Message from CEO
To our Shareholders, Employees and Partners:
There has been a lot of progress here at Cumberland during the third quarter as we launched our sixth commercial product, announced a fourth clinical program, delivered double digit growth, and added a new Board member!
During the third quarter, we announced an expansion to our development pipeline with the addition of Portaban™, an oral formulation of ifetroban, and our fourth development candidate. Portaban is indicated for patients with portal hypertension associated with liver disease. Preclinical studies have shown ifetroban can reduce portal pressure, necrosis, inflammation, and fibrosis in multiple models of liver injury. We are pleased that the FDA has approved our investigational new drug application for a Phase II clinical study and are very encouraged by the preclinical findings supporting the use of Portaban. We look forward to developing this candidate as a potential treatment for such a life threatening condition in these liver cirrhosis patients.
Along with this newest addition to our pipeline, we continue to advance our other development candidates: Hepatoren® for the treatment of kidney and liver failure associated with hepatorenal syndrome, Boxaban® for severe asthma patients suffering from aspirin exacerbated respiratory disease, and VasculanTM for the treatment of the life-threatening autoimmune disease, systemic sclerosis.
We launched our newest commercial product, Ethyol®
at our National Sales Meeting
in September. Ethyol is the first product to emerge from the Strategic Alliance we entered into last year with the Clinigen Group. It is an FDA approved cytoprotective drug indicated used to support select patients undergoing radiation treatment and those undergoing chemotherapy for certain cancers. In preparation for the launch, we established national distribution and introduced the product website at www.ethyol.com
Additionally, new marketing campaigns were rolled out for our Caldolor®, Vaprisol®, and Omeclamox®-Pak brands at the National Sales Meeting. The District Managers each conducted sessions with their teams devoted to assuring competent implementation of all these fourth quarter promotional initiatives.
Net revenues for the third quarter were $8.8 million, delivering Adjusted Earnings of $1 million, or $0.06 per share. Revenues grew 19% over the second quarter and 11% over the third quarter last year. We also maintained a strong financial position with $91 million in total assets, including over $50 million in cash and investments. Finally, I would like to thank our team for their steadfast efforts thus far in 2016. Cumberland has embarked on a path to launch us on a growth trajectory. Many of the steps to do that have been put in place over the past year, and we are now beginning to see the results of those efforts. As we enter into the final quarter of 2016, we remain confident about our future and are determined to take the company to the next level. .
With best wishes,
Chief Executive Officer