PediatRx Inc. (OTCBB: PEDX) ("PediatRx") is pleased to provide an update on activities for the fiscal third quarter. Among its achievements, the hospital specialty pharmaceutical company reported its first-ever revenues and successfully launched GRANISOL™, the company's first commercial entry.
During the fiscal third quarter, PediatRx established key distribution and marketing collaborations with wholesalers and other strategic partners enabling the launch of GRANISOL, an antiemetic used in patients who are undergoing chemotherapy or radiation treatment. GRANISOL is the only granisetron available in the United States as an orange-flavored, ready-to-use oral liquid solution. PediatRx also completed additional equity financings of approximately $1.0 million in the third quarter, bringing total equity financings to date to approximately $2.2 million.
"We are delighted to have made a strong start with GRANISOL and look forward to expanding our marketing efforts of this product," said Dr. Cameron Durrant, President and Chief Executive Officer of PediatRx. "Even more gratifying is the positive interest we have received from caregivers, customers, potential investors and business partners. In addition, we are excited to be seeking and evaluating other products for acquisition and remain confident in our ability to establish a rewarding position as a unique specialty pharma company."
PediatRx's most notable achievements to date include:
- Net product revenue of $145,000 for the three-month period ended November 30, 2010. No revenue had been recognized by the company prior to 2010.
- Established category-expert management team plus marketing and administration infrastructure to enable GRANISOL launch.
- Manufactured first lot of PediatRx-brand GRANISOL, delivered in October.
- Launched GRANISOL into wholesaler channels.
- Established marketing alliances to begin promotion of GRANISOL to key oncology hospitals and clinics.
- Approximately $2.2 million in total financings to date.
A complete financial statement is available in the company's Quarterly Report on Form 10-Q for the quarter ended November 30, 2010.