CEO of Depomed Resigns For Personal Reasons, Replaced By Current Director James Schoeneck (DEPO)

Depomed

today announced the appointment of James A. Schoeneck as the company`s President and CEO, effective April 18, 2011. Mr. Schoeneck, a member of the company`s Board of Directors since 2007, succeeds Carl A. Pelzel, who has resigned for personal reasons. Peter D. Staple, Chairman of Depomed`s Board of Directors, said, "We are delighted that Jim has agreed to lead Depomed as the company accelerates its transition as a commercial enterprise. He has a great track record of commercial and operational achievements and developing successful business strategies. This experience will be invaluable as we leverage Depomed`s considerable assets to the benefit of the company and its shareholders. During Jim`s three years of Board service, he has been closely involved in overseeing our business strategy and operations. He is well positioned to assume leadership of the company." Mr. Staple added, "On behalf of the entire Board, I also want to thank Carl for his committed service and leadership that helped to transform Depomed from a development organization to a company with strong assets, momentum, and attractive growth prospects." Mr. Schoeneck said, "I am excited to join Depomed and to work more closely with Depomed`s accomplished leadership team and employees. The recent approval of GraliseTM (gabapentin) provides us with a tremendous opportunity to generate revenue growth through a direct commercial presence. Depomed is poised to build significant near-term value for all those we serve - investors, patients, physicians and payors." Mr. Schoeneck commented, "The company has approved products, a promising late-stage product candidate in Serada®, revenue from technology licenses, and over $160 million in cash." Since 2005, Mr. Schoeneck, 53, has served as chief executive officer of BrainCells Inc., a private biopharmaceutical company in San Diego, California. Mr. Schoeneck`s broad pharmaceutical experience includes three years as the president and chief executive officer of Prometheus Laboratories Inc., a specialty pharmaceutical company. At Prometheus, Mr. Schoeneck led the company to profitability and rapid revenue growth, increasing sales from $6 million to over $70 million. Under Mr. Schoeneck`s leadership, Prometheus was recognized as the third fastest growing private company in America by Inc. magazine. Prior to Prometheus, Mr. Schoeneck spent three years at Centocor, Inc., where he led the development of Centocor`s commercial capabilities, growing his team from three people to almost 500 in less than three years. His group launched Remicade®, which has become the world`s fifth largest selling pharmaceutical product, with over $7 billion in sales in 2010. Earlier in his career, he spent 13 years at Rhone-Poulenc Rorer, Inc. (now Sanofi-Aventis) serving in various sales and marketing positions of increasing responsibility, including the launch of products that generated over $300 million in annual sales. Prior to joining BrainCells, he was chief executive officer of ActivX BioSciences, a development stage biotechnology company.