Navigation Links
Pharmagen Announces Year-End Financial Results

SILVER SPRING, Md., April 1, 2013 /PRNewswire/ -- Pharmagen, Inc. (OTCBB: PHRX) (the "Company" or "Pharmagen") today announced financial results for the fiscal year ended December 31, 2012. On a consolidated basis, net revenues for the fiscal year 2012 totaled $4.26 mln vs. 2011 of $863K, representing 490% growth year-over-year. The company had one-time, non-recurring expenses of $1.2 mln related to going public and the investments it made in building a foundation for future growth. The company spent much of 2012 building the cornerstones for a move toward profitability in 2013. This included acquiring BryceRx Laboratories, Inc., which not only grew the company's topline with prescription based revenue but also dramatically increased the company's gross profit.

Pharmagen's branded OTC product, Clotamin™, has demonstrated consistent momentum growing from being carried in several hundred stores to being carried nationally at over 7,000 locations at one of the leading pharmacy chains in the world. The company has made significant investments in Clotamin and expects continued growth of the product across other major national retailers and internationally.

From a brand prospective, the company went through a strategic realignment. Pharmagen is now moving toward being the leader in pragmatic solutions to the drug shortage crisis in the United States. With a multifaceted approach, the company is meeting the demands of the health provider market through dynamic, independent wholesale, compounding/admix, and innovative IT solutions. The company grew its Pharmagen Distribution pharmaceutical wholesale license base to 47 states and continues to rapidly grow Pharmagen Laboratories license base as well. The company made significant investment across the board from IT, accounting, equipment and personnel.

Pharmagen brought on a Chief Financial Officer from a major hospital system, Eric Clarke . Clarke brings over 17 years of extensive health care and financial expertise. Prior to joining Pharmagen, Clarke served as part of the leadership team at MedStar Health; a $4 billion diversified health system in the Washington D.C. region, which includes leading medical facilities such as Washington Hospital Center and Georgetown University Hospital. Additionally, Clarke formally served as the Managing Director in charge of the Washington D.C., Risk Management Practice for a national professional services firm, providing expert advice and service in forensic accounting, SEC reporting, and Sarbanes-Oxley Compliance.

With an eye on profitability, the company continues to keep operating expenses as low as possible and is actively exploring all opportunities that benefit shareholders. These endeavors include but are not limited to a strategic relocation to lower the company's tax burden, growing the company's institutional shareholder base by partnering with investment banks and a professional investment relations firm, attending financial conferences and staying at the forefront of health policy by engaging health regulators.

Leveraging our understanding of drug shortages, our long term goal is to become an FDA approved manufacturer of habitually short supply, sterile pharmaceuticals. Through an industry changing, cGMP + ® process, employing single-use, modular systems, we intend to be the gold standard of sterile production in the United States.

About Pharmagen

Pharmagen, Inc. ("Pharmagen"), and wholly owned subsidiaries and operating divisions Pharmagen Laboratories, Inc., Pharmagen Distribution, LLC and Pharmagen Nutraceuticals, Inc. is the leader in innovative solutions to the nations sterile pharmaceutical crisis. With a multifaceted approach, Pharmagen is meeting the demand of health provider market through dynamic, independent wholesale, compounding, and innovative IT solutions.  Nationally focused, Pharmagen is a dynamic distributor of specialty drugs, compounding and admix pharmacy and producer of over-the-counter ("OTC") branded multivitamins to the healthcare provider market. Pharmagen currently functions as a just-in-time source of supply for hospitals for those products that are hard-to-find due to drug manufacturers' production shortages.

Contact: 888-264-4597 or

Safe Harbor Statement

Information in this document constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  The words "forecast", "anticipate", "estimate", "project", "intend", "expect", "should", "believe", and similar expressions are intended to identify forward-looking statements.  These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause Pharmagen actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements.  The risks, uncertainties and other factors are more fully discussed in Pharmagen' filings with the U.S. Securities and Exchange Commission.  All forward-looking statements attributable to Pharmagen herein are expressly qualified in their entirety by the above-mentioned.

SOURCE Pharmagen, Inc.
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Precision Optics Corporation Announces $1 Million Order for Microprecision™ Based Endoscopes
2. Young Innovations, Inc. Announces Record Sales and EPS for the Quarter Ended March 31, 2012
3. JDRF Announces Research Collaboration with Dexcom, Inc. to Develop "Smart Transmitter" Technology to Accelerate Artificial Pancreas Studies
4. Misonix Announces New Distribution Agreement For Panama
5. University of Maryland BioPark Announces MedImmunes Dr. Bahija Jallal as Newest Member of Board of Directors for UM Health Sciences Research Park
6. Novelos Therapeutics Announces Successful Completion of First Cohort In Lung Cancer Trial With I-124-CLR1404 (LIGHT) Cancer-Targeted PET Imaging Agent at UW Carbone Cancer Center
7. Boston Scientific Announces CE Mark and European Launch of Emerge™ PTCA Dilatation Catheter
8. Soligenix Announces Further Progress with ThermoVax™ for Long-Term Vaccine ThermoStability
9. Masimo Announces New Low-Profile Infant and Neonatal Pulse Oximetry Sensors
10. Anthera Announces the Completion of Patient Dosing in Phase 2b PEARL-SC Study
11. STAAR Surgical Announces First Quarter 2012 Results Release Date and Conference Call and Webcast
Post Your Comments:
(Date:11/25/2015)... Nov. 25, 2015 AAIPharma Services Corp./Cambridge ... of at least $15.8  Million to expand its ... NC . The expansion will provide additional ... the growing demands of the pharmaceutical and biotechnology ... expansion will provide up to 40,000 square feet ...
(Date:11/25/2015)... -- ARKRAY USA , Inc., a leader ... the accuracy of its blood glucose meter systems. Last ... and Cardiovascular Disease in Los Angeles ... 01 meter and the Assure ® Prism ... accurately measure glucose levels in blood is essential for ...
(Date:11/25/2015)... 2015 Kitov Pharma ceuticals ... a biopharmaceutical company focused on the development of therapeutic ... today announced the closing of its previously announced underwritten ... ), each representing 20 ordinary shares of the Company, ... ADSs and warrants were issued in a fixed combination ...
Breaking Medicine Technology:
(Date:11/27/2015)... , ... November 27, 2015 , ... ... largest, most successful and prominent nonprofit healthcare organizations in the country. They have ... with various organizations, and helped advance the healthcare industry as a whole through ...
(Date:11/27/2015)... ... November 27, 2015 , ... Indosoft Inc., developer and ... of Asterisk 11 LTS (Long Term Support) into its Q-Suite 5.10 product line. ... 5.10 up-to-date with a version of Asterisk that will receive not only security ...
(Date:11/26/2015)... ... November 26, 2015 , ... CognisantMD and Cambridge Memorial ... in the Waterloo region. Using the Ocean Platform, family physicians can now order ... electronic medical record (EMR) without the need for redundant patient entry or an ...
(Date:11/26/2015)... ... ... Jobs in hospital medical laboratories and in the imaging field lead the ... Aureus Medical Group . These fields, as well as travel nursing, ranked ... jobs through the company’s website, , The leading healthcare staffing agency ...
(Date:11/26/2015)... Viejo, CA (PRWEB) , ... November 26, 2015 ... ... users a new set of retro-fused, self-animating trailer titles with ProTrailer: Vintage. This ... style options. These classically-influenced trailer titles work with any font, giving users limitless ...
Breaking Medicine News(10 mins):