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Cornerstone Therapeutics Reports First Quarter 2009 Financial Results
Date:5/7/2009

CARY, N.C., May 7 /PRNewswire-FirstCall/ -- Cornerstone Therapeutics Inc. (Nasdaq CM: CRTX), a specialty pharmaceutical company focused on acquiring, developing and commercializing significant products primarily for the respiratory market, today reported financial results for the first quarter ended March 31, 2009.

Highlights:

  • First quarter 2009 Net Revenues increased $21.3 million to $30.7 Million, or 225%

  • Income from Operations increased $9.0 million to $10.4 Million, or 658%

  • Net Income and Diluted Earnings Per Share increased to $6.3 million and $0.48, respectively

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 Three Months Ended March 31, 2009 and 2008

First quarter 2009 net revenues increased $21.3 million over first quart
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SOURCE Cornerstone Therapeutics Inc.
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