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Questcor Completes Divestiture of Three Products for $28.3 Million
UNION CITY, CA, October 17, 2005
Questcor Pharmaceuticals, Inc. (AMEX:QSC), a specialty pharmaceutical company
that develops and commercializes novel therapeutics for the treatment of neurological
disorders, today announced the completion of a transaction to divest its non-core
pharmaceutical products, in accordance with its new central nervous system (CNS)
strategy. Questcor completed the sale of its Nascobal(R), Ethamolin(R) and Glofil(R)-125
products to QOL Medical LLC for $28.3 million, plus the assumption by QOL of the
obligation to pay Nastech Pharmaceutical Company Inc. (NasdaqNM: NSTK) $2 million
on the issuance by the US Patent and Trademark Office of a patent on Nascobal
Nasal Spray.
"This is a pivotal event in our previously-announced plans for transforming
Questcor into a true CNS-focused specialty pharmaceutical company," stated
James L. Fares, President and CEO of Questcor. "This transaction raises significant
capital for Questcor for future business-building activities centered in the Neurology
field, while avoiding any shareholder dilution. Questcor personnel can now begin
focusing exclusively on supporting H.P. Acthar(R) Gel and building Questcor's
CNS portfolio."
Through the remainder of 2005, Questcor will continue focusing its sales and marketing
efforts on promoting H.P. Acthar Gel to neurologists. In order to expand its CNS
portfolio, Questcor is continuing to evaluate opportunities to acquire currently
marketed products and to build a pipeline of commercially attractive development
opportunities. Questcor expects to provide further updates on these activities
by the end of 2005.
Edgemont Capital Partners served as exclusive advisor to Questcor Pharmaceuticals, Inc.
About Questcor
Questcor Pharmaceuticals, Inc.(R) (AMEX:QSC) is a specialty pharmaceutical company
that develops and commercializes novel therapeutics for the treatment of neurological
disorders. Questcor currently markets H.P. Acthar(R) Gel (repository corticotropin
injection), an injectable drug indicated for the treatment of exacerbations associated
with Multiple Sclerosis. For more information, please visit www.questcor.com.
About QOL
QOL Medical LLC is a specialty pharmaceutical company dedicated to improving quality
of life for the patients we serve, their families and caregivers. QOL Medical
currently markets Sucraid (sacrosidase) oral solution. For more information, please
visit www.qolmed.com.
CONTACT:
At Questcor Pharmaceuticals, Inc.
James L. Fares, Chief Executive Officer
Phone: 510-400-0700 At Edgemont Capital Partners
David K. Blume, Managing Director
Phone: 212-867-8935 Fax: 212-214-0911
Jeff B. Swearingen, Principal
Phone: 212-867-8935 Fax: 212-937-3816
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