MORRISTOWN, N.J., Feb. 03, 2017 (GLOBE NEWSWIRE) -- Pernix Therapeutics Holdings, Inc. (NASDAQ:PTX), a specialty pharmaceutical company with a focus on Pain and CNS conditions, today provided an update on the Company’s arbitration with GlaxoSmithKline. Pernix and GSK had been in arbitration regarding claims related to the Treximet asset purchase agreement and supply agreement. On January 31, 2017, the arbitration tribunal issued opinions in favor of GSK, awarding it damages and fees in the amount of approximately $35 million, plus interest (estimated to be approximately $2 to $5 million). The tribunal also denied Pernix’s claim that GSK breached its obligations under the supply agreement. Pernix has already paid to GSK, or into an escrow account, an aggregate of $16.5 million, which will offset the total award. Pernix is reviewing the opinions, including the amount of interest, and intends to work with GSK to conclude the matter.
As of February 1, 2017, Pernix’s unaudited cash balance was approximately $26 million, after making the scheduled payment of interest and principal in respect of its Treximet secured notes on such date.
Pernix will continue to focus on improved performance, driven by commercial execution, the acquisition, development and commercialization of prescription products, and operational efficiency. The Company will also continue to analyze various alternatives in order to proactively address its liquidity and capital structure in a constructive manner, including strategic and refinancing alternatives, asset sales, and mergers and acquisitions.
About Pernix Therapeutics
Pernix Therapeutics is a specialty pharmaceutical business with a focus on acquiring, developing and commercializing prescription drugs primarily for the U.S. market. The Company targets underserved therapeutic areas such as CNS, including neurology and pain management, and has an interest in expanding into additional specialty segments. The Company promotes its branded products to physicians through its integrated Pernix sales force and markets its generic portfolio through its wholly owned subsidiaries, Macoven Pharmaceuticals, LLC and Cypress Pharmaceutical, Inc.
To learn more about Pernix Therapeutics, visit www.pernixtx.com.
