Lannett Engages Advisors To Explore And Evaluate Debt And Capital Structure Alternatives

PHILADELPHIA, Oct. 8, 2018 /PRNewswire/ -- Lannett Company, Inc. (NYSE: LCI) today announced that it has engaged and/or expanded the role of existing advisors to assist in evaluating a range of alternatives regarding the company's debt and capital structure.  

"We welcome the specialized expertise our advisors bring to the table, as we look to add revenues, reduce costs and more closely analyze financing options," said Tim Crew, chief executive officer of Lannett. "Following the recent announcement that our distribution agreement with Jerome Stevens Pharmaceuticals, which expires on March 23, 2019, will not be renewed, we ramped up our efforts to address this eventuality and ultimately grow our business. I am pleased to report that we are making solid progress and our plans continue to proceed, as evidenced by the launch of five new products in our recently completed fiscal 2019 first quarter."

Crew added that the company continues to expect to remain in compliance with its debt covenants through at least the end of fiscal 2019.

The company said Kirkland & Ellis LLP and Lazard Ltd. will serve as advisors. 

About Lannett Company, Inc.:
Lannett Company, founded in 1942, develops, manufactures, packages, markets and distributes generic pharmaceutical products for a wide range of medical indications. For more information, visit the company's website at www.lannett.com.

This news release contains certain statements of a forward-looking nature relating to future events or future business performance. Any such statement, including, but not limited to, successfully commercializing the five new products launched in the company's fiscal 2019 first quarter and the expectation that the company will remain in compliance with its debt covenants through at least the end of fiscal 2019, whether expressed or implied, is subject to market and other conditions, and subject to risks and uncertainties which can cause actual results to differ materially from those currently anticipated due to a number of factors which include, but are not limited to, the risk factors discussed in the Company's Form 10-K and other documents filed with the SEC from time to time, including the prospectus supplement related to the proposed offering to be filed with the SEC. These forward-looking statements represent the Company's judgment as of the date of this news release. The Company disclaims any intent or obligation to update these forward-looking statements.

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SOURCE Lannett Company, Inc.