Depomed Q2 Revenue Increases

Depomed has reported a revenue of $11.6m for the second quarter ended June 30, 2009, a increase in comparison with $6.3m for the second quarter ended June 30, 2008.

The company has reported a net loss of $9.6m for the three months ended June 30, 2009 was , or $0.19 per share as compared to net income of $3.5m, or $0.07 per share, for the three months ended June 30, 2008.

The company has reported an operating expenses of $20.0m for the three months ended June 30, 2009, a increase in comparison with operating expenses of $2.4m for same period in 2008.

Carl Pelzel, president and CEO of Depomed, said: “We are excited to have completed enrollment for both our Phase 3 clinical programs in menopausal hot flashes and post-herpetic neuralgia, and we look forward to reporting top-line results early next quarter. We are also pleased to have closed a patent licensing deal with Merck. With the $10 million upfront fee from the Merck transaction, and potential for further milestone and royalty payments, along with Glumetza’s recent all-time high prescription numbers, we are executing our strategy to strengthen our cash position by leveraging our technology and portfolio assets while advancing our key pipeline products.”