Vivus, Inc. (VVUS), a biopharmaceutical company, Monday urged its stockholders to support the board and the management team at this critical juncture for the company. In a letter to stockholders, it advised them to protect the value of their investment in the firm by voting the GOLD proxy card. Noting that this is a critical juncture in the company's history, Vivus said FMC, which owns less than 10 percent of the company's stock, is trying to seize control of 100 percent of the Vivus Board and the company.
''We strongly believe that electing First Manhattan Co.'s ("FMC") nominees at the Annual Meeting will jeopardize the progress we are making, and will throw VIVUS into turmoil,'' Vivus said.
Changing the board and the management team would risk the successful retail commercialization of medical obesity durg Qsymia and may delay or significantly disrupt ongoing discussions with other pharmaceutical companies, Vivus noted.
The initial launch of Qsymia was substantially restricted by the FDA-mandated mail-order only distribution. In April, the company achieved FDA approval of the REMS modification that will allow Vivus to broaden the restricted distribution of Qsymia from four mail-order pharmacies to thousands of certified retail pharmacies by mid-July.
The REMS modification was a critical milestone because it enables a consumer launch and direct to consumer advertising. The company is in discussion with other companies to maximize sales of Qsymia.
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