Depomed Profile

Depomed, Inc. is a specialty pharmaceutical company engaged in the development of pharmaceutical products, based on its oral drug delivery technologies. During the year ended December 31, 2005, the United States Food and Drug Administration (FDA) approved two products developed by the Company, ProQuin XR, a once-daily formulation of the antibiotic drug ciprofloxacin for uncomplicated urinary tract infections, and Glumetza, a once-daily metformin product for Type II diabetes. Depomed has also developed Gabapentin GR, an extended release form of gabapentin. In addition, the Company is applying its AcuForm technology to other compounds in an effort to enhance the safety, efficacy and/or dosing compliance of the innovator product. For the three months ended 31 March 2006, DepoMed, Inc.'s revenues totaled $1.3M, up from $19K. Net loss applicable to Common increased 14% to $7.9M. Revenues reflect increased revenue from collaborative agreements due to product development services performed under an agreement with Boehringer Ingelheim Pharmaceuticals. Higher loss was offset by the inclusion of cost of sales and higher research & development expense.