Business
Cumberland Pharmaceuticals Reports Third Quarter 2021 Financial Results & Company Update
NASHVILLE, Tenn., Nov. 9, 2021 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company, today is providing a
About this update from Cumberland Pharmaceuticals Inc.
[{"type":"text","content":"NASHVILLE, Tenn., Nov. 9, 2021 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company, today is providing a company update and third quarter 2021 financial results. Net revenues from continuing operations during the quarter were $8.1 million and totaled $27.7 million for the first nine months of 2021, up 1.8% compared to the same period in 2020. The company also recorded an additional $0.5 million in revenue during the third quarter and $1.5 million year to date, associated with divested product rights for two brands it is no longer distributing.\n\n \n \n \n \n \n \n\n \nThe Company's financial position included $87.6 million in total assets, with $25.8 million in cash, $41 million of total liabilities, and $46.8 million of shareholders' equity at the end of the quarter.\n\"We delivered another steady quarterly performance when factoring in the challenges of operating during the pandemic,\" said A.J. Kazimi, Chief Executive Officer of Cumberland Pharmaceuticals. \"Our diversified portfolio has been critical in keeping our forward progress during this time, and we are seeing signs that things are slowly starting to return to a more normal operating environment. Our team remains committed to advancing our mission of improving patient care through the delivery of high-quality medicines through the end of the year and beyond.\"\nRECENT COMPANY DEVELOPMENTS:\nRediTrex Launch\nIn late 2019, Cumberland received approval from the U.S. Food and Drug Administration (\"FDA\") for its New Drug Application for RediTrex, the Company's methotrexate product line. RediTrex is a new line of pre-filled syringes specifically designed for ease of handling and dosing accuracy for the subcutaneous administration of methotrexate in patients with arthritis and psoriasis.\nIn late 2020, the Company received initial product supplies and then provided shipments of RediTrex to select accounts. Due to the pandemic, Cumberland delayed the national launch of the product, which was implemented during the third quarter of 2021.\nRediTrex treats patients with severe, active rheumatoid arthritis, and polyarticular juvenile idiopathic arthritis who have difficulty tolerating or responding to orally delivered methotrexate. It is also approved for symptomatic control of severe, recalcitrant, disabling psoriasis in adults w...