MESSAGE FROM THE CEO

To our shareholders, employees and partners:

The third quarter of 2011 was an outstanding one for Cumberland as net income increased 83% over the prior year quarter and earnings per share nearly doubled to $0.09 from $0.05 last year. As a result of our strong cash flow during this period, we ended the third quarter with total assets of $96 million including $71 million in cash. We expanded our line of credit to $10 million, paid off our term loan and reaffirmed our revenue guidance of $51-55 million for 2011.

Sales of Acetadote® continued to grow following the approval and introduction of the product's new formulation. We also worked to expand the use of Caldolor® in the 500 medical facilities across the country that have approved and stocked the product. While it has been hard work to build this brand, we remain encouraged by the feedback from physicians who are successfully using Caldolor to manage their patients' pain and fever.

I am pleased to share that Cumberland has reached an agreement to acquire the remaining rights associated with the Kristalose® brand. We previously operated under a license to these assets and have now acquired all rights, including the trademark and FDA registration for the product. As consideration, we will provide a royalty on product sales in exchange for these assets. This move streamlines the product's supply chain and enables us to pursue new indications for the brand.

On the development front, we continue to progress all our clinical programs. A new clinical study has now been initiated evaluating Hepatoren™ in patients suffering with kidney and liver failure, a condition known as hepatorenal syndrome. We have established study sites at major institutions around the country, such as Yale, Baylor, Massachusetts General and the Universities of Alabama, Michigan and Texas Southwestern with patient screening underway.

During the third quarter, Cumberland Emerging Technologies, or CET, entered into a new collaboration agreement with Washington University in St. Louis to co-develop promising biopharmaceutical technologies. Washington University is a national leader in medical research and ranks among the top U.S. institutions in funding by the National Institutes of Health. This collaboration represents the fourth major university partnership for CET, which allows us to play an important role in fostering and shaping early-stage biomedical research to improve patient care and provide CET and Cumberland with access to promising pipeline candidates such as Hepatoren.

Effective October 2011, we appointed Rick Greene as Cumberland's Chief Financial Officer. Rick brings over 20 years of experience in financial management and reporting. Prior to joining Cumberland, he supported the accounting activities associated with our Initial Public Offering and the ongoing preparation of our quarterly financial information following our stock exchange listing. He previously held senior financial positions at two healthcare companies and at the national accounting firms Ernst & Young and Crowe Horwath. Rick's broad healthcare and financial experience will be instrumental in our efforts to seek continued growth of Cumberland and we welcome him in his new role here.

During the third quarter, we filed a response to the U.S. Patent and Trademark Office in support of our patent application to protect the proprietary discoveries related to the new formulation of Acetadote. We are encouraged that the patent was issued in China in April 2011 and granted in Australia in October 2011.

As always, I would like to acknowledge and thank everyone on our team for their hard work that has contributed to our exceptionally strong financial performance during the second and third quarters. Our team continues to progress many of our objectives and we expect the dedicated efforts to lay the foundation for future growth. We look forward to providing updates on the Company's progress as we round out 2011.

With best wishes,

A.J. Kazimi
Chief Executive Officer
November 2011