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July 2, 2013
14:06 EDTVVUSFirst Manhattan outlines strategic plan for VIVUS
First Manhattan Co., holder of approximately 9.9% of the outstanding shares of VIVUS, announced that it has issued a letter to all Vivus stockholders, outlining its strategic plan to turn around Vivus, including the selection of a CEO to lead the company should FMCs nominees be elected to the board. The letter stated in part, "We believe that Qsymia is the most effective obesity drug ever developed. The initial launch opportunity failed under the current management team and the sitting board. This is the last chance to get it right. If Qsymia is properly re-launched, Qsymia has the potential to improve the quality of life for millions of people while generating substantial value for shareholders. Qsymias potential has not been realized, nor do we believe it will ever be realized under the sitting board and CEO. Our nominees have a carefully constructed, multi-pronged strategic plan to turn around a company that in our view is clearly flailing under the current leadership and clearly failing to realize its potential. This is the last chance to save Vivus."
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