Vivus Inc. (VVUS: Quote), a biopharmaceutical company, announced that it believes First Manhattan Co.'s recent letter to stockholders contains several highly questionable claims and would like to set the record straight. Vivus urged its stockholders not to be misled by Sam Colin and His Hedge Fund, First Manhattan Co.
Vivus's Board recommended that stockholders vote "FOR" all of the company's directors on the GOLD proxy card. They are Leland Wilson, Peter Tam; Mark Logan; Martin Carroll, Charles Casamento, Ernest Mario, Jorge Plutzky, Linda Dairiki Shortliffe, and Robert Wilson.
Responding to a claim by First Manhattan that vivus's CEO Leland Wilson has zero experience in launching blockbuster drugs into the US market, Vivus said that Leland Wilson has extensive experience in new drug commercialization, including Top ranked Sales Director in the U.S. for Naprosyn (Syntex Laboratories, Inc.), which was one of the largest selling drugs in the U.S. at the time.
Vivus also said that Sam Colin's chart showing the price per share of vivus stock from FDA approval of Qsymia to the present is misleading because it fails to show that the stock price saw a three-fold increase in the six months prior to FDA approval. His use of the expense chart demonstrates his lack of understanding that investment is needed for the commercial launch of Qsymia and the work necessary to build the market during the time when the restricted mail-order only REMS distribution was in place.
Sam Colin's various misleading claims ultimately demonstrate a fundamental lack of understanding of the financial, commercial, regulatory and political challenges to launching a drug in multiple jurisdictions in a therapeutic category that did not previously exist, Vivus said.
"The Board and management team call on Sam Colin to refrain from continuing to make false and misleading claims in his "win at all costs" attempt to prevail in a proxy fight that we believe he is waging for personal reasons," Vivus said.
"In Sam Colin's latest letter, he makes multiple references to Warren Buffett. Warren Buffett is one of the country's most well regarded and legendary investors. Sam Colin is certainly NO Warren Buffett," Vivus also said.
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by RTT Staff Writer
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