Depomed

Depomed climbed 43 cents, or 15%, to 3.26, after receiving confirmation from drug maker

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Depomed, Inc. is a specialty pharmaceutical company with one approved product on the market and another recently approved product.

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Such statements include, but are not limited to, statements regarding Depomed's formulation obligations, Ironwood's rights to develop or commercialize any product utilizing Depomed's Acuform™ gastric retentive drug delivery technology, and Ironwood's obligations to make milestone payments and royalties if products are successfully developed or commercialized.

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"We are pleased to contribute our Acuform technology and drug delivery expertise to Ironwood's development effort, and add an important new partner to our Acuform franchise strategy," said Thadd Vargas, Depomed's senior vice president, Business Development.

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Under the terms of the agreement, Depomed will assist with initial product formulation and Ironwood will be responsible for all development and commercialization of the product.

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Depomed formulates its products and product candidates with its proven, proprietary Acuform ® drug delivery technology, which is designed to improve existing oral medications, allowing for controlled release of medications to the upper gastrointestinal tract when dosed with food.

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AP -- Depomed Inc. said Monday it received a previously announced payment of $48 million from Abbott Laboratories for the Food and Drug Administration's approval of Gralise, which treats pain following the viral infection shingles.

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Depomed will be paid an upfront license fee and will receive additional payments pending achievement of certain development and regulatory milestones, as well as royalties on product sales.

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Depomed, based in Menlo Park, Calif., had announced the payment in late January, after the FDA had approved Gralise tablets as a once-daily treatment for post-herpetic neuralgia, a persistent pain condition caused by nerve damage after a shingles infection.

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Applicable risks and uncertainties include the risks that Ironwood chooses not to develop or commercialize a product, that the program does not successfully complete preclinical or clinical development, that either party commits a material breach of the agreement, or that the agreement is terminated by either party before Depomed formulates the product.

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