEWSWIRE) -- Depomed, Inc. (NASDAQ:DEPO) today announced that members of senior management will participate in a fireside chat at the 2017 UBS Global Healthcare Conference scheduled for 10:00 am ET (7:00 am PT) on Tuesday, May 23, 2017 in New York, New York. This presentation will be webcast and can be accessed via the Investor Relations page of the Depomed website at www.depomed.com.  A recording of the webcasts will be archived for 30 days. Depomed is a leading specialty pharmaceutical company focused on enhancing the lives of the patients, families, physicians, providers and payors we serve through commercializing innovative products for pain and neurology related disorders. Depomed markets six medicines with areas of focus that include mild to severe acute pain, moderate to severe chronic pain, neuropathic pain, migraine and breakthrough cancer pain. Depomed is headquartered in Newark, California. To learn more about Depomed, visit www.depomed.com.


SAN FRANCISCO, May 24, 2017 /PRNewswire/ -- ShangPharma Innovation (SPI) today announced the appointment of Mohamad Moghadam-Tabrizi to the position of Senior Vice President, Business Development. Mr. Tabrizi previously served in senior and executive level positions in corporate business development at Nektar, investor relations and corporate communications at Depomed, healthcare investment banking at Needham, RBC Capital Markets, and Merrill Lynch, and as CFO at Alacritas (Omnicare). In these roles, Mohamad led numerous deals spanning the range of royalty monetization, out-licensing and in-licensing, manufacturing and supply, collaborations and partnerships, mergers and acquisitions, and public and private financings including roadshows and venture investments. "We are very pleased to welcome Mohamad to ShangPharma Innovation. He is a highly successful professional with broad transaction expertise in all aspects of business and corporate development in the biopharmaceutical industry — financial, investor, licensing, strategic, and more," said Walter H. Moos, CEO of SPI. Earlier in his career, Mohamad was a researcher at the Howard Hughes Medical Institute, Stanford University Medical School, and Systemix. He received his undergraduate and graduate training in genetics and biological sciences at the University of California Davis and Stanford University and an MBA from Cornell University. Mohamad will aid in the achievement of key objectives at SPI which include facilitating and accelerating drug discovery with a focus on therapeutics and platform technologies, and also offering funding, other support, and incubator space to entrepreneurial partners. These partnerships include proof-of-concept research at academic and major medical centers, research institutes, and early-stage start-ups with the goal of achieving industry collaborations and/or venture capital financing. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shangpharma-innovation-appoints-mohamad-moghadam-tabrizi-as-senior-vice-president-of-business-development-300462926.html


-- Fourth-Quarter 2016 Net Sales of $310.3 Million; Up 27 Percent -- -- Fourth-Quarter 2016 Net Loss of $130.5 Million(1); Adjusted EBITDA of $136.4 Million -- -- Full-Year 2016 Operating Cash Flow of $369.5 Million; Full-Year 2016 Non-GAAP Operating Cash Flow of $452.9 Million; Year-End 2016 Cash Balance of $509.1 Million -- -- Full-Year 2017 Net Sales Guidance of $1.24 Billion to $1.29 Billion; Full-Year 2017 Adjusted EBITDA Guidance of $525 Million to $575 Million -- DUBLIN, Ireland, Feb. 27, 2017 (GLOBE NEWSWIRE) -- Horizon Pharma plc (NASDAQ:HZNP), a biopharmaceutical company focused on improving patients' lives by identifying, developing, acquiring and commercializing differentiated and accessible medicines that address unmet medical needs, announced its fourth-quarter and full-year 2016 financial results today and provided its full-year 2017 net sales and adjusted EBITDA guidance. “We delivered a strong fourth quarter and another exceptional year of performance driven by continued commercial execution and the completion of two transformative acquisitions that bolster our rapidly expanding rare disease business,” said Timothy P. Walbert, chairman, president and chief executive officer, Horizon Pharma plc.  “Our performance and continued strategic acquisitions have strengthened and diversified the Company and positioned us well to deliver on our growth objectives over the long term.” (1)  The fourth-quarter and full-year 2016 net losses were primarily impacted by the impairment of in-process research and development and other wind- down costs and charges related to the discontinuation of ACTIMMUNE development for Friedreich’s ataxia and acquisition-related costs primarily related to the acquisition of Raptor Pharmaceutical Corp. (2)  On Sept. 26, 2016, Horizon Pharma agreed to pay Express Scripts $65 million as part of a litigation settlement, which was recorded as a one-time reduction to GAAP net sales for the three months ended Sept. 30, 2016, in accordance with U.S. Generally Accepted Accounting Principles (GAAP).  The exclusion of the $65 million settlement from GAAP net sales is the only adjustment reflected in year-to-date 2016 non-GAAP adjusted net sales. Fourth-Quarter 2016 Financial Results Note:  For additional detail and reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures, please refer to the tables at the end of this release. At 8 a.m. EST / 1 p.m. IST today, the Company will host a live conference call and webcast to review its financial and operating results and provide a general business update. The live webcast and a replay may be accessed by visiting Horizon's website at http://ir.horizon-pharma.com.  Please connect to the Company's website at least 15 minutes prior to the live webcast to ensure adequate time for any software download that may be needed to access the webcast. A replay of the conference call will be available approximately two hours after the call and accessible through one of the following telephone numbers, using the passcode below: About Horizon Pharma plc Horizon Pharma plc is a biopharmaceutical company focused on improving patients' lives by identifying, developing, acquiring and commercializing differentiated and accessible medicines that address unmet medical needs.  The Company markets 11 medicines through its orphan, rheumatology and primary care business units.  For more information, please visit www.horizonpharma.com.  Follow @HZNPplc on Twitter or view careers on our LinkedIn page. Note Regarding Use of Non-GAAP Financial Measures EBITDA, or earnings before interest, taxes, depreciation and amortization, and adjusted EBITDA are used and provided by Horizon Pharma as non-GAAP financial measures.  Horizon Pharma provides certain other financial measures such as non-GAAP adjusted net sales and net income, non-GAAP diluted earnings per share, non-GAAP gross profit and gross profit ratio, non-GAAP operating expenses, non-GAAP tax rate, non-GAAP operating cash flow and PROCYSBI and QUINSAIR net sales on a combined and adjusted basis, each of which include adjustments to GAAP figures.  These non-GAAP measures are intended to provide additional information on Horizon Pharma’s performance, operations, expenses, profitability and cash flows.  Adjustments to Horizon Pharma's GAAP figures as well as EBITDA exclude acquisition-related expenses, charges related to the discontinuation of ACTIMMUNE development for Friedreich’s ataxia, an upfront fee for a license of a patent, a litigation settlement, loss on debt extinguishment and loss on sale of long-term investments, as well as non-cash items such as share-based compensation, depreciation and amortization, royalty accretion, non-cash interest expense, intangible and other non-current asset impairment charges, and other non-cash adjustments.  Certain other special items or substantive events may also be included in the non-GAAP adjustments periodically when their magnitude is significant within the periods incurred.  Horizon maintains an established non-GAAP cost policy that guides the determination of what costs will be excluded in non-GAAP measures.  Horizon believes that these non-GAAP financial measures, when considered together with the GAAP figures, can enhance an overall understanding of Horizon's financial and operating performance.  The non-GAAP financial measures are included with the intent of providing investors with a more complete understanding of the Company’s historical and expected 2017 financial results and trends and to facilitate comparisons between periods and with respect to projected information.  In addition, these non-GAAP financial measures are among the indicators Horizon's management uses for planning and forecasting purposes and measuring the Company's performance.  For example, adjusted EBITDA is used by Horizon as one measure of management performance under certain incentive compensation arrangements.  These non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.  The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, non-GAAP financial measures used by other companies.  Horizon Pharma has not provided a reconciliation of its full-year or quarterly 2017 adjusted EBITDA outlook to an expected net income (loss) outlook because certain items such as acquisition-related expenses and share-based compensation that are a component of net income (loss) cannot be reasonably projected due to the significant impact of changes in Horizon Pharma's stock price, the variability associated with the size or timing of acquisitions and other factors.  These components of net income (loss) could significantly impact Horizon Pharma’s actual net income (loss). Forward-Looking Statements This press release contains forward-looking statements, including, but not limited to, statements related to Horizon Pharma's full-year and quarterly 2017 net sales and adjusted EBITDA guidance, expected financial performance in future periods, expected timing of clinical, regulatory and commercial events, the expected launch of RAVICTI in Europe, anticipated additional clinical trials of ACTIMMUNE in cancer indications, potential market opportunity for Horizon Pharma’s medicines in approved and potential additional indications, potential growth of Horizon Pharma’s medicines and business and other statements that are not historical facts.  These forward-looking statements are based on Horizon Pharma's current expectations and inherently involve significant risks and uncertainties.  Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks that Horizon’s actual future financial and operating results may differ from its expectations or goals; Horizon Pharma’s ability to grow net sales from existing products; the availability of coverage and adequate reimbursement and pricing from government and third-party payers and risks relating to the success of Horizon Pharma’s business strategies; whether Horizon Pharma is unable to enter into additional business arrangements with pharmacy benefit managers and payers on favorable terms or at all or unable to realize the expected benefits from such arrangements; risks related to acquisition integration and achieving projected cost savings and benefits; risks associated with clinical development and regulatory approvals; risks in the ability to recruit, train and retain qualified personnel; competition, including potential generic competition; the ability to protect intellectual property and defend patents; regulatory obligations and oversight, including any changes in the legal and regulatory environment in which Horizon Pharma operates and those risks detailed from time-to-time under the caption "Risk Factors" and elsewhere in Horizon Pharma's filings and reports with the SEC.  Horizon Pharma undertakes no duty or obligation to update any forward-looking statements contained in this presentation as a result of new information. The Company acquired Raptor Pharmaceutical Corp. on October 25, 2016, including PROCYSBI and QUINSAIR.  PROCYSBI and QUINSAIR net sales for the partial fourth quarter of 2016 were $25.3 million and $1.0 million, respectively.  The following tables reflect sales for full-year 2015, first, second and third quarter under Raptor Pharmaceutical Corp. ownership and partial fourth-quarter 2016 net sales of Raptor and Horizon on a combined basis. (1) Expenses, including legal and consulting fees, incurred in connection with the Company’s acquisitions of Vidara Therapeutics International Public Limited Company (“Vidara”), Hyperion Therapeutics, Inc. (“Hyperion”), Crealta Holdings LLC (“Crealta”), Raptor Pharmaceutical Corp. (“Raptor”), its agreement to acquire the worldwide rights to interferon gamma-1b and its withdrawn offer to acquire Depomed Inc. have been excluded. (2) Intangible amortization expenses are associated with the Company’s intellectual property rights, developed technology and customer relationships of ACTIMMUNE, BUPHENYL, KRYSTEXXA, LODOTRA, MIGERGOT, PENNSAID 2%, PROCYSBI, RAVICTI, RAYOS and VIMOVO. (3) Represents amortization of debt discount and deferred financing costs associated with the Company's debt. (4) Represents accretion expense associated with the ACTIMMUNE, BUPHENYL, KRYSTEXXA, MIGERGOT, PROCYSBI, RAVICTI and VIMOVO royalties for the three and twelve months ended December 31, 2016, and represents accretion expense associated with the ACTIMMUNE, BUPHENYL, RAVICTI and VIMOVO royalties for the three and twelve months ended December 31, 2015. (5) In connection with the Crealta acquisition, the KRYSTEXXA and MIGERGOT inventory was stepped up in value by $144,289 and during the three months ended December 31, 2016, the Company recognized in cost of goods sold, $20,889 for step-up inventory costs related to KRYSTEXXA and MIGERGOT inventory sold.  During the twelve months ended December 31, 2016, the Company recognized in cost of goods sold, $48,758 for step-up inventory costs related to KRYSTEXXA and MIGERGOT inventory sold. In connection with the Raptor acquisition, the PROCYSBI and QUINSAIR inventory was stepped up in value by $66,950 and during the three months ended December 31, 2016, the Company recognized in cost of goods sold $22,379 of step-up inventory costs related to PROCYSBI and QUINSAIR inventory sold. In connection with the Hyperion acquisition, the BUPHENYL and RAVICTI inventory was stepped up in value by $8,682 and during the three months and twelve months ended December 31, 2015, the Company recognized in cost of goods sold $860 and $8,341, respectively, of step-up inventory costs related to BUPHENYL and RAVICTI inventory sold.  In connection with the Vidara acquisition, the ACTIMMUNE inventory was stepped up in value by $14,218 and during the first quarter of 2015, the Company recognized in cost of goods sold the remaining $3,154 of step-up inventory costs related to ACTIMMUNE. (6) At the time of the Company's acquisition of the rights to ACTIMMUNE, BUPHENYL, KRYSTEXXA, MIGERGOT, PROCYSBI, RAVICTI and VIMOVO, the Company estimated the fair value of contingent royalties payable to third parties using an income approach under the discounted cash flow method, which included revenue projections and other assumptions the Company made to determine the fair value.  If the Company significantly over-performs or underperforms against its original revenue projections or it becomes necessary to make changes to assumptions as a result of a triggering event, the Company is required to reassess the fair value of the contingent royalties payable.  Any subsequent adjustment to fair value is recorded in the period such adjustment is made as either an increase or decrease to royalties payable, with a corresponding increase or decrease in cost of goods sold, in accordance with established accounting policies.  During the three and twelve months ended December 31, 2016, the Company recorded a net charge of $386, to cost of goods sold to adjust the amount of the contingent royalty liabilities relating to ACTIMMUNE, KRYSTEXXA, RAVICTI and VIMOVO.  During the three and twelve months ended December 31, 2015, the Company recorded a net charge of $6,874 and $21,151, respectively, to cost of goods sold to adjust the amount of the contingent royalty liabilities relating to ACTIMMUNE, RAVICTI and VIMOVO. (7) Represents share-based compensation expense associated with the Company's stock option, restricted stock unit, and performance stock unit grants to its employees and non-employees, its cash-settled long-term incentive program and its employee stock purchase plan. (8) Represents depreciation expense related to the Company’s property, equipment, software and leasehold improvements. (9) Represents a charge for the impairment of in-process R&D related to the discontinuation of ACTIMMUNE development for Friedreich’s ataxia.  (10) Represents charges for wind-down costs related to the discontinuation of ACTIMMUNE development for Friedreich’s ataxia.  (11) Royalties of $10,434 and $37,593 were incurred during the three and twelve months ended December 31, 2016, respectively, based on the periods’ net sales for ACTIMMUNE, BUPHENYL, KRYSTEXXA, MIGERGOT, PROCYSBI, RAVICTI and VIMOVO.  Royalties of $8,944 and $29,834 were incurred during the three and twelve months ended December 31, 2015, respectively, based on the periods’ net sales for ACTIMMUNE, BUPHENYL, RAVICTI and VIMOVO. (12) Income tax adjustments on pre-tax non-GAAP adjustments represent the estimated income tax impact of each pre-tax non-GAAP adjustment based on the statutory income tax rate of the applicable jurisdictions for each non-GAAP adjustment. (13) During the three months ended September 30, 2015, the Company purchased 2,250,000 shares of common stock of Depomed, Inc. ("Depomed") representing 3.75 percent of Depomed's then outstanding common stock. The shares were acquired at a cost of $71,813.  During the three months ended December 31, 2015, following the Company's decision to withdraw its offer to acquire Depomed, the Company sold all of its shares in Depomed, receiving sales proceeds of $42,781. Following this sale, the Company recognized a loss of $29,032 in the consolidated statement of comprehensive income (loss). (14) Represents an upfront fee paid for a license of a global patent.  (15) On September 26, 2016, the Company agreed to pay Express Scripts $65 million as part of a litigation settlement, which was recorded as a one-time reduction to GAAP net sales for the twelve months ended December 31, 2016, in accordance with U.S. Generally Accepted Accounting Principles (GAAP).  The exclusion of the $65 million settlement from GAAP net sales is the only adjustment reflected in the non-GAAP adjusted net sales for the twelve months ended December 31, 2016.  (16) During the third quarter of 2016, the Company released a contingent liability of $6.9 million that was recorded as part of acquisition accounting for Crealta.  (17) During the twelve months ended December 31, 2015, the Company recorded a loss on induced debt conversions of $77,624, which represented an early redemption payment of $45,366, the write-down of $21,581 in debt discount and deferred financing costs, $10,005 in additional exchange consideration to debt holders and $672 in expenses incurred in connection with the induced debt conversions.  (18) Other non-GAAP income tax adjustments in the twelve months ended December 31, 2015 of $105,133 related to the release of certain valuation allowances in connection with the Hyperion acquisition.


- First Quarter GAAP Revenues of $90 million, non-GAAP Revenues of $95 million - - Company Announces Implementation of Strategic Initiatives to Drive Portfolio Growth  - - 2017 Non-GAAP Revenue Guidance of $410 to $430 million Inclusive of an Expected Wholesaler Inventory Reduction - - Conference Call Scheduled for Today at 4:30 PM EDT; Dial In Information Below - NEWARK, Calif., May 09, 2017 (GLOBE NEWSWIRE) -- Depomed, Inc. (Nasdaq:DEPO) today reported financial results for the quarter ended March 31, 2017 and outlined a set of strategic initiatives aimed at positioning the Company for future growth. “I am excited to have joined Depomed and am confident in our future,” said Arthur Higgins, President and Chief Executive Officer of Depomed. “We are currently facing a number of challenges in our business and they are reflected in our first quarter performance which fell well short of expectations.  During my first month on the job, I have worked across the Company to diagnose our recent performance.  The key drivers of our first quarter shortfall include: significant declines in the opioid market and a highly disruptive salesforce realignment which was implemented in February.” Mr. Higgins continued: “Despite these challenges, Depomed has a valuable set of differentiated assets and, as a team, we are working rapidly to address the issues within our control.  We are in the process of implementing a number of actions that are compatible with market realities and the promotional needs of our products.  These initiatives should have an impact in the coming quarters as we stabilize the business and look to exit the year well positioned to drive sustainable long-term growth and shareholder value.” The Company today is announcing a series of initiatives aimed at driving growth and increasing efficiencies in the business. Improved Salesforce Alignment: the Company has implemented the following adjustments to its recent salesforce realignment. Importantly, the overall headcount of the salesforce will not be impacted. Pain Team: the Pain salesforce, which was recently increased from 190 to 258, will remain at 258 and continue to carry NUCYNTA ER and NUCYNTA IR as their primary focus. Gralise has been reassigned to the Neurology team where it will receive proper focus. Call plan targets will be optimized to ensure Pain Specialists are sufficiently covered given their increasing importance in this market. Neurology Team: the Company will be re-investing in the Neurology franchise and salesforce. The Neurology salesforce numbering 40 will be increased to 60, reflecting allocation of Oncology headcount as outlined below. This group will carry Gralise and Cambia, which are promotionally sensitive products. Elimination of Oncology Salesforce: due to the significant deterioration within the Fentanyl market, the Company will stop promoting Lazanda through its field force. The 20 Oncology headcount will be allocated to the Neurology salesforce to enhance the support of Gralise and Cambia. Streamlining of Corporate Functions: today the Company is implementing a series of cost saving initiatives including an approximately 30 person reduction in force at the Company’s headquarters, representing 20% of the home office staff. As a result, the Company intends to take a one-time charge of approximately $5 million in the second quarter of 2017. Cebranopadol: in light of the changing opioid landscape, the Company is exploring ways to improve cebranopadol’s differentiated profile and potential modifications to the development program prior to its entry into Phase 3 trials, which is now anticipated to begin in late 2018. Depomed is issuing new 2017 financial guidance: This new revenue guidance includes an expectation that wholesaler inventories will be reduced during the year resulting in a reduction of revenue of approximately $7 to $8 million. The Company is not providing GAAP net loss or GAAP expense guidance as the Company is not able to estimate its non-recurring expenses for 2017. To supplement our financial results presented on a U.S. generally accepted accounting principles, or GAAP, basis, we have included information about non‑GAAP adjusted earnings, non‑GAAP adjusted earnings per share and non-GAAP adjusted EBITDA, non‑GAAP financial measures, as useful operating metrics. We believe that the presentation of these non‑GAAP financial measures, when viewed with our results under GAAP and the accompanying reconciliation, provides supplementary information to analysts, investors, lenders, and our management in assessing the Company’s performance and results from period to period. We use these non‑GAAP measures internally to understand, manage and evaluate the Company’s performance, and in part, in the determination of bonuses for executive officers and employees. These non‑GAAP financial measures should be considered in addition to, and not a substitute for, or superior to, net income or other financial measures calculated in accordance with GAAP. Non‑GAAP adjusted earnings and non‑GAAP adjusted earnings per share are not based on any standardized methodology prescribed by GAAP and represent GAAP net income (loss) and GAAP earnings (loss) per share adjusted to exclude amortization, IPR&D and non‑cash adjustments related to product acquisitions, stock‑based compensation expense, non‑cash interest expense related to debt, costs associated with the Company’s defense against the Horizon Pharma hostile takeover bid, the special meeting requests made by an activist investor and CEO transition, adjustments associated with non-recurring legal settlements and disputes, and to adjust for the tax effect related to each of the non-GAAP adjustments. Non‑GAAP adjusted EBITDA is not based on any standardized methodology prescribed by GAAP and represents GAAP net income (loss) adjusted to exclude interest income, interest expense, amortization, IPR&D and non‑cash adjustments related to product acquisitions, stock‑based compensation expense, depreciation, taxes, adjustments related to non-recurring legal settlements and disputes, costs associated with our defense against the Horizon Pharma hostile takeover bid, the special meeting requests made by an activist investor, and CEO transition. Non‑GAAP financial measures used by us may be calculated differently from, and therefore may not be comparable to, non‑GAAP measures used by other companies. Depomed will host a conference call today, Tuesday, May 9th beginning at 4:30 p.m. EDT (1:30 p.m. PDT) to discuss its results. Participants can access the call by dialing (844) 839-0046 (United States) or (857) 270-6032 (International) and reference Conference ID 10761035. The conference call will also be available via a live webcast under the Investor Relations section of Depomed's website at http://www.Depomed.com. Access the website 15 minutes prior to the start of the call to download and install any necessary audio software. An archived webcast replay will be available on the Company's website for three months. Depomed is a leading specialty pharmaceutical company focused on enhancing the lives of the patients, families, physicians, providers and payors we serve through commercializing innovative products for pain and neurology related disorders. Depomed markets six medicines with areas of focus that include mild to severe acute pain, moderate to severe chronic pain, neuropathic pain, migraine and breakthrough cancer pain. Depomed is headquartered in Newark, California. To learn more about Depomed, visit 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 the commercialization of NUCYNTA ER, NUCYNTA, Gralise, CAMBIA, Zipsor and Lazanda, Depomed's financial outlook for 2017 and expectations regarding financial results and potential business opportunities and other risks detailed in the Company's Securities and Exchange Commission filings, including the Company's most recent Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q. 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.


- First Quarter GAAP Revenues of $90 million, non-GAAP Revenues of $95 million - - Company Announces Implementation of Strategic Initiatives to Drive Portfolio Growth  - - 2017 Non-GAAP Revenue Guidance of $410 to $430 million Inclusive of an Expected Wholesaler Inventory Reduction - - Conference Call Scheduled for Today at 4:30 PM EDT; Dial In Information Below - NEWARK, Calif., May 09, 2017 (GLOBE NEWSWIRE) -- Depomed, Inc. (Nasdaq:DEPO) today reported financial results for the quarter ended March 31, 2017 and outlined a set of strategic initiatives aimed at positioning the Company for future growth. “I am excited to have joined Depomed and am confident in our future,” said Arthur Higgins, President and Chief Executive Officer of Depomed. “We are currently facing a number of challenges in our business and they are reflected in our first quarter performance which fell well short of expectations.  During my first month on the job, I have worked across the Company to diagnose our recent performance.  The key drivers of our first quarter shortfall include: significant declines in the opioid market and a highly disruptive salesforce realignment which was implemented in February.” Mr. Higgins continued: “Despite these challenges, Depomed has a valuable set of differentiated assets and, as a team, we are working rapidly to address the issues within our control.  We are in the process of implementing a number of actions that are compatible with market realities and the promotional needs of our products.  These initiatives should have an impact in the coming quarters as we stabilize the business and look to exit the year well positioned to drive sustainable long-term growth and shareholder value.” The Company today is announcing a series of initiatives aimed at driving growth and increasing efficiencies in the business. Improved Salesforce Alignment: the Company has implemented the following adjustments to its recent salesforce realignment. Importantly, the overall headcount of the salesforce will not be impacted. Pain Team: the Pain salesforce, which was recently increased from 190 to 258, will remain at 258 and continue to carry NUCYNTA ER and NUCYNTA IR as their primary focus. Gralise has been reassigned to the Neurology team where it will receive proper focus. Call plan targets will be optimized to ensure Pain Specialists are sufficiently covered given their increasing importance in this market. Neurology Team: the Company will be re-investing in the Neurology franchise and salesforce. The Neurology salesforce numbering 40 will be increased to 60, reflecting allocation of Oncology headcount as outlined below. This group will carry Gralise and Cambia, which are promotionally sensitive products. Elimination of Oncology Salesforce: due to the significant deterioration within the Fentanyl market, the Company will stop promoting Lazanda through its field force. The 20 Oncology headcount will be allocated to the Neurology salesforce to enhance the support of Gralise and Cambia. Streamlining of Corporate Functions: today the Company is implementing a series of cost saving initiatives including an approximately 30 person reduction in force at the Company’s headquarters, representing 20% of the home office staff. As a result, the Company intends to take a one-time charge of approximately $5 million in the second quarter of 2017. Cebranopadol: in light of the changing opioid landscape, the Company is exploring ways to improve cebranopadol’s differentiated profile and potential modifications to the development program prior to its entry into Phase 3 trials, which is now anticipated to begin in late 2018. Depomed is issuing new 2017 financial guidance: This new revenue guidance includes an expectation that wholesaler inventories will be reduced during the year resulting in a reduction of revenue of approximately $7 to $8 million. The Company is not providing GAAP net loss or GAAP expense guidance as the Company is not able to estimate its non-recurring expenses for 2017. To supplement our financial results presented on a U.S. generally accepted accounting principles, or GAAP, basis, we have included information about non‑GAAP adjusted earnings, non‑GAAP adjusted earnings per share and non-GAAP adjusted EBITDA, non‑GAAP financial measures, as useful operating metrics. We believe that the presentation of these non‑GAAP financial measures, when viewed with our results under GAAP and the accompanying reconciliation, provides supplementary information to analysts, investors, lenders, and our management in assessing the Company’s performance and results from period to period. We use these non‑GAAP measures internally to understand, manage and evaluate the Company’s performance, and in part, in the determination of bonuses for executive officers and employees. These non‑GAAP financial measures should be considered in addition to, and not a substitute for, or superior to, net income or other financial measures calculated in accordance with GAAP. Non‑GAAP adjusted earnings and non‑GAAP adjusted earnings per share are not based on any standardized methodology prescribed by GAAP and represent GAAP net income (loss) and GAAP earnings (loss) per share adjusted to exclude amortization, IPR&D and non‑cash adjustments related to product acquisitions, stock‑based compensation expense, non‑cash interest expense related to debt, costs associated with the Company’s defense against the Horizon Pharma hostile takeover bid, the special meeting requests made by an activist investor and CEO transition, adjustments associated with non-recurring legal settlements and disputes, and to adjust for the tax effect related to each of the non-GAAP adjustments. Non‑GAAP adjusted EBITDA is not based on any standardized methodology prescribed by GAAP and represents GAAP net income (loss) adjusted to exclude interest income, interest expense, amortization, IPR&D and non‑cash adjustments related to product acquisitions, stock‑based compensation expense, depreciation, taxes, adjustments related to non-recurring legal settlements and disputes, costs associated with our defense against the Horizon Pharma hostile takeover bid, the special meeting requests made by an activist investor, and CEO transition. Non‑GAAP financial measures used by us may be calculated differently from, and therefore may not be comparable to, non‑GAAP measures used by other companies. Depomed will host a conference call today, Tuesday, May 9th beginning at 4:30 p.m. EDT (1:30 p.m. PDT) to discuss its results. Participants can access the call by dialing (844) 839-0046 (United States) or (857) 270-6032 (International) and reference Conference ID 10761035. The conference call will also be available via a live webcast under the Investor Relations section of Depomed's website at http://www.Depomed.com. Access the website 15 minutes prior to the start of the call to download and install any necessary audio software. An archived webcast replay will be available on the Company's website for three months. Depomed is a leading specialty pharmaceutical company focused on enhancing the lives of the patients, families, physicians, providers and payors we serve through commercializing innovative products for pain and neurology related disorders. Depomed markets six medicines with areas of focus that include mild to severe acute pain, moderate to severe chronic pain, neuropathic pain, migraine and breakthrough cancer pain. Depomed is headquartered in Newark, California. To learn more about Depomed, visit 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 the commercialization of NUCYNTA ER, NUCYNTA, Gralise, CAMBIA, Zipsor and Lazanda, Depomed's financial outlook for 2017 and expectations regarding financial results and potential business opportunities and other risks detailed in the Company's Securities and Exchange Commission filings, including the Company's most recent Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q. 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.

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