Balance Sheet: As of September 30, 2011, cash and cash equivalents grew to $71.1 million, compared to $69.8 million at June 30, 2011. Total assets grew from $94.6 million on June 30, 2011 to $96.1 million as of September 30, 2011. Cumberland's total debt as of September 30, 2011, declined to $4.6 million from $5.8 million at June 30, 2011.
"Our financial performance in the third quarter of 2011 was strong, with our net income increasing 83% over the prior year period," said A.J. Kazimi, Chief Executive Officer of Cumberland Pharmaceuticals. "We achieved many milestones this quarter – including reaching an agreement to acquire the trademark and approved FDA registration for Kristalose, the appointment of Rick S. Greene as Chief Financial Officer, and the signing of new international product agreements – while maintaining strong sales of Acetadote and progressing our clinical trial programs. Our goal at Cumberland continues to be maintaining a financial discipline while delivering solid financial results and laying the ground work for future growth opportunities."
Based on its third quarter performance, Cumberland is reaffirming its full year 2011 revenue guidance of $51 - $55 million. This guidance represents the Company's best estimate of future results, which may be affected by factors described below in "Forward-Looking Statements."
Company Highlights Acetadote®
In January 2011, the U.S. Food and Drug Administration (FDA) approved Cumberland's supplemental new drug application (sNDA) for a new formulation of Acetadote, which was the result of a phase IV commitment the Company made to the FDA upon receipt of initial marketing approval of the product. The new formulation does not contain Ethylene diam
|SOURCE Cumberland Pharmaceuticals Inc.|
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