To Our Shareholders, Workforce & Partners:
I am happy to share a number of essential developments from 2021, that permitted us to make important progress in our mission to enhance the top quality of individual care by means of the delivery of substantial-quality medicines.
We completed the 12 months with a major enhancement by signing an settlement with Japan-basedKyowa Kirin for the acquisition of the U.S. legal rights to their Sancuso® product or service – an oncology help brand. It is the initially and only Fda-approved prescription patch for the prevention of nausea and vomiting in most cancers people acquiring specified chemotherapy treatments. We will create on this improvement to launch a Cumberland Oncology nationwide sales division and also check out co-marketing options.
All through 2021 we carried out the nationwide launch of RediTrex®, our Fda-authorized line of injectable methotrexate goods. RediTrex characteristics an ground breaking shipping and delivery program for effortless managing and dosing accuracy. It is designed for people with arthritis, to boost the efficacy of their treatment, although providing larger continuation costs and a lot less distress.
In November we gained Fda acceptance of expanded labeling for our Caldolor® solution. This intravenously delivered formulation of ibuprofen is now accepted for use priorto operation. Orthopedic surgeon Dr. Stephen Southworth, who has published thoroughly on intravenous ibuprofen, supported this enhancement stating that “when administered right away prior to operation, patients given Caldolor expertise significantly less postoperative pain anda minimize in their opioid use.”
Furthermore, in November we declared that we will be going our headquarters to the Broadwest campus in Nashville’s West Conclude/Vanderbilt corridor. Being near to the nation’s primary wellness treatment local community was important to us, and we are thrilled to have found a space that will enable us to continue to collaborate closely with the internationally identified Vanderbilt University Health care Heart.
Meanwhile, we ongoing our target on and determination to sustainability by issuing our 2020 ESG Report in July, which comprehensive Cumberland’s functions pertaining to environmental, social and governance issues. As pointed out in the report, we delivered just about 2.5 million individual doses of our products, safely disposed of over 4,000 kilos of expired and harmed items and experienced no item recalls. We also actively supported our staff, engaged with our neighborhood and seem forward to continuing this reporting per year.
We had been delighted to see enrollment in our clinical research resume in 2021, right after owning been interrupted thanks to the pandemic. We are sponsoring a few Period II medical systems evaluating our ifetroban item candidates. These scientific tests contain individuals with cardiomyopathy associated with Duchenne Muscular Dystrophy, a lethal, genetic neuromuscular ailment Systemic Sclerosis, a debilitating autoimmune condition and Aspirin-ExacerbatedRespiratory Illness, a serious kind of bronchial asthma.
Moreover, we are building a Period II research to appraise the use of ifetroban to handle individuals with Progressive Fibrosing Interstitial Lung Illnesses. We are preparing an application to the Food and drug administration to help that new application.
Overall 2021 net revenues ended up $36 million, ensuing in $1 million or $.08 a share in adjusted earnings. Money movement from operations totaled $6.4 million in 2021. We ended the yr with $85 million in whole belongings like $27 million in income and investments, $42 million in whole liabilities and $43 in shareholder equity.
In the course of the fourth quarter 2021 we prolonged our bank line of credit score for a new three-year phrase and expanded the facility to present up to $20 million in capital. Proceeds from that initiative funded our Sancuso acquisition.
These important achievements would not have been attainable without having the determination of our remarkable staff. Like other individuals that count on clinic admissions and affected person visits to travel revenue, Cumberland faced its difficulties in 2021 ensuing from the pandemic. Even so, our crew remained steadfast in pursuit of our mission. I would like to thank everyone at Cumberland for their valuable contributions around the very last yr. We seem forward to a successful 2022 and will retain you updated on our development together the way.
All the finest,