ANAHEIM, Calif., Dec. 4, 2012 /PRNewswire/ -- Questcor Pharmaceuticals, Inc. (NASDAQ:QCOR) today announced that its Board of Directors has declared a quarterly cash dividend of $0.20 per share to all shareholders of record at the close of business on December 14, 2012. The dividend will be paid in lieu of the Company's regular quarterly cash dividend that would have been paid in the first quarter of 2013, and is scheduled to be paid on or about December 21, 2012. The Company accelerated payment of the first quarter 2013 dividend to allow its shareholders to benefit from the current dividend tax rate that is scheduled to expire on December 31, 2012. Future dividends will be at the discretion of the Board of Directors.
"Our business continues to grow and this dividend reflects our positive outlook and confidence in our ability to continue to generate returns for shareholders and invest in future growth through R&D," said Don M. Bailey, President and CEO of Questcor.
Questcor Pharmaceuticals, Inc. is a biopharmaceutical company focused on the treatment of patients with serious, difficult-to-treat autoimmune and inflammatory disorders. Questcor's primary product is H.P. Acthar® Gel (repository corticotropin injection), an injectable drug that is approved by the FDA for the treatment of 19 indications. Of these 19 indications, Questcor currently generates substantially all of its net sales from three indications: the treatment of proteinuria in idiopathic types of nephrotic syndrome, the treatment of acute exacerbations of multiple sclerosis in adults, and the treatment of infantile spasms in children under two years of age. With respect to nephrotic syndrome, the FDA has approved Acthar to "induce a diuresis or a remission of proteinuria in the nephrotic syndrome without uremia of the idiopathic type or that due to lupus erythematosus." Questcor has also launched a pilot effort in rheumatology, as Acthar is approved for several rheumatology-related conditions including Dermatomyositis, Polymyositis, Lupus and Rheumatoid Arthritis. Questcor is also exploring the possibility of developing markets for other on-label indications and the possibility of pursuing FDA approval of additional indications not currently on the Acthar label where there is high unmet medical need. For more information about Questcor, please visit www.questcor.com.
Note: Except for the historical information contained herein, this press release contains forward-looking statements that have been made pursuant to the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "believes," "continue," "could," "estimates," "expects," "growth," "may," "plans," "potential," "should," "substantial" or "will" or the negative of such terms and other comparable terminology. These statements are only predictions. Actual events or results may differ materially. Factors that could cause or contribute to such differences include, but are not limited to, the following:
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 of this release.
SOURCE Questcor Pharmaceuticals, Inc.
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