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CUMBERLAND PHARMACEUTICALS REPORTS 2021 FINANCIAL RESULTS & COMPANY UPDATE
2021 highlights include agreement to acquire Sancuso® and FDA approval for Caldolor® administration prior to surgery NASHVILLE, Tenn., March 8, 2022
About this update from Cumberland Pharmaceuticals Inc.
[{"type":"text","content":"2021 highlights include agreement to acquire Sancuso® and FDA approval for Caldolor® administration prior to surgery\n\n\nNASHVILLE, Tenn., March 8, 2022 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company today announced full year 2021 financial results and provided a company update. Net revenues totaled $36 million, resulting in $6 million in cash flow from operations.\n\n \n \n \n \n \n \n\n \nAs of December 31, 2021, the company's total assets were $84 million, including $27 million in cash. Total liabilities were $42 million, including $15 million on its credit facility and total shareholders' equity was $43 million.\n\"Despite the continued challenges of operating during a pandemic, our diversified product portfolio of FDA-approved brands has helped mitigate its negative effects and allowed us to deliver another steady performance in 2021,\" said A.J. Kazimi, CEO of Cumberland Pharmaceuticals. \"We closed out the year announcing our acquisition of Sancuso, an oncology-support drug that we believe will be favorable to our financial performance and provide significant benefits to oncology patients being treated for their cancers. We look forward to the year ahead and welcome the return to a more traditional operating environment.\"\nCumberland acquired the U.S rights to Sancuso® from the U.S. subsidiary of Kyowa Kirin, a specialty pharmaceutical company based in Japan. Sancuso is the first and only FDA-approved prescription patch for the prevention of nausea and vomiting in cancer patients receiving certain types of chemotherapy treatment. \nThe active drug in Sancuso, granisetron, slowly dissolves in the thin layer of adhesive that sticks to the patient's skin and is released into their bloodstream over several days, working continuously to prevent chemotherapy-induced nausea and vomiting (CINV). It is applied 24 to 48 hours before receiving chemotherapy and can prevent CINV for up to five consecutive days. Alternative oral treatments must be taken several times – day and night – to deliver the same therapeutic doses. \nIn the fourth quarter of 2021, Cumberland extended its bank line of credit for a new three-year term and expanded the facility to provide up to $20 million in capital to fund the Sancuso acquisition.\nIn November 2021, Cumberland received FDA approval of expande...