DR. W. Leigh Thompson Joins Depomed's Board
FOSTER CITY, CA - February 12, 1998 - DepoMed, Inc. today announced that Dr. W. Leigh Thompson was elected to the Board of Directors on January 30, 1998. Dr. Thompson (59) was previously Chief Scientific Officer at Eli Lilly before founding Profound Quality Resources, Ltd., a private healthcare consulting firm in 1995. He joined Eli Lilly and Company in 1982 where he held several executive positions including Executive Director and Executive Vice President of Lilly Research Laboratories before becoming Lilly's Chief Scientific Officer in 1993. He holds a Ph.D. from the Medical University of South Carolina and an M.D. from Johns Hopkins University.
Dr. Thompson joins G. Steven Burrill as an outside director of the Company. Mr. Burrill, (53), who was elected to DepoMed's Board prior to the Company's November 5, 1997 initial public offering, is Chief Executive Officer of Burrill & Company, a private merchant bank serving life science companies. From 1966 to 1994, Mr. Burrill was a member of Ernst & Young, including 17 years as a partner of the firm directing and coordinating the firm's services to clients in the biotechnology/life sciences and high technology industries worldwide.
"We are delighted to have attracted Leigh Thompson and Steve Burrill to DepoMed's Board" said Dr. John W. Shell, DepoMed's founder and Chairman of the Board. "We are confident that their expertise and background in the life sciences and technology areas will be of great benefit to the Company".
DepoMed, Inc., a development stage company, is engaged in the development of new and proprietary oral drug delivery technologies. The Company has developed two types of oral drug delivery systems, including the Gastric Retention System (the "GR System") and the Reduced Irritation System (The "RI System"). The GR System is designed to be retained in the stomach for an extended period of time while it delivers the incorporated drug or drugs. The RI System is designed to reduce gastrointestinal irritation, a side effect of many orally administered drugs. In addition to these features, both DepoMed systems are designed to provide continuous, controlled delivery of an incorporated drug.
The statements in this press release that are not historical facts are forward-looking statements that involve risk and uncertainties, including risks associated with the development of products and technological changes and other risks identified in the Company's registration statement on Form SB-2 (File No. 333-25445) and quarterly report on Form 10-Q, filed with the Securities and Exchange Commission. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue relevance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to release publicly 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 anticipated events.
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