MORRISTOWN, N.J., Nov. 06, 2017 (GLOBE NEWSWIRE) -- Pernix Therapeutics Holdings, Inc. (NASDAQ:PTX), a specialty pharmaceutical company, today announced the sale of a non-core product, Cedax® (ceftibuten capsules and ceftibuten for oral suspension), a third-generation cephalosporin antibiotic for the treatment of acute bacterial exacerbations of chronic bronchitis and middle ear infection, to SI Pharmaceuticals, LLC, for $2 million in gross cash proceeds.
Cedax® was discontinued by Pernix in 2016 and the Company has not generated any sales from this product in 2017.
“This transaction provides us the opportunity to monetize a non-core product that was previously discontinued without impacting our sales or profitability,” said John Sedor, Chairman and CEO of Pernix Therapeutics. “We are pleased to further strengthen our balance sheet with this transaction.”
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 is currently focused on the therapeutic areas of Neurology and Pain, and has an interest in expanding into additional specialty segments. The Company promotes its branded products to physicians through its internal 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.