Edgemont Capital Partners advises Questcor Pharmaceuticals on the sale of its Nascobal® product line to QOL Medical
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.
About Edgemont Capital Partners
Edgemont Capital Partners served as exclusive advisor to Questcor Pharmaceuticals, Inc.
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.
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.
At Questcor Pharmaceuticals, Inc.
James L. Fares, Chief Executive Officer
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