Business
Journey Medical Corporation Reports Third Quarter 2021 Financial Results and Recent Corporate Highlights
Generated record net revenues of $19.6 million for the third quarter of 2021 Completed initial public offering of common stock and raised $31.2 million in net
About this update from Journey Medical Corporation
[{"type":"text","content":"Generated record net revenues of $19.6 million for the third quarter of 2021 Completed initial public offering of common stock and raised $31.2 million in net proceeds SCOTTSDALE, Ariz., Dec. 10, 2021 (GLOBE NEWSWIRE) -- Journey Medical Corporation (NASDAQ: DERM) (“Journey Medical”), a commercial-stage pharmaceutical company that focuses on the development and commercialization of pharmaceutical products for the treatment of dermatological conditions, today announced financial results and recent corporate highlights for the third quarter ended September 30, 2021. Claude Maraoui, Journey Medical’s President and Chief Executive Officer, said, “This is an exciting time for Journey Medical, as we recently debuted on the Nasdaq, strengthened our leadership team with the addition of Chief Financial Officer Ernest De Paolantonio and broadened our board of directors to include four new independent directors. Looking ahead, we plan to dose the first patient in the Phase 3 clinical program for DFD-29 that is being evaluated for the treatment of inflammatory lesions of rosacea in the first quarter of 2022 and plan to launch one additional prescription product in the first half of 2022. Our strong financial foundation, seasoned dermatology sales force and strategic development pipeline position us for continued and long-term growth.” Financial Results: Journey Medical products generated net revenues of $19.6 million for the third quarter of 2021, compared to net revenues of $9.4 million for the third quarter of 2020, representing 108% growth. Net revenues in the first half of 2021 were $15.3 million for the second quarter and $10.7 million for the first quarter.As of September 30, 2021, Journey Medical's cash and cash equivalents and restricted cash totaled $21.7 million, compared to $12.2 million on June 30, 2021, and $8.2 million as of December 31, 2020, an increase of $9.5 million for the quarter and an increase of $13.5 million year-to-date.Selling, general and administrative expenses were $10.8 million for the third quarter of 2021, compared to $5.8 million for the third quarter of 2020.Net loss attributable to common stockholders was $10.6 million, or $1.16 per share, for the third quarter of 2021, compared to a net loss attributable to common stockholders of $22.2 million, or $2.43 per share, for the third quarter of 2020.The Company...