Cumberland Pharmaceuticals Inc. (CPIX) shares skyrocketed 115.91% in after-hours on Monday, November 29, 2021, and closed the Monday trading at $4.75. However, CPIX’s stock commence Monday trading in a negative mode and lost 1.34%. CPIX shares have fallen 26.42% over the last 12 months, and they have moved down 11.65% in the past week. Over the past three months, the stock has lost 21.99%, while over the past six months, it has declined 23.34%.
Let’s have a brief look at its recent news.
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CPIX Caldolor® approved by FDA
On November 29, 2021, Cumberland Pharmaceuticals Inc. (CPIX) announced that the U.S. Food and Drug Administration (FDA) has approved expanded labeling for Caldolor®, an intravenously delivered formulation of ibuprofen, to now include use in pre-operative administration. The non-narcotic pain reliever will enable patients to wake up from their procedure in significantly less pain.
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Caldolor is indicated in adults and pediatric patients for the management of mild to moderate pain and management of moderate to severe pain as an adjunct to opioid analgesics, as well as for the reduction of fever. It was the first FDA-approved intravenous therapy for fever.
CPIX latest financial results
On November 9, 2021, Cumberland Pharmaceuticals Inc. (CPIX), announced its third-quarter 2021 financial results.
Q3 2021 financial highlights
- CPIX net revenue for Q3 2021 was $8.1 million, compared to $9.3 million for the prior-year period.
- Total operating expenses were $9.6 million in Q3 2021, compared to $10.5 million in Q3 2020.
- It suffered a net loss of $1.1 million or $0.07 per share in Q3 2021 compared to $0.5 million or $0.03 per share in Q3 2020.
- As of September 30, 2021, the company had $87.6 million in total assets, with $25.8 million in cash, $41 million of total liabilities, and $46.8 million of shareholders’ equity.
CPIX launched RediTrex
On September 29, 2021, Cumberland Pharmaceuticals Inc. (CPIX) launched its RediTrex® (methotrexate) line of pre-filled syringes nationally, for the safe and simple treatment of active rheumatoid, juvenile idiopathic, and severe psoriatic arthritis.
RediTrex is approved by the FDA, designed for easy handling and dosing accuracy, resulting in increased efficacy, greater continuation rates among patients, and less discomfort. RediTrex treats patients with severe, active rheumatoid arthritis and polyarticular juvenile idiopathic arthritis who have difficulty tolerating or responding to orally delivered MTX.
The recent approval of Caldolor® by the FDA for the expanded labeling was the reason behind its exceptional gains in the after-hours on Monday and it can continue its momentum on Tuesday as well.