NASHVILLE, TN (Tuesday, May 14, 2019) - Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company focused on hospital acute care, gastroenterology, and oncology supportive care today announced first quarter 2019 financial results with net revenues of $11.9 million, up 38% over the prior year quarter. At the end of the first quarter, Cumberland had $115 million in total assets, including approximately $34 million in cash and marketable securities.
Obtained FDA approval of our Next Generation Caldolor® product featuring a new patented formulation and improved packaging
Received notification from the FDA that the Company's new drug application (NDA) for our line of methotrexate products is complete and acceptable for filing
Added new university collaboration to the roster at Cumberland Emerging Technologies (CET)
Completed a company-wide strategic review of products, partners, and organization
“During the first quarter, Cumberland successfully executed on our strategy to drive both revenue growth and profitability while advancing our clinical pipeline," said A.J. Kazimi, Chief Executive Officer of Cumberland Pharmaceuticals. “We will continue our strategy of building a diversified portfolio of brands to deliver long-term value in order to take Cumberland to the next level. Our dedicated staff remains focused every day on our mission of supporting patients through the delivery of high-quality pharmaceutical products.”
On January 18, 2019, the Company received notification from the U.S Food and Drug Administration (FDA) that the NDA for our new line of methotrexate products is complete and acceptable for filing. Furthermore, the FDA has set September 2019 as the Prescription Drug User Fee (PDUFA) action date for an approval decision. In November 2018, we submitted the NDA for approval from the FDA. In conjunction with this submission, we remitted payment of $1.3 million to the FDA for the PDUFA Application Fee associated with this methotrexate product line application. These products are designed to treat adult and pediatric patients with rheumatoid arthritis, as well as adults with psoriasis.
The following information was filed by Cumberland Pharmaceuticals Inc (CPIX) on Tuesday, May 14, 2019 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-Q Quarterly 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-Q Quarterly Report Accession Number: 0001628280-19-006841 Submitted to the SEC: Wed May 15 2019 5:12:59 PM EST Accepted by the SEC: Wed May 15 2019 Period: Sunday, March 31, 2019 Industry: Pharmaceutical Preparations