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Pernix (PTX) Reports Second Quarter 2017 Financial Results And Provides Business Update

7/28/2017 11:00:34 AM

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MORRISTOWN, N.J., July 27, 2017 (GLOBE NEWSWIRE) -- Pernix Therapeutics Holdings, Inc. (NASDAQ:PTX) (“Pernix” or the “Company”), a specialty pharmaceutical company, today announced financial results for the three and six months ended June 30, 2017.

Second Quarter 2017 Financial Highlights:

  • Second quarter 2017 net revenues were $34.3 million, a 15% increase sequentially from the $29.7 million recorded in the first quarter of 2017, and a 7% decrease from the $36.7 million in the second quarter of 2016
  • Second quarter 2017 selling, general and administrative expense decreased by 25% to $19.0 million, as compared to the second quarter of 2016
  • Net loss for the second quarter of 2017 was $21.6 million, as compared to a net loss of $31.1 million for the three months ended June 30, 2016
  • Second quarter 2017 adjusted EBITDA improved to approximately $5.7 million from negative $1.4 million in the prior year period

Business Update

  • Completed a series of refinancing transactions intended to improve liquidity, extend debt maturities and enable the Company to create value for stakeholders. Transactions included:
    -- A new $40 million asset-based revolving credit facility to refinance the Wells Fargo credit facility that was scheduled to mature on July 31, 2017
    -- A $45 million delayed draw term loan, including immediate access to $30 million and an additional $15 million available for certain acquisition purposes
    -- An exchange of approximately $52 million of 4.25% convertible senior notes owned by certain institutional investors for approximately $36 million of new exchangeable notes and approximately 1.1 million shares of the Company’s common stock
  • After giving effect to the transactions closed on July 21, 2017, Pernix had approximately $63 million of total liquidity, including $42 million of cash and cash equivalents and $21 million available to draw under the new asset-based revolving credit facility
  • Pernix and GSK agreed to an amended settlement agreement under which Pernix will pay approximately $6.7 million to GSK, which is a reduction of up to approximately $14.5 million from the initial settlement agreement
  • Treximet TRx flat in the second quarter of 2017 as compared to the first quarter and down 7% year-over-year
  • Silenor TRx up 1% in the second quarter of 2017 as compared to the first quarter and down 4% year-over-year
  • Zohydro ER TRx down 3% in the second quarter of 2017 as compared to the first quarter and down 7% year-over-year; growth rate was impacted by the previously announced 20mg backorder

“We are pleased to have now closed the recently announced transformative transactions that have fortified our balance sheet, enabling us to focus on growing our business from this point forward,” said John Sedor, Chairman and Chief Executive Officer of Pernix Therapeutics. “Additionally, the agreement reached with GSK helps to deleverage the Company and provides us with additional financial flexibility moving forward. We view these transactions as the successful culmination of our previously announced strategic review. With the strategic review now complete, Pernix is solely focused on furthering the progress achieved over the last year. Most importantly, we now have access to capital to help us expand and diversify our product portfolio, drive net sales, improve profitability and maximize cash flow. We intend to pursue an aggressive, yet disciplined business development strategy with the goal of transforming our business over the next two years.”

Read at GlobeNewswire

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