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Cornerstone Therapeutics Reports Second Quarter and First Half 2009 Financial Results
Date:8/11/2009

CARY, N.C., Aug. 11 /PRNewswire-FirstCall/ -- Cornerstone Therapeutics Inc. (Nasdaq: CRTX), a specialty pharmaceutical company focused on acquiring, developing and commercializing significant products primarily for the respiratory and related markets, today reported financial results for the three and six months ended June 30, 2009.

Recent Highlights:

  • Second quarter net revenues increase $10.9 million to $25.0 million, or 78%, compared to 2008

  • Cash balance improves to $15.5 million at June 30, 2009 from $9.3 million at December 31, 2008

  • $70 million strategic transaction with Chiesi Farmaceutici S.p.A. closes, adding a further $14.1 million in cash, net of $1.4 million of transaction-related costs that were expensed in the second quarter

  • Company agrees to acquire the commercial rights to Factive(R)

  • Company submits an FDA regulatory filing for an extended-release antitussive product

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 resu
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SOURCE Cornerstone Therapeutics Inc.
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