Business
Rockwell Medical, Inc. Provides Fourth Quarter and Full Year 2020 Financial and Operational Update
- 2020 revenue of $62.2 million - - Ended the year with $58.7 million in cash, cash equivalents and investments - - Conference call and webcast on Wednesday,
About this update from Rockwell Medical, Inc.
[{"type":"text","content":"- 2020 revenue of $62.2 million - - Ended the year with $58.7 million in cash, cash equivalents and investments - - Conference call and webcast on Wednesday, March 31st at 4:30 p.m. ET - WIXOM, Mich., March 31, 2021 (GLOBE NEWSWIRE) -- Rockwell Medical, Inc. (Nasdaq: RMTI), a biopharmaceutical company dedicated to transforming the treatment of iron deficiency and anemia management and improving outcomes for patients around the world, today reported financial results and a business update for the three months and full year ended December 31, 2020. “2020 was an important year for us as we evolved our strategy to become a more medically-, scientifically- and data-driven company. There has been an evolution of both our management and Board of Directors, providing us with greater relevant experience,” said Russell Ellison, M.D., M.Sc., President and Chief Executive Officer of Rockwell Medical. “We believe these changes support an improved execution of our strategy to accelerate Rockwell Medical’s growth by creating and developing pharmaceutical products based on our Ferric Pyrophosphate Citrate (\"FPC\") technology for disease states where patients can benefit the most from an effective treatment for iron deficiency, while concurrently strengthening our dialysis business to drive incremental growth and efficiencies.” Dr. Ellison added: “We’ve identified two areas beyond dialysis where we believe FPC will have the biggest impact: iron deficiency anemia in the home infusion setting and acute heart failure in hospitalized patients.” Recent Operational Highlights Dialysis Business Revenue from hemodialysis concentrates were $61.1 million in 2020. Revenue from Triferic were approximately $1.1 million in 2020. Results from a study, conducted by New York University and reported in Critical Care Medicine, showed $296,000 in cost savings from Triferic.The study, which was independent of Rockwell, reviewed the effects of long-term use of Triferic in a large outpatient dialysis clinic. The results showed substantial cost savings due to reductions in ESA and macromolecular IV iron use without impacting patient safety or hemoglobin targets. In a retrospective data review of 100 patients that were followed before and after implementation of Triferic dialysate, there was a relative reduction in average weekly ESA dose of 26.4%, total use of IV iron...