Dr. John Fara Retires as Chairman, President and CEO of Depomed; Mr. Carl Pelzel Appointed President and CEO
Depomed today announced the retirement of Dr. John Fara, the Company's Chairman, President and Chief Executive Officer. Dr. Fara will continue to serve Depomed as a Director and a consultant.
Mr. Carl A. Pelzel has been appointed President and Chief Executive Officer and to the company's Board of Directors. Mr. Pelzel has been Depomed's Executive Vice President and Chief Operating Officer since 2005.
Craig R. Smith, M.D. has been appointed Chairman of the Company's Board of Directors. Dr. Smith has been a member of the Company's Board since 2004.
Dr. Fara commented, "I am proud of the progress Depomed has made during my tenure as Chairman, President and CEO. After nearly eleven years at the helm and with my 65th birthday approaching, I have been considering this for some months. Over the past eleven years, the Company completed its IPO, developed and commercialized Glumetza and Proquin XR, moved Gabapentin GR into Phase III clinical trials and established our drug delivery technology as a standard in the industry. I have worked with Carl for the past two years and believe his experience and energy will accelerate Depomed's transition to a fully integrated specialty pharmaceutical company.
Mr. Pelzel added, "I am excited to be leading Depomed during this pivotal time. Thanks to John and his long service to the company, we are well positioned to meet the opportunities and challenges that face us," said Mr. Pelzel. "I thank John for his mentorship during my time here at Depomed, and I very much look forward to continuing to work with him and the rest of the Board to implement the strategy that we have developed together."
Dr. Smith noted, "On behalf of the Board, I thank John for his long and devoted service to Depomed. While we will miss his operational expertise, we look forward to his continued sage counsel as a member of the Board and valued consultant. I join John and the rest of the Board in welcoming Carl to the Board, and to his new position as President and CEO. Carl's considerable talents are well suited to the Company's future challenges and opportunities.
Mr. Pelzel, 56, joined Depomed in June 2005 as vice president, marketing and commercial development. He was promoted to executive vice president and chief operating officer in September 2005. Prior to joining Depomed, Mr. Pelzel served as senior vice president, global commercial operations at Chiron Corporation. Under his leadership, Chiron Biopharmaceuticals generated sales on a global basis through operations in North America and Europe as well as a network of international distributors. Prior to joining Chiron, Mr. Pelzel was president and chief executive officer of Invenux Inc., a privately-held biopharmaceutical company, where he led the achievement of scientific milestones, fundraising and corporate and business development. Mr. Pelzel also spent 11 years with GlaxoSmithKline in senior-level sales, marketing and international operational positions, including leadership of a Business Unit, which was responsible for a portfolio of HIV and oncology products generating $4 billion in sales. While at GlaxoSmithKline, he was country manager of Hong Kong and China with responsibility for all operations including Manufacturing, Clinical Research and a sales force of over 500 representatives. In addition, he spent 13 years with American Home Products, focused primarily on their antibiotics business. During his career, he has directed the launch of five major pharmaceutical products, many on a global basis. Mr. Pelzel has a B.A. from Hartwick College of Oneonta, New York and attended the University of Paris for two years in a pre-med program.
Depomed, Inc. is a specialty pharmaceutical company with two approved products on the market and other product candidates in its pipeline. The company utilizes its proven, proprietary AcuForm(TM) drug delivery technology 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. GLUMETZA(TM) (metformin hydrochloride extended release tablets) is approved for use in adults with type 2 diabetes and is being marketed in the United States by King Pharmaceuticals and in Canada by Biovail Corporation. ProQuin(R) XR (ciprofloxacin hydrochloride) extended release tablets are approved in the United States for the once-daily treatment of uncomplicated urinary tract infections and will be marketed in the United States within the urology specialty by Watson Pharmaceuticals. Product candidate Gabapentin GR(TM) is currently in clinical development for the treatment of two pain indications. A Phase 2 clinical trial of Gabapentin GR in menopausal hot flashes is also underway. Additional information about Depomed may be found on its web site, www.depomedinc.com.
Forward-looking Statements. Statements in this press release that are not historical facts are forward-looking statements that involve risks and uncertainties including, but not limited to, those related to our executive management; potential benefits of product candidates; and our research and development efforts. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in our business, including, without limitation, risks and uncertainties related to: 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; our ability to successfully commercialize our products; the success of our collaborative arrangements with development and commercialization partners; and other risks detailed in our filings with the Securities and Exchange Commission filings, including our most recent Annual Report on Form 10-K and 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. We undertake no obligation to revise or update this release to reflect events or circumstances that occur after the date of this release.