CALIFON, NJ,
Jan. 19, 2012 /PRNewswire/ - PediatRx
Inc. ("PediatRx") (OTCBB: PEDX), a hospital specialty company with
a current focus on oncology supportive care, is pleased to provide
an update on activities for the fiscal third quarter ended
November 30, 2011. Major
accomplishments in the fiscal third quarter include the appointment
of pharmaceutical senior executive Paul J.
Richardson to the company's Board of Directors and entering
into a U.S. co-promotion agreement for AQUORALâ„¢.
"We are excited by our many successes on the
corporate front in the fiscal third quarter," said Dr. Cameron Durrant, Founder of PediatRx.
"Adding an executive with Paul's extensive experience and insight
has already contributed to the strategic discussions in the
company. The addition of AQUORAL is complementary to GRANISOLâ„¢
because both products have a similar audience. We expect these
achievements, coupled with our focused marketing strategy and 12
sales reps in the field, will contribute to an exciting fourth
quarter."
PediatRx's most notable achievements to date include:
- Net product revenue of $125,715
for the fiscal third quarter ended November
30, 2011 and $628,869 since
launching the product in November, 2010. No revenue had been
recognized by the company prior to 2010.
- Gross margin of $92,860 on third
quarter product sales and $449,088
since launching the product in November, 2010.
- Deployment of 12 sales representatives to promote the company's
products in the field directly to healthcare professionals.
- Continued implementation of sales and marketing initiatives to
support GRANISOL and AQUORAL sales.
- Agreements with key wholesalers, distributors and group
purchasing organizations to support the commercialization and
future growth of GRANISOL and AQUORAL sales.
- Approval by the Center for Medicare and Medicaid Services to
include PediatRx's GRANISOL on the list of reimbursed products for
Medicaid and the Section 340B Drug Pricing Program.
Key objectives for the remainder of the 2012 calendar year
include:
- Ongoing focus on growing product revenues.
- Continue to market the merits of GRANISOL and AQUORAL to
healthcare professionals, payers, end users and their
caregivers.
- Explore international opportunities for GRANISOL.
- Actively pursue additional product acquisitions.
- Actively pursue corporate development transactions.
A summary of key financial highlights for the three and nine
months ended November 30, 2011 is as
follows ($thousands):
|
As of and for the
three month
period ended
November 30,
2011 |
As of and for the
three month
period ended
November 30,
2010 |
As of and for the
nine month
period ended
November 30,
2011 |
As of and for the
nine month
period ended
November 30,
2010 |
Net revenues |
125.7 |
145.7 |
362.1 |
148.8 |
Gross margin |
92.9 |
97.1 |
267.8 |
99.2 |
Operating expenses |
369.7 |
398.3 |
1,312.8 |
760.5 |
Net loss for the period |
(276.8) |
(301.2) |
(1,045.0) |
(661.3) |
Cash and cash equivalents |
88.7 |
786.9 |
88.7 |
786.9 |
Current assets |
262.6 |
1,043.3 |
262.6 |
1,043.3 |
Current liabilities |
916.1 |
507.4 |
916.1 |
507.4 |
Working capital |
(653.5) |
535.9 |
(653.5) |
535.9 |
A complete set of unaudited financial statements is available in
the company's Quarterly Report on Form 10-Q for the quarter ended
November 30, 2011, which is available
on the Securities and Exchange Commission's EDGAR database at
www.SEC.Gov.
About PediatRx
PediatRx Inc. (www.pediatrx.com) is a hospital specialty
pharmaceutical company which focuses on treatments for patients
suffering from serious conditions requiring hospitalization.
PediatRx trades on the OTCBB under the ticker symbol PEDX.
This press release contains forward-looking
statements. Forward-looking statements are projections of
events, revenues, income, future economics, research, development,
reformulation, product performance or management's plans and
objectives for future operations. In some cases you can
identify forward-looking statements by the use of terminology such
as "may", "should", "anticipates", "believes", "expects",
"intends", "forecasts", "plans", "future", "strategy", or words of
similar meaning. Forward-looking statements in this press
release include those concerning PediatRx's belief that the
achievements to date coupled with a focused marketing strategy and
12 sales reps in the field, will contribute to an exciting fourth
quarter and the fulfillment of its key objectives for the remainder
of the 2012 calendar year, which include ongoing focus on growing
product revenues, continuation of marketing of the merits of
GRANISOL and AQUORAL to healthcare professionals, payers, end users
and their caregivers, exploration of international opportunities
for GRANISOL and the active pursuit of additional product
acquisitions and corporate development transactions. While
these forward-looking statements and any assumptions upon which
they are based are made in good faith and reflect current judgment
regarding the direction of the business operations of PediatRx,
actual results will almost always vary, sometimes materially, from
any estimates, predictions, projections, assumptions or other
future performance suggested in this press release. These
statements are predictions and involve known and unknown risks,
uncertainties and other factors, including the risk that PediatRx
cannot execute its business plan for lack of capital or other
resources, distribution, partnering or licensing/acquisition
opportunities, as well as the risks described in the periodic
disclosure documents filed on EDGAR by PediatRx, copies of which
are also available on the company's website. Any of these
risks could cause PediatRx or its industry's actual results, levels
of activity, performance or achievements to be materially different
from those expressed or implied by the forward-looking statements
in this press release. Except as required by applicable law,
including the securities laws of the
United States, PediatRx does not intend to update any of the
forward-looking statements to conform these statements to actual
results.
PediatRx Inc.
Research & Business Development
Email: info@pediatrx.com
Shareholder Relations
+1 908 975 0753
Email: ir@pediatrx.com
SOURCE PediatRx Inc.