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PERNIX THERAPEUTICS HOLDINGS, INC.

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2018 10-Q, filed Nov 13, 2018. Its latest SEC filing is a 15-12B from Sep 25, 2019.

The sections below describe the company as of the FY2017 annual report.

What Did They Do?

Sells branded prescription medicines for pain, insomnia and migraine, and generic medicines to drug wholesalers, specialty pharmacies and retail pharmacies.

How Did They Make Money?

The company sells products to customers, with sales occurring on delivery—or when consigned products are removed for shipment to patients. It also receives royalties based on third-party product sales.

FY2017 revenue

Who Were Their Customers?

Drug wholesalers are the company's primary direct customers; they distribute products to retail drug stores, mass merchandisers and grocery store pharmacies. Specialty pharmacies are also customers.

Customers above 10% of revenue, FY2017
of revenue from three customers (34%, 30%, 24%)
FY2016: 93% from three customers

How Were They Changing?

Since the FY2017 annual report
Latest quarter: Q3 FY2018, the three months to Sep 30, 2018
Revenue
▼ −8%
vs $40.5M in Q3 FY2017
Net income
▼ Now a loss
vs $6.4M in Q3 FY2017
  • Jun 26, 2019 Court confirmed liquidation plan; equity interests will be canceled The plan took effect June 24, 2019, and existing equity interests are canceled for no consideration.
  • May 21, 2019 CEO and chairman resigned John A. Sedor resigned from the board and as chief executive officer, effective May 15, 2019.
  • May 6, 2019 Sold substantially all assets to Currax Holdings The company and certain subsidiaries completed the asset sale on April 30, 2019.
  • Feb 27, 2019 Filed for Chapter 11 bankruptcy protection The company and its wholly owned subsidiaries filed voluntary petitions on February 18, 2019.

Shrank. Revenue fell 17% in 2 years, from $175.9M in FY2015 to $146.1M in FY2017, about 9% a year.

Treximet promotion The older report says Pernix promoted Treximet through its specialty sales force. The latest report says it stopped promotion after restructuring and began distributing an authorized generic alongside the branded product.

Who Did They Compete With?

Competes with Teva, Depomed, Purdue Pharma, Pfizer, Collegium, Egalet, and Valeant

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