We have just announced our expansion into oncology!
As cancer is becoming an increasing problem worldwide, oncology continues to be a significant and growing sector of health care. With an aim to improve the life of patients undergoing treatment for such a serious and life-threatening disease, Cumberland entered the oncology market through the launch of Ethyol® and Totect® - our first two supportive care products. Contributions from both brands helped fuel our 25% year over year revenue growth in 2017.
As a company, we strive to deliver high-quality medicines with a particular interest in products that address unmet medical needs. Oncology is a particularly rewarding and valuable field, and we are grateful for the opportunity to contribute to the welfare of cancer patients and help improve their quality of life.
Not only have we have been working hard to build a portfolio of differentiated pharma brands, but we also endeavor to expand the use of our FDA approved products. In early 2018, there were new clinical publications related to our Ethyol® and Omeclamox®- Pak brands. One study with Ethyol demonstrated how amifostine decreases gastrointestinal toxicity in patients who receive treatment for multiple myeloma. Another study with Omeclamox-Pak demonstrated an 85% eradication rate of helicobacter pylori infection using our clarithromycin-based triple therapy.
Meanwhile, I’m pleased to announce that during the first quarter we completed and filed the application for FDA approval of our Next Generation Caldolor® product- featuring an improved package and formulation. We continued to advance our study of Caldolor in patients ranging from newborn to six months of age. We also learned that Caldolor was approved for sale in India and are preparing for the launch of the brand with our partner for that market.
Following a pre-NDA meeting with the FDA regarding our RediTrexTM (methotrexate) product line, we are now assembling the relevant information for that submission. We expect that initiative to culminate with our next major filing for FDA for approval. During the first quarter, we also continued to advance our clinical pipeline with additional patients enrolled in our Phase II Vasculan® and Portaban® and Boxaban® studies.
In order to be successful over the long-term, we believe it’s important to have a conduit of innovative new product opportunities. Through CET, we collaborate with a select group of academic research institutions. In February 2018, CET entered into an agreement with Louisiana State University, adding to CET’s roster of academic collaborations which also include: Vanderbilt University, the University of Mississippi, and the University of Tennessee Research Foundation. These partnerships combine the strengths and capabilities of each organization by working together to identify, formulate and develop attractive new biomedical products.
Net revenues were $8.6 million during the first quarter. The sales were impacted by limited supplies of our Vaprisol® brand and the easing of the shortages of competitor products for Totect® seen last year. We ended the quarter with over $91 million in total assets including $50 million in cash and investments.
I would like to take this opportunity to acknowledge and thank our team for their dedicated efforts thus far in 2018. We are very well positioned to build upon the positive momentum we generated in 2017. We remain focused on our mission of advancing patient care through the delivery of high-quality pharmaceutical products, and we look forward to keeping you updated as the year progresses.
With best wishes,
Chief Executive Officer