Key Developments For Cumberland Pharmaceuticals Inc.
Cumberland Pharmaceuticals Inc. (CPIX.O) (Nasdaq)
Cumberland Pharmaceuticals, Inc. Announces Caldolor (Ibuprofen) Injection Demonstrates Significant Fever Reduction In Hospitalized Burn Patients
Cumberland Pharmaceuticals, Inc. announced the positive new top-line results from a study evaluating the safety and efficacy of Caldolor (ibuprofen) Injection in treating fever in hospitalized burn patients. Statistical significance was achieved for the primary endpoint of reducing fever in burn patients over the first 24 hours of treatment. The study evaluated 61 adult burn patients with second or third degree burns covering more than 10 percent total body surface area. Other participant criteria included an anticipated hospital stay of more than 72 hours and temperatures of 38.0 degrees C (100.4 degrees F) or greater. Patients were administered 800mg of Caldolor every six hours for five consecutive days. The study raised no safety concerns and the medication was well tolerated. There was no difference in adverse effects between patients who received a placebo and those receiving Caldolor.
Cumberland Pharmaceuticals, Inc. Launches Caldolor In United States For Treatment Of Pain And Fever
Cumberland Pharmaceuticals, Inc. announced that it has implemented the U.S. launch of Caldolor, an intravenous formulation of ibuprofen, designed primarily for use in the hospital setting. Caldolor is the first and only injectable product available in the United States for the treatment of pain and fever. Cumberland received U.S. Food and Drug Administration marketing approval for Caldolor in June 2009. The product is now fully stocked at the wholesalers serving hospitals nationwide, and is available in both 400mg and 800mg vials.
Cumberland Pharmaceuticals, Inc. Announces Pricing Of Its Initial Public Offering of Common Stock
Cumberland Pharmaceuticals, Inc. announced the pricing of its initial public offering of 5,000,000 shares of the Company's common stock at a price to the public of $17.00 per share, raising $85.0 million in gross proceeds. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 750,000 shares at the initial public offering price to cover any over-allotments. The common stock is expected to begin trading on the NASDAQ Global Select Market on August 11, 2009 under the trading symbol 'CPIX'. Net proceeds to the Company are expected to be approximately $75.2 million after deducting underwriting discounts and commissions as well as offering expenses, and before exercise of any over-allotment option. The Company expects to use these proceeds primarily for potential acquisitions, the pending launch of the Company's Caldolor product, expansion of the Company's hospital sales force, product development, debt repayment and general corporate purposes. UBS Investment Bank, Jefferies & Company, Inc. and Wells Fargo Securities are acting as book-running managers for the offering, and Morgan Joseph is acting as co-manager.
Cumberland Pharmaceuticals, Inc. Delays IPO-The Tennessean
The Tennessean reported that Cumberland Pharmaceuticals, Inc. to delay plans to sell stock to the public for the first time. The Company planned to sell 6.3 million shares for $14 to $16 apiece but faced a choppy market as it hit the road in recent weeks to pitch its initial public offering to pension funds and other institutions that might buy shares.
