Lannett Company, Inc. (NYSE: LCI) today announced that the company used a portion of its existing cash on hand to pay off, in full, the remaining $42 million outstanding balance of its Term A Loans.

"Paying off our Term A Loans is an important achievement and a key step toward strengthening our balance sheet and improving our long-term financial health," said Tim Crew, chief executive officer of Lannett. "This payoff will result in annual reductions of interest expense and principal payments of approximately $3 million and $27 million, respectively. At the same time, we have enhanced our financial flexibility, as the company's remaining debt is free of financial covenants."

About Lannett Company, Inc.:

Lannett Company, founded in 1942, develops, manufactures, packages, markets and distributes generic pharmaceutical products for a wide range of medical indications. For more information, visit the company's website at www.lannett.com.