MORRISTOWN, N.J., Feb. 27, 2020 /PRNewswire/ -- Currax Pharmaceuticals, LLC ("Currax"), a specialty biopharmaceutical company dedicated to expanding access to clinically differentiated, underappreciated medicines – both branded and generic – today provided an update on its business and financial performance for the period of May to December 2019.
"Since its inception, Currax has cultivated a strong and experienced leadership team with a track record of superior operational and sales execution," said George Hampton, president and chief executive officer of Currax. "This has enabled us to execute beyond our expectations in 2019 and has positioned us to rapidly implement our business strategy."
"We exceeded our expectations for 2019, and expect this trend to continue as we mature our operations and find new and innovative opportunities to scale and complement our branded portfolio," added Michelle Parsons, chief financial officer of Currax.
Management remains focused on developing an efficient business platform that will drive operational efficiencies for the organization. Sales- and operational-focused refinements to date include the introduction of a new, highly scalable enterprise resource planning (ERP) platform and a customer relationship management (CRM) system, as well as the creation of an in-house sales force.
"With a strong balance sheet, we are well-positioned to invest in our branded portfolio and pursue strategic acquisition opportunities," said Hampton.
Key Operational and Business Updates
CURRAX PHARMACEUTICALS FORMATION
- On April 30, 2019, Currax acquired the assets of the Pernix Therapeutics bankruptcy estate, which included: Zohydro®; Treximet®; Treximet AG®; Silenor®; and a diversified generic portfolio.
- Less than a year following Currax's formation, Currax now anticipates annual revenues in excess of $100M and meaningful cash generation. The company's 2019 debt reduction was also ahead of management's forecast.
- Looking forward, Currax's strategy is focused on driving profitable growth for ONZETRA® and CONTRAVE®, recently acquired products, as well as the balance of Currax's portfolio. Simultaneously, Currax's board and management team are actively evaluating strategic acquisition opportunities that advance its mission.
2019 BUSINESS DEVELOPMENT ACTIVITY
Acquisition of ONZETRA® Xsail®
- On September 25, 2019, Currax announced its first acquisition, obtaining the patent rights to ONZETRA® Xsail® (sumatriptan nasal powder) in North America from OptiNose AS, a subsidiary of OptiNose, Inc. (Nasdaq: OPTN). The drug, which was approved by the FDA on January 28, 2016, is for the acute treatment of migraine pain in adults, with or without aura.
- This acquisition diversified Currax's existing portfolio and aligned with the company's growth strategy: acquire clinically differentiated, underappreciated medicines that address an unmet patient need.
- In December, Currax expanded its 50-person sales team, to include seven specialty sales representatives with deep experience in the migraine field.
Acquisition of Nalpropion Pharmaceuticals, Inc.
- Currax acquired Nalpropion Pharmaceuticals, a biopharmaceutical company focused on weight loss treatments, on September 27, 2019. As part of the transaction, Currax obtained the global rights to CONTRAVE®, which is the number one prescribed weight loss brand medication in the U.S. CONTRAVE® is also approved in Europe under the brand name Mysimba.
- In connection with the Nalpropion acquisition, Currax has shifted its sales model, transitioning to a nimble, 57-person in-house sales team, which has already accelerated channel growth.
- Currax expects to derive $10 million of annual synergies from its Nalpropion acquisition and this business development activity has already contributed to bottom-line growth.
ADDITIONAL PORTFOLIO UPDATES
Corporate Social Responsibility Update
- Reflecting Currax's purpose and values, management has selected Cornerstone Family Programs & Morristown Neighborhood House as its first partner in its corporate social responsibility program. Since its founding, Currax has contributed more than $30,000 in equipment and donations to Cornerstone Family Programs & Morristown Neighborhood House, which funds both academic and sports programs focused on children's mental and physical health.
About Currax Pharmaceuticals LLC
Currax Pharmaceuticals LLC is a specialty pharmaceutical business focused on acquiring and commercializing prescription drugs within the US market. Currax distributes a range of both branded and generic pharmaceutical products, including Silenor®, Treximet®, Zohydro® ER with BeadTek®, the authorized generic of Treximet®, and now CONTRAVE® and ONZETRA® Xsail®. For more information, please visit http://www.curraxpharma.com/
Edelman Financial Communications & Capital Markets
SOURCE Currax Pharmaceuticals, LLC