http://finance.individual.com/display_news.asp?doc_id=CT2001212b4772&page=news
July 31, 2001 6:01am
UNION CITY, Calif., Jul 31, 2001
(BW HealthWire) -- Questcor Pharmaceuticals, Inc. (AMEX: QSC) has signed
an agreement with Aventis Pharmaceuticals, Inc. to acquire the worldwide
rights to HPActhar(R) Gel.
HP Acthar(R) Gel is a corticotropin
product that has been used, as part of a special program administered by
the National Organization for Rare Disorders (NORD), to treat seriously
ill children with a seizure complex, referred to as West syndrome or infantile
spasm, a potentially fatal disorder, and patients with multiple sclerosis
who experience severe and painful episodes of "flare". The terms of the
agreement were not disclosed.
Due to limited production and the
resulting limited availability of the product over the past few years,
distribution has been tightly controlled through the NORD special access
program. The product is now back in full production and, as a result, can
return to normal distribution. Questcor believes that this increased production
of HP Acthar(R) Gel will enable it to reintroduce the product into normal
distribution channels later this fall. "We are exceptionally pleased that
Questcor has become involved with this critically important product," said
Abbey S. Meyers, President of NORD. "We look forward to working closely
with Questcor to ensure that anyone with a need for HP Acthar(R) Gel is
able to receive the product."
Questcor estimates that approximately
1,600 patients annually have been allowed access to HPActhar(R) Gel during
the past four years of the limited access program. The Company believes
the re-introduction of HP Acthar(R) Gel into normal distribution channels
should open access to an additional 5,000 patients suffering from various
autoimmune disorders who may be helped by the product. Questcor expects
to begin its first shipments of HP Acthar(R) Gel to wholesalers sometime
in September. The most current update on product availability can be found
at HTTP://WWW.ACTHAR.COM.
"The acquisition of HP Acthar(R)
Gel represents a significant opportunity for Questcor to extend our presence
in the hospital market into the field of neurology, and specifically to
the pediatric neurologist," commented Charles J. Casamento, Chairman, President
& CEO of Questcor. "The commercial impact from revenues and profits
of HP Acthar(R) Gel should allow us to accelerate the clinical development
of other promising agents in our pipeline, while at the same time bringing
the Company a step closer to breakeven. This should increase our sales
to a level that is up dramatically from 2000 levels when our product sales
were less than $2 million."
The Company will have additional
experience with the pediatric neurology market through the development
of its pediatric neurology product, Ceresine(TM), which it believes may
eventually treat Congenital Lactic Acidosis.
Questcor will be hosting a conference
call on Tuesday July 31, 2001, at 11:00 a.m., Eastern Time (8:00 a.m. Pacific
Time). Please call this number to participate: 800-388 8975 (domestic)
973 694 2225 (international).
Participants are asked to call the
above number 5-10 minutes prior to the starting time.
Charles J. Casamento, Chairman, President
& CEO will host the call to further discuss the acquisition and entertain
investor questions. The conference call we be broadcast live over the Internet
at Questcor's website, WWW.QUESTCOR.COM. The call will be archived and
available on the website for a limited time.
A telephonic replay of this call
will be available from 1:00 p.m., EST Tuesday, July 31st through 4:00 p.m.,
EST Tuesday August 3rd. Please call 800 428 6051 (domestic) 973 709 2089
(international) and use access number 204395.
About Questcor
Questcor Pharmaceuticals, Inc. is
a fully integrated specialty pharmaceutical company that serves the needs
of the acute care and critical care hospital market with its proprietary
products including Glofil(TM)-125 and Inulin for measuring renal GFR, Ethamolin(R)for
sclerotherapy, and Pramidin(R)for diabetic gastroparesis. Questcor's late
stage pipeline products are being developed to treat diabetic gastroparesis
(stomach paralysis), delayed onset emesis (vomiting), congenital lactic
acidosis (CLA), and various central nervous system disorders. As part of
a strategy to develop its products globally, Questcor has entered into
over 20 contractual relationships with public and private companies including:
Ahn-Gook Pharmaceuticals, of Korea; CSC Pharmaceuticals Handels GmbH of
Vienna, Austria; Crinos Group of Como, Italy; Dainippon Pharmaceutical
Co., Ltd., of Osaka, Japan; Rigel, Inc. of South San Francisco, CA; and
Tularik, Inc. of South San Francisco, CA.
Note: Except for the historical
information contained herein, this press release contains forward-looking
statements that involve risks and uncertainties. Such statements are subject
to certain factors, which may cause the Company's results to differ. Factors
that may cause such differences include, but are not limited to, the Company's
need for additional funding, uncertainties regarding the Company's intellectual
property and other research, development, marketing and regulatory risks,
and, to the ability of the Company to implement its strategy and acquire
products and, if acquired, to market them successfully as well as the risks
discussed in Questcor's report on Form 10-K/A for the calendar year ended
December 31, 2000 and other documents filed with the Securities and Exchange
Commission. The risk factors and other information contained in these documents
should be considered in evaluating Questcor's prospects and future financial
performance.
CONTACT: Questcor
Pharmaceuticals, Inc.
Copyright (C) 2001 Business Wire.
Source: Business Wire
Charles J. Casamento, 510/400-0700
or
The Investor Relations Group
Investors and Media:
Shayne Payne / Dian Griesel, 212/825-3210