CALIFON, NJ, May 26, 2011 /PRNewswire/ - PediatRx, Inc. ("PediatRx") (OTCBB: PEDX), a hospital specialty company with a current focus on oncology supportive care, is pleasedto provide an update on activities for the fourth quarter and fiscal year ended February 28, 2011. Among its achievements, PediatRx reported $266,800 in net annual product revenues after acquiring GRANISOL® in late July 2010, and officially launched
During the fiscal fourth quarter, PediatRx recognized net product revenues of approximately $118,000 on sales of GRANISOL, its first product acquisition. The company also secured agreements with various wholesalers, distributors and group purchasing organizations to support the commercialization of GRANISOL. In addition, the company contracted two sales representatives to promote the product in the field directly with healthcare professionals.
"This has been a transformative year for PediatRx in which we are pleased to have met our internal quarterly and fiscal year sales targets," said Dr. Cameron Durrant, the founder of PediatRx. "We have a solid foundation in place from which we intend to increase sales of GRANISOL and drive the company forward. Coupled with the initiatives we have implemented to market and sell GRANISOL to key oncology hospitals and clinics, we believe PediatRx is well positioned for a strong and exciting year."
PediatRx's most notable achievements to date include:
Key objectives for the remainder of 2011 include:
A summary of key financial highlights for the three months and fiscal year ended February 28, 2011 is as follows ($thousands):
|As of and for the three month period ended February 28, 2011||As of and for the twelve month period ended February 28, 2011|
|Net revenues||$ 118.0||$ 266.8|
|Net loss for the period||(387.8)||(1,049.1)|
|Cash and cash equivalents||549.4||549.4|
A complete set of audited financial statement is available in the company's Annual Report on Form 10-K for the fiscal year ended February 28, 2011.
Used for the prevention of nausea and emesis associated with initial and repeat courses of chemotherapy or radiation, GRANISOL is the only FDA-approved granisetron available as a ready-to-use oral liquid solution.
Selected Safety Information
PediatRx, Inc. (www.pediatrx.com) is a hospital specialty pharmaceutical company which focuses on treatments for patients suffering from serious conditions requiring hospitalization. PediatRx trades on the OTCBB under the ticker symbol PEDX.
This press release contains forward-looking statements. Forward-looking statements are projections of events, revenues, income, future economics, research, development, reformulation, product performance or management's plans and objectives for future operations. In some cases you can identify forward-looking statements by the use of terminology such as "may", "should", "anticipates", "believes", "expects", "intends", "forecasts", "plans", "future", "strategy", or words of similar meaning. Forward-looking statements in this press release include those concerning PediatRx's belief that it is well positioned for a strong and exciting year and its key objectives for the remainder of 2011 to continue focus on growing product revenues, aggressively market the merits of GRANISOL to healthcare professionals, payers, end users and their caregivers, exploration of ex-U.S. partnerships, the pursuit of additional product acquisitions and the active pursuit of corporate development transactions. While these forward-looking statements and any assumptions upon which they are based are made in good faith and reflect current judgment regarding the direction of the business operations of PediatRx, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this press release. These statements are predictions and involve known and unknown risks, uncertainties and other factors, including the risk that PediatRx cannot execute its business plan for lack of capital or other resources, distribution, partnering or licensing/acquisition opportunities, as well as the risks described in the periodic disclosure documents filed on EDGAR by PediatRx, copies of which are also available on the company's website. Any of these risks could cause PediatRx or its industry's actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by the forward-looking statements in this press release. Except as required by applicable law, including the securities laws of the United States, PediatRx does not intend to update any of the forward-looking statements to conform these statements to actual results.
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SOURCE PediatRx Inc.
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