August 08, 2006
Company news from 08/08/06 News Brief
Depomed yesterday announced its financial results for the quarter ended June 30, 2006. Revenues increased to $2.2 million in the second quarter of 2006 from $428,000 in the same period of 2005 primarily as a result of product sales and license and royalty revenue for the company's two commercialized products, ProQuin XR for treatment of urinary tract infections and Glumetza for treatment of type 2 diabetes.
Esprit Pharma has raised approximately $90.8 million in second-round funding from venture capital and private-equity investors, published reports said. The East Brunswick-based pharmaceutical company specializes in treatments for urological and women’s disorders. John Spitznagel, Esprit's chairman and CEO, said, “This financing improves the financial health and prospects of Esprit to further drive growth and stay on course with our commitment to achieving preeminence in the urology and women's health care specialty markets.”