Voce Capital Leads Obagi Shareholders to Overwhelmingly Defeat Poison Pill

Voce Capital Management LLC (“Voce”) today announces that the poison pill implemented by the Board of Directors of Obagi Medical Products, Inc. (“Obagi”)

has been voted down by shareholders at the annual meeting today. In a stinging rejection, less than one-third (1/3) of Obagi's outstanding shares voted to ratify the plan. The lopsided outcome is particularly telling in light of the fact that the influential Institutional Shareholder Services (ISS) recommended in favor of the pill. Voce representatives made a presentation at the meeting. Voce has publicly urged shareholders to reject the Obagi poison pill for several months, arguing that it represented a desperate attempt by an entrenched Board to drive away significant acquisition interest. J. Daniel Plants, Voce's Managing Partner, stated that “the vote on this poison pill was nothing short of a referendum on the Board's stand-alone strategy and its persistent disrespect for Obagi's shareholders. The Board has been sent a clear message: Obagi shareholders will decide for themselves whether they prefer the company to remain independent or be sold to a superior operator. We have now cleared a path so that parties interested in acquiring Obagi may bring their case directly to the shareholders.”