Business
Cumberland Pharmaceuticals Reports 17% Revenue Growth For The Full Year 2019
- Received FDA approval for RediTrex™ - Completed Caldolor® pediatric study in newborns - Initiated new ifetroban clinical program NASHVILLE, Tenn., March 18,
About this update from Cumberland Pharmaceuticals Inc.
[{"type":"text","content":"- Received FDA approval for RediTrex™\n - Completed Caldolor® pediatric study in newborns\n - Initiated new ifetroban clinical program\n\n\nNASHVILLE, Tenn., March 18, 2020 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company focused on hospital acute care and gastroenterology, today announced fourth quarter and full year 2019 financial results. Net Revenues for the fourth quarter were $13.7 million, and for the full year 2019, Net Revenues totaled $47.5 million, a 17% increase over the prior year.\n\n \n \n \n \n \n \n\n \nAs of December 31, 2019, the total assets of the Company grew to $104.5 million, including $28.2 million in cash and investments. Total Liabilities were $53.5 million, and Total Shareholder's Equity was $51.1 million. Cumberland also has available $44.1 million in tax net operating loss carryforwards, resulting from the prior exercise of stock options.\nFourth Quarter and Annual Highlights:\nReceived FDA approval for RediTrex line of injectable methotrexate products Completed initial launch of Caldolor Next Generation product Completed strategic review of brands, capabilities, and international partners Initiated clinical program to study ifetroban in patients with Duchenne Muscular Dystrophy Completed clinical study of Caldolor in children from birth to six months of age\"During 2019, we made significant progress in advancing our major initiatives and accomplishing many key objectives,\" said A.J. Kazimi, Chief Executive Officer of Cumberland Pharmaceuticals. \"We are working hard to build a specialty pharma business that delivers sustained growth and profitable operations.\" He continued, \"And I'd like to thank our team for all their fine efforts and valuable contributions.\"\nAt the beginning of 2019, Cumberland commenced a strategic review of its brands, capabilities, and international partners. This review followed an accelerated business development initiative, which resulted in a series of transactions. Because of that progress, the Company felt that it was prudent to take a fresh look at its product portfolio, partners, and organization to ensure proper focus and capabilities.\nAs a result of the strategic review:\nCumberland executed a License and Distribution agreement with Hong Kong WinHealth Pharma Group Co. Limited (\"WinHealth\") for Caldolor and Ac...