Business
Rockwell Medical, Inc. Provides Third Quarter 2020 Financial and Operational Update
-Ended the quarter with $67.3 million in cash, cash equivalents and investments- -Q3 2020 revenue of $15.3 million- -U.S. commercial launch of Triferic® AVNU
About this update from Rockwell Medical, Inc.
[{"type":"text","content":"-Ended the quarter with $67.3 million in cash, cash equivalents and investments-\n -Q3 2020 revenue of $15.3 million- -U.S. commercial launch of Triferic® AVNU expected in Q1 2021- -Poised to enroll first patient in Phase 3 clinical trial of Triferic in China- -Unveiled plans to develop FPC platform in new indications- WIXOM, Mich., Nov. 09, 2020 (GLOBE NEWSWIRE) -- Rockwell Medical, Inc. (Nasdaq: RMTI) (“Rockwell Medical” or the “Company”), a biopharmaceutical company dedicated to transforming the treatment of iron deficiency and iron deficiency anemia management and improving outcomes for patients around the world, today reported financial results and a business update for the three months ended September 30, 2020. “Rockwell Medical is sufficiently capitalized to drive value creation now, in the near-term and into the future, and we are working across three tracks concurrently: maximizing U.S. sales of Triferic and soon-to-be-launched Triferic AVNU; expanding the global commercial reach of Triferic through our key partners; and strategically developing new indications for our FPC platform,” said Russell Ellison, M.D., M.Sc., President and Chief Executive Officer of Rockwell Medical. “I am pleased to report that we have made important progress across all three tracks in the third quarter of 2020.” Third Quarter 2020 Operational Highlights U.S. Sales - Triferic Dialysate and Concentrates Net sales for the concentrates business were $15.0 million and net sales for Triferic were $0.3 million in the third quarter of 2020.There were approximately 3,400 contracted patients on therapy in the third quarter, representing approximately 500,000 annualized treatments. Rockwell continues to implement appropriate COVID-19 precautions to reduce the risk of possible exposure to employees. The Company has experienced no material impact on its supply chain to date. The Company continued to experience an impact on its sales and marketing efforts for Triferic Dialysate due to the restrictions put in place because of COVID-19. Triferic AVNU – United States Rockwell Medical expects to commercially launch Triferic AVNU in the United States in Q1 2021. Triferic AVNU will be reimbursed within the End Stage Renal Disease (“ESRD”) bundle payment that has been established for Medicare patients. Triferic – Global Development and Commercialization Wanbang B...