CEO Message

 

To our Shareholders, Employees and Partners:

As we move to the close of 2020, we certainly recognize that it has been a particularly difficult year with the pandemic impacting all our daily lives. Our thoughts are with the many who have suffered, especially those with resulting life-threatening conditions, as well as those who have lost their jobs or their businesses. I would also like to take this opportunity to acknowledge and thank all who are working in health care across our nation, for their efforts in supporting patients and fighting the pandemic. We are grateful to be part of an industry that is playing a key role in providing testing, treatments, and preventative solutions for the novel coronavirus.

I’m pleased to report that Cumberland’s facilities have remained open, and our operations have continued. I’d like to recognize our team for their continued dedication and valuable contributions during these unprecedented times.

Our Vibativ® product is being used to help COVID patients who develop bacterial infections in their lungs. Vibativ is a potent antibiotic designed for difficult to treat infections such as MRSA. It is FDA approved to treat hospital and ventilator acquired pneumonia that can result from COVID, flu and other infections. It has been very rewarding to learn of cases from across the country where Vibativ has been successfully used to cure pneumonia in these patients.

While the pandemic has impacted hospital admissions and physician office visits, we are very fortunate that our business has remained steady. Our product portfolio of FDA-approved brands delivered combined revenues of $9.25 million during the third quarter.  Adjusted earnings for the period were $.24 million or $0.02 a share. We ended the quarter with $96 million in total assets, $48 million in liabilities and $48 million of shareholders’ equity.

During the third quarter, we announced two favorable study publications for Caldolor®, our ibuprofen for injection, adding to the growing library of literature supporting the brand. One study evaluated the effectiveness of Caldolor in managing acute pain in orthopedic trauma patients. Researchers found that when receiving our product, patients’ pain was better managed, and they required less opioids.  Another study reviewed the data included in nine Caldolor studies. It concluded that the use of Caldolor effectively managed post-operative pain, improved post-surgery recovery, and reduced the use of opioids and over-the-counter medications.

Meanwhile, we are now launching our newly FDA-approved RediTrex® product line. Due to the pandemic related decrease in medical facility access, we will initially implement a soft launch, followed by a full commercial launch of the brand next spring. We believe that RediTrex will be a valuable addition to the portfolio and help us further diversify and grow our business.

On the clinical front, enrollment in our studies was interrupted earlier this year due to the decrease in patient admissions to hospitals. However, we are working with the centers as they reopen and begin to see the return of patients eligible for our trials.  Our pipeline includes a group of promising product candidates designed to treat unmet medical needs.  We believe their success can make a valuable contribution to our business.

We are also monitoring our supply chain and the facilities around the world that manufacture our products. Overall, the chain has remained intact, except for one facility packaging Omeclamox®-Pak that suspended operations due to the pandemic. While we await a resumption, we are also evaluating alternatives.

As we move through the last quarter of 2020, I’d like to thank our team for all their hard work and fine efforts during such a challenging year. We are confident that we have the key pieces in place to help us build our business and deliver on our goal of improving patient care through the delivery of high-quality medicines.

 

All the best,


A.J. Kazimi
Chief Executive Officer

November 2020