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Pernix Therapeutics Provides Business Update And Announces New Product Development Agreement

Stocks in this article: PTX

Pernix Therapeutics Holdings, Inc. (NYSE Amex: PTX), a specialty pharmaceutical company, today provided a business update and certain preliminary, unaudited financial results in the fourth quarter and full year 2011 at the Cowen and Company 32 nd Annual Health Care Conference.

For the quarter ended December 31, 2011, Pernix expects to report net revenues in the range of $20 and $22 million, compared to $12.2 million in the fourth quarter of 2010. Net income for the fourth quarter of 2011 is expected between $3.3 million and $3.8 million, or $0.13 and $0.15 per basic and diluted share. Net income was $1.5 million, or $0.07 per basic and diluted share, in the prior year period.

For the year ended December 31, 2011, Pernix expects to report preliminary unaudited net revenues in the range of $59 and $61 million, compared to $33.2 million in the prior year period. Net income for the full year of 2011 is expected between $8.0 million and $8.3 million, or $0.33 and $0.35 per basic and diluted share. Net income was $9.3 million, or $0.40 per basic and diluted share, in the prior year period.

Cooper Collins, President and Chief Executive Officer of Pernix said, “We are pleased with the significant revenue growth that Pernix achieved in the fourth quarter and full year of 2011. We also expanded and strengthened our corporate team in 2011, including the addition of several key senior management members in the fourth quarter. In addition, we remain on track to launch a new FDA approved gastroenterology prescription product in mid-year of 2012.”

As previously announced, Pernix entered into a license and supply agreement with a private company for a new FDA-approved prescription product to treat gastroenterology disease. Under the terms of the agreement, Pernix obtained exclusive marketing rights to this gastroenterology product in the United States. This new product will be positioned as a first-line therapy in a niche market of more than $100 million annually in the U.S.

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