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Cumberland Pharmaceuticals Reports 22% Revenue Growth In The Third Quarter
NASHVILLE, Tenn., Nov. 12, 2019 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company focused on hospital acute
About this update from Cumberland Pharmaceuticals Inc.
[{"type":"text","content":"NASHVILLE, Tenn., Nov. 12, 2019 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company focused on hospital acute care and gastroenterology today announced third quarter 2019 financial results with net revenues of $10.4 million, up 22% over the prior year quarter. Year-to-date net revenues were $33.9 million, up 24% from the prior year period. The Adjusted Earnings year-to-date were $3.5 million or $0.22 per diluted share. As of September 30, 2019, Cumberland had over $100 million in total assets, including just under $30 million in cash and marketable securities.\n\n \nQUARTER HIGHLIGHTS:\nAnnounced a U.S. Food and Drug Administration (FDA) Orphan Drug Grant to advance a new Phase II clinical program for patients with Duchenne Muscular Dystrophy (DMD). Provided the FDA with additional data in support of approval submission for a new line of methotrexate products designed for the treatment of patients with arthritis and psoriasis. Pursued an update to the Caldolor label that includes new geriatric, shortened infusion, pediatric, and safety data. Continued a company-wide strategic review of products, partners, and organization.\"There has been an abundance of activity here at Cumberland during the third quarter,\" said A.J. Kazimi, Chief Executive Officer of Cumberland Pharmaceuticals. \"We had a series of positive developments that helped us continue to make progress towards our goal of building a company that offers long-term, sustainable growth.\"\nKEY DEVELOPMENTS:\nIfetroban\nIn September 2019, Cumberland announced the receival of FDA Orphan Drug Grant funding for a new Phase II clinical program. The Company has now initiated the clinical development of ifetroban for the treatment of cardiomyopathy associated with Duchenne Muscular Dystrophy (DMD). Based on pre-clinical findings, the FDA has cleared Cumberland's application to study ifetroban in DMD patients, seven years of age and older. In addition, Cumberland was awarded just over $1 million in funding from the FDA through their Orphan Drug Grant program to support this Phase II DMD clinical study. This study is the first DMD clinical study approved for FDA Orphan Product Development funding.\nDMD is a rare, fatal, genetic neuromuscular disease and is characterized by the progressive loss of muscle which results in deterioration ...