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Cornerstone Therapeutics Reports Year Ended December 31, 2008 Financial Results
Date:3/26/2009

CARY, N.C., March 26 /PRNewswire-FirstCall/ -- Cornerstone Therapeutics Inc. (Nasdaq: CRTX), a specialty pharmaceutical company focused on acquiring, developing and commercializing significant products primarily for the respiratory market, today reported financial results for the year ended December 31, 2008.

Highlights:

  • Full-Year 2008 Net Revenues more than doubled to $64.9 Million, an increase of 131%

  • Income from Operations increased to $10.6 Million, and

  • Cash Flow from Operations reached $12.6 Million

As previously disclosed, Critical Therapeutics, Inc. and Cornerstone BioPharma Holdings, Inc. (Cornerstone BioPharma) completed their merger on October 31, 2008, and the combined company was renamed Cornerstone Therapeutics Inc. (the Company). Cornerstone BioPharma was deemed to be the acquiring company for accounting purposes and the transaction was accounted for as a reverse acquisition in accordance with generally accepted accounting principles. Accordingly, the Company's financial statements for periods prior to the merger reflect the historical results of Cornerstone BioPharma, and not Critical Therapeutics, and Cornerstone Therapeutics' financial statements for all subsequent periods reflect the results of the combined company. In addition, unless specifically noted otherwise, the Company's financial results do not include the historical financial results of Critical Therapeutics (including sales of ZYFLO CR(R) and ZYFLO(R)) prior to the completion of the merger.

Financial Results for the 12-Months Ended December 31, 2008 and 2007

Full-year 2008 net revenues increased $36.8 million over 20
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SOURCE Cornerstone Therapeutics Inc.
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