UNION CITY, Calif.--(BUSINESS WIRE)--May 21, 2007--Questcor
Pharmaceuticals, Inc. (AMEX:QSC) announced today the departure of
James Fares from his positions as President and Chief Executive
Officer. Don M. Bailey, 61, a member of Questcor's Board of Directors,
has been appointed Interim President. The Board has initiated a search
for a permanent CEO.
Albert Hansen, Chairman of the Questcor Board of Directors,
commented, "We appreciate Jim's service over the past two years and
wish him well in the future. Our goal is to increase shareholder value
through a continued focus on Acthar, consistent progress in our
development pipeline, and a more rapid transition to profitability."
Questcor will announce additional adjustments to its efforts shortly.
About Questcor - Questcor Pharmaceuticals, Inc.(R) (AMEX:QSC) is a
specialty pharmaceutical company that develops and commercializes
therapeutics for the treatment of neurological disorders. Questcor
currently sells H.P. Acthar(R) Gel (repository corticotropin
injection), and Doral(R) (quazepam). For more information, please
Note: Except for the historical information contained herein, this
press release contains forward-looking statements that involve risks
and uncertainties. Such statements are subject to certain factors,
which may cause Questcor's results to differ from those reported
herein. Factors that may cause such differences include, but are not
limited to, Questcor's ability to identify and hire a permanent Chief
Executive Officer, Questcor's ability to accurately forecast and
create the demand for its products, the gross margin achieved from the
sale of its products, Questcor's ability to enforce its product
returns policy, the accuracy of the prescription data purchased from
independent third parties by Questcor, the sell-through by Questcor's
distributors, the inventories carried by Questcor's distributors, and
the expenses and other cash needs for the upcoming periods, Questcor's
ability to obtain finished goods from its sole source contract
manufacturers on a timely basis if at all, Questcor's potential future
need for additional funding, Questcor's ability to utilize its net
operating loss carry forwards to reduce income taxes on the sale of
its non-core products, research and development risks, uncertainties
regarding Questcor's intellectual property and the uncertainty of
receiving required regulatory approvals in a timely way, or at all,
other research, development, marketing and regulatory risks, and the
ability of Questcor to implement its strategy and acquire products
and, if acquired, to market them successfully and find marketing
partners where appropriate, as well as the risks discussed in
Questcor's annual report on Form 10-K for the year ended December 31,
2006 and other documents filed with the Securities and Exchange
Commission. The risk factors and other information contained in these
documents should be considered in evaluating Questcor's prospects and
future financial performance.
Questcor undertakes no obligation to publicly release the result
of any revisions to these forward-looking statements, which may be
made to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events.
CONTACT: Questcor Pharmaceuticals, Inc.
Eric Liebler, 510-400-0700
Senior Vice President
Strategic Planning and Communications
SOURCE: Questcor Pharmaceuticals, Inc.