Vivus (VVUS) - news

Qsymia (phentermine and topiramate extended-release) is a combination appetite suppressant/stimulant and seizure medication indicated as an adjunct to a reduced-calorie diet and increased physical activity for chronic weight management in overweight and obese adults.

• 6/25/13 12:53PM Vivus: First Manhattan outlines strategic plan to fix VIVUS; plan addresses failed Qsymia launch and spiraling expenses (VVUS) 12.86 -0.16 : First Manhattan, an owner-managed and operated investment advisory firm and the owner of ~ 9.9% of the outstanding shares of VIVUS, filed a new presentation with the SEC on its strategic plan to realize Vivus' potential. The presentation details the multi-pronged plan of FMC's nominees to the Board turn around Vivus: "FMC believes that Vivus' CEO has demonstrated a lack of the expertise and experience that is critical to successfully commercializing Qsymia. Independent boards need to transition from founder/CEOs to experienced executives when they have commercial products. We believe that the CEO's lack of experience and judgment is clear... FMC believes that Qsymia has enormous potential. Vivus' sitting board and management lacked the foresight to engage a primary care pharmaceutical partner in the pre-launch years. FMC's nominees have a plan to carefully select a partner with a large sales force that can sell Qsymia in the primary detail position, not in a secondary position as planned by Vivus; a strong presence in managed markets that will overcome barriers to insurance coverage that keep Qsymia from patients who need it; and the ability to limit the time that Qsymia is encumbered to ensure Vivus shareholders can maximize the long-term economics and leave open the option to sell the company in the future... FMC believes Vivus has a simplistic and inadequate plan for Medicare reimbursement. FMC's nominees have extensive U.S. government experience and plan to make Qsymia the standard of care for all public and private reimbursers."