Depomed, Inc. is a specialty pharmaceutical company engaged in the development of pharmaceutical products based on its oral drug delivery technologies. The Company has two products that have completed pivotal Phase III clinical trials, for which New Drug Applications (NDAs) are being prepared for submission to the Food and Drug Administration (FDA) if the trials are successful. It also has one product in a Phase II clinical trial and one product that has completed a Phase I clinical trial, which it intends to advance into a Phase II trial in 2004. Depomed's primary oral drug delivery system is its patented Gastric Retention System, or the GR System. The GR System is a tablet designed to be retained in the stomach for an extended period of time while it delivers the incorporated drug or drugs on a continuous, controlled-release basis.