Cornerstone Therapeutics Q2 Revenue Up 78%

Cornerstone Therapeutics has reported an increase in net revenues by 78% to $25m for the second quarter ended June 30, 2009, as compared to $14m for the second quarter ended June 30, 2008.

The company has reported an increase in net revenues by 137% to $55.7m for the six months ended June 30, 2009, compared to $23.5m for the same period prior year.

The company’s net product sales increased by 82% to $25m for the second quarter of 2009, as compared to $13.7m in the same period of 2008.

The company has reported an increase in net product sales by 144% to $55.5m, as compared to $22.7m in the same period of 2008.

Gross profit for the second quarter ended June 30, 2009, was $22.1m, as compared to $13.1m for the same period of 2008. The company reported a gross profit of $49.6m for the six months ended June 30, 2009, compared to $22m for the same period of 2008.

Craig Collard, president and CEO of Cornerstone Therapeutics, said: It has been an extremely busy and successful several months on multiple fronts for Cornerstone. We recently closed our transaction with Chiesi and are excited to add Curosurf, the world-leading treatment approved by the FDA for Respiratory Distress Syndrome in premature infants, to our product portfolio.

“In addition, we signed a definitive asset purchase agreement with Oscient Pharmaceuticals to acquire the commercial rights to the antibiotic Factive. We continued to advance the development of our product candidates and submitted a regulatory filing with the FDA for an extended-release antitussive product that, if approved, would compete directly in the large prescription antitussive market. As a result of our efforts since our October 2008 merger, we were added to the Russell 3000 Index in June, which will increase our visibility among investors, he added.