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Biotech / Medical : Depotech(depo) -- Ignore unavailable to you. Want to Upgrade?

To: BD who wrote (702)	2/3/1998 11:47:00 AM
From: Czechsinthemail	Read Replies (1) \| Respond to of 887

DepoTech Announces Resignation of President/CEO and Work Force Reduction Business Wire - February 03, 1998 08:30 %DEPOTECH DEPO %CALIFORNIA %BIOTECHNOLOGY %MEDICINE %PHARMACEUTICAL %MANAGEMENT %CHANGES V%BW P%BW ------------------------------------------------------------------------ SAN DIEGO--(BUSINESS WIRE)--Feb. 3, 1998--DepoTech Corp. (NASDAQ:DEPO) today announced that Edward L. Erickson has resigned as president and chief executive officer of the company for personal reasons. John P. Longenecker, Ph.D., the company's current senior vice president and chief operating officer, has been appointed president and a member of the board of directors. Fred A. Middleton, chairman of the board, will assume the additional post of CEO. Stephen B. Howell, M.D., a founder and board member, will become medical director. Together, these three board members will form an executive committee responsible for the strategy and management of the company. The company also announced a reduction in its work force aimed at lessening operating expenses and focusing resources on the company's lead product, DepoCyt, as well as DepoMorphine and partnered funded feasibility programs. The company reduced its staff by 29 employees and now has 124 employees on a full-time equivalent basis. DepoTech expects to take a one-time charge of approximately $405,000 relating to severance and out placement expenses associated with the reduction in the first quarter of 1998. "While we regret the need to institute this reduction, it will enable us to maintain the resources and infrastructure necessary to complete regulatory review of DepoCyt in major world markets with the goal of commercializing it, and to advance key follow-on projects such as DepoMorphine," said John P. Longenecker, DepoTech's president and COO. "We recently completed a review of DepoTech's technology, programs and strategy, and are well along in developing and adopting a revised business plan for the company which we are beginning to implement," said Fred A. Middleton, DepoTech's CEO. DepoTech expects to hold a meeting later this month with the U.S. Food and Drug Administration (FDA) to review the status of the development program for DepoCyt in patients with neoplastic meningitis, and determine next steps in the regulatory process. In December 1997, the Oncologic Drugs Advisory Committee (ODAC) to the FDA declined to recommend approval of DepoCyt for use in patients with neoplastic meningitis from solid tumors. The final decision regarding marketing approval of new therapeutics resides with FDA officials subsequent to any recommendation of ODAC. In January 1998, a Marketing Authorization Application for Savedar, the European trade name for DepoCyt, was submitted to the European Medicines Evaluation Agency. DepoTech is a drug delivery company dedicated to the development and manufacture of innovative, sustained-release therapeutic products based on DepoFoam technology. Products are being developed to satisfy medical needs in cancer, pain management and other fields. Note: This release moved over Business Wire Feb. 2, 1998. This press release may contain forward-looking statements regarding DepoTech. Actual results could differ materially from those described in this news release as a result of a number of factors, including, but not limited to the following: Uncertainties involved in obtaining regulatory approval for DepoCyt/Savedar or any of the company's potential products in the United States and other markets, including time of approval, if at all; uncertainties involved in commercialization of DepoCyt/Savedar or any of the company's potential products; ability to attract and retain qualified personnel. The company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this release. Additional written materials and recent releases regarding DepoTech are available on the World Wide Web at depotech.com. DepoFoam is a trademark of DepoTech Corp. CONTACT: DepoTech Corp., San Diego Dana S. McGowan, CFO, 619/625-2424

To: BD who wrote (702)	2/9/1998 12:45:00 PM
From: Jasman	Read Replies (1) \| Respond to of 887

My speculation is... Depotech will (at the minimum) get approval for Depocyt with conditions. I have looked at the results and the efficacy and safety are not a problem. When Depotech meets with the FDA, presumably at the end of February, Depotech will persuade the FDA that the Phase III trials can be repeated. The reason the FDA failed to approve Depocyt lies on several unexplainable parameters of the Phase III trials. Check out past news of Depotech at Reuters Health and News web page (http://www.reutershealth.com/) and you will see what I mean. You will need to subscribe. Phase IV trials will prove that Phase III trials were legitimate. At current levels, any signs of hope will significantly boost the share price. Depotech is a outright steal under $4.