- National sales and distribution of Totect® initiated
- New Data on Caldolor® and Vaprisol® published
- Co-promotion for Kristalose® launched
NASHVILLE, TN (Tuesday, March 6, 2018) - Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company focused on hospital acute care, gastroenterology, and oncology supportive care, today announced fourth quarter and full year 2017 financial results. Net Revenues for the year ended December 31, 2017 were $41.2 million, a 25% increase over the prior year period.
As of December 31, 2017, the Company had $93.2 million in total assets including $50.1 million in cash and investments. Total Liabilities were $29.3 million and Total Shareholder’s Equity was $64.1 million. Cumberland also had fully reserved for $44.1 million in tax net operating loss carryforwards, resulting from the prior exercise of stock options.
Launched Totect® in the U.S. with national distribution and promotion for the brand.
Data from several favorable clinical trials published featuring Caldolor® and Vaprisol®.
Initiated co-promotion support for Kristalose® significantly expanding physician coverage.
Advanced patient enrollment in Phase II Boxaban®, Portaban® and Vasculan® clinicalstudies.
"These are exciting times at Cumberland as we progress on our key objectives,” said A.J. Kazimi, Chief Executive Officer of Cumberland Pharmaceuticals. "Our product portfolio has grown, our reach has substantially increased, and our pipeline now addresses several significant market opportunities. This diversified strategy has driven our double-digit top line growth over the past year. We enter 2018 with strong momentum and will work to continue our growth, improve our bottom line and progress our clinical programs."
Cumberland expanded its commercial product line in 2017 with the acquisition of exclusive U.S. rights to Totect® (dexrazoxane hydrochloride). Totect is an FDA-approved hospital based oncology intervention drug, indicated to treat the toxic effects of anthracycline chemotherapy. Totect was launched during a national shortage of dexrazoxane, resulting in strong initial demand for the brand. To support oncology
The following information was filed by Cumberland Pharmaceuticals Inc (CPIX) on Friday, March 9, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: CPIX CIK: 1087294 Form Type:10-K Annual Report Accession Number: 0001628280-18-003034 Submitted to the SEC: Fri Mar 09 2018 4:58:15 PM EST Accepted by the SEC: Fri Mar 09 2018 Period: Sunday, December 31, 2017 Industry: Pharmaceutical Preparations