CALIFON, NJ - October 20, 2011 - 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 second quarter
ended August 31, 2011. Among its achievements in the fiscal second quarter, PediatRx
increased its quarterly net revenues by approximately 29% over Q1, secured all of
the state licenses currently necessary to sell GRANISOL directly to wholesalers
and distributors in the U.S., and signed an agreement with Integrated Commercialization
Solutions, Inc. (“ICS”) to fulfill sales of GRANISOL® directly. An AmerisourceBergen
Specialty Group company, ICS is the country’s largest third-party logistics provider
for pharmaceutical products.
Subsequent to the quarter end, PediatRx appointed pharmaceutical senior executive
Paul J. Richardson to its Board of Directors and entered into a U.S. co-promotion
agreement for AQUORAL™.
“It is extremely rewarding to see an increase in sales of GRANISOL, which are supported
by recently implemented sales and marketing initiatives,” said Dr. Cameron Durrant,
the founder of PediatRx. “Coupled with a skilled and growing sales team, we believe
the programs we have implemented to market GRANISOL and AQUORAL will contribute
to an exciting remaining two fiscal quarters.”
PediatRx’s most notable achievements to date include:
- Net product revenue of approximately $133,326 for the fiscal second quarter ended August 31, 2011 and $503,154 since launching the product in November, 2010. No revenue had been recognized by the Company prior to 2010.
- Deployment of 12 sales representatives to promote the Company's products in the field directly to healthcare professionals.
- Continued implementation of sales and marketing initiatives to support GRANISOL and AQUORAL sales.
- Agreements with key wholesalers, distributors and group purchasing organizations.
- Strengthening of the Company's leadership team with a new Board appointment.
- Approval by the Center for Medicare and Medicaid Services to include PediatRx’s GRANISOL on the list of reimbursed products for Medicaid and the Section 340B Drug Pricing Program.
- Successful launch of a GRANISOL microsite (http://www.granisol.net/) to support use of GRANISOL.
Key objectives for the remainder of fiscal year 2011 include:
- Continued focus on growing product revenues.
- Effectively market the merits of GRANISOL and AQUORAL to healthcare professionals, payers, end users and their caregivers.
- Explore international partnerships for GRANISOL.
- Actively pursue additional product acquisitions.
A summary of key financial highlights for the three and six months ended August
31, 2011 is as follows ($thousands):
| |
As of and for the three month period ended August 31, 2011 |
As of and for the three month period ended August 31, 2010 |
As of and for the six month period ended August 31, 2011 |
As of and for the six month period ended August 31, 2010 |
| Net revenues |
133.3 |
3.1 |
236.3 |
3.1 |
| Gross Margin |
88.7 |
2.1 |
175.0 |
2.1 |
| Operating expenses |
405.7 |
345.7 |
943.2 |
362.2 |
| Net loss for the period |
(316.1) |
(343.6) |
(768.2) |
(360.1) |
| Cash and cash equivalents |
198.5 |
82.7 |
198.5 |
82.7 |
| Current assets |
343.3 |
203.0 |
343.3 |
203.0 |
| Current liabilities |
800.1 |
435.5 |
800.1 |
435.5 |
| Working capital |
(456.8) |
(232.5) |
(456.8) |
(232.5) |
A complete set of unaudited financial statements is available in the Company’s Quarterly
Report on Form 10-Q for the quarter ended August 31, 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.
Futher Information
PediatRx Inc.
Research & Business Development
E-mail: info@pediatrx.com
Shareholder Relations
+1 908-975-0753
E-mail: ir@pediatrx.com
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 programs implemented to market GRANISOL and AQUORAL will contribute to an exciting
remaining two fiscal quarters and the fulfillment of its key objectives for the
remainder of 2011 which include a continued focus on growing product revenues, effective
marketing of the merits of GRANISOL to healthcare professionals, payers, end users
and their caregivers, exploration of ex-U.S. partnerships and the active pursuit
of additional product acquisitions. 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.