AMYLIN ANNOUNCES PRELIMINARY RESULTS OF ANNUAL MEETING OF STOCKHOLDERS
San Diego, CA - May 27, 2009 - Amylin Pharmaceuticals, Inc. (Nasdaq: AMLN) today announced that, based on a preliminary vote count provided by its proxy solicitor, shareholders voted to elect at least 10 of the Company's nominees, including its two new independent nominees, Paul N. Clark and Paulo F. Costa, to Amylin's Board of Directors at the Company's Annual Meeting of Stockholders held today. The Company believes that no more than two of the five dissident nominees (one independent nominee from Eastbourne Capital Management, L.L.C. and one nominee from Carl Icahn) have been elected to Amylin's Board. Additionally, Mr. Icahn's proposal to reincorporate the Company from Delaware to North Dakota has been defeated.
The Company issued the following statement:
We appreciate the consideration and support of our shareholders, as well as the valuable insights offered to our Board and management team over the past several months. Today's outcome affirms that shareholders have confidence in the Company's plan to build value in 2009 and beyond, having apparently elected only two of the five dissident nominees.
We remain deeply committed to building long-term value for all of our shareholders, especially through the anticipated launch of exenatide once weekly, our investigational therapy that has the potential to significantly advance the treatment of type 2 diabetes. We thank all of our Directors for their tremendous commitment and contributions to Amylin. Our Board and management team will work with the new Directors to continue to bring transformational medicines to patients and maximize shareholder value.
IVS Associates, Inc., the independent Inspector of Elections, has indicated that it expects to issue a preliminary tabulation of the vote results early next week. Final results of the Annual Meeting will be announced once they are certified by the Inspector following the customary review and challenge period.
Amylin Pharmaceuticals is a biopharmaceutical company committed to improving lives through the discovery, development and commercialization of innovative medicines. Amylin has developed and gained approval for two first-in-class medicines for diabetes, SYMLIN® (pramlintide acetate) injection and BYETTA® (exenatide) injection. Amylin's research and development activities leverage the Company's expertise in metabolism to develop potential therapies to treat diabetes and obesity. Amylin is headquartered in San Diego, California. Further information on Amylin Pharmaceuticals is available at www.amylin.com.
Forward Looking Statements
This press release contains forward-looking statements about Amylin, which involve risks and uncertainties. Our actual results could differ materially from those discussed herein due to a number of risks and uncertainties, including risks that BYETTA, SYMLIN or exenatide once weekly may be affected by competition, unexpected new data, safety and technical issues, or manufacturing and supply issues; risks that our financial results may fluctuate significantly from period to period and may not meet market expectations; risks that any financial guidance we provide may not be accurate; risks that our clinical trials will not be completed when planned, may not replicate previous results or achieve desired end-points; risks that our preclinical studies may not be predictive; risks that our NDAs for product candidates or sNDAs for label expansion requests, such as the exenatide once weekly NDA mentioned in this press release, may not be submitted timely or receive FDA approval; risks that our expense reductions will not be as large as we expect; risks that the restructured operations for exenatide will not produce the results we expect; and other risks inherent in the drug development and commercialization process. Commercial and government reimbursement and pricing decisions and the pace of market acceptance may also affect the potential for BYETTA, SYMLIN or exenatide once weekly. These and additional risks and uncertainties are described more fully in the Company's most recently filed Form 10-K and Form 10-Q. Amylin disclaims any obligation to update these forward-looking statements.