NASHVILLE, Tenn., July 23, 2010 Cumberland Pharmaceuticals Inc. (NASDAQ:CPIX) today reported the purchase of more than 25,000 shares of CPIX common stock by Company management and Directors in open market transactions.
Cumberland Founder and Chief Executive Officer A.J. Kazimi and Board Members Robert Edwards and James Jones all increased their positions in the Company. Other members of senior management, including Senior Vice President of Operations Leo Pavliv, also recently purchased additional shares.
The transactions follow the recent approval of a share repurchase program by the Company's Board of Directors. The program authorizes the Company to repurchase up to $10 million of its outstanding common shares. Purchases will be made from time-to-time, at the Company's discretion, on the open market over a period of several months. Any share repurchases will be funded by excess cash flow.
"These developments underscore management's confidence in the Company's growth potential as well as our belief that its shares are undervalued," said Kazimi. "Cumberland is working to build three FDA approved brands and is in a very strong financial position, with significant cash resources from our IPO still largely available and earmarked for portfolio expansion."
SOURCE: Cumberland Pharmaceuticals Inc.
About Cumberland Pharmaceuticals
Cumberland Pharmaceuticals Inc. is a Tennessee-based specialty pharmaceutical company focused on the acquisition, development and commercialization of branded prescription products. The Company's primary target markets include hospital acute care and gastroenterology. Cumberland * markets Acetadote® for the treatment of acetaminophen poisoning and Kristalose®, a prescription laxative. The Company also recently launched Caldolor®, the first injectable treatment for pain and fever available in the United States. Cumberland is dedicated to providing innovative products which improve quality of care for patients. For more information on Cumberland Pharmaceuticals, please visit www.cumberlandpharma.com.
Important Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that reflect Cumberland's current views with respect to future events, based on what it believes are reasonable assumptions. No assurance can be given that these events will occur. As with any business, all phases of operations are subject to influences outside of the Company's control. Risk factors that could materially affect results of operations include, among others, those factors discussed in Cumberland's Annual Report on Form 10-K as filed with the SEC on March 19, 2010. There can be no assurance that results or developments anticipated by Cumberland will be realized or, if realized, that they will have the expected effects. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Cumberland undertakes no obligation to release publicly any revisions to these statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.