Pernix Therapeutics Holdings Inc (PTX) recently offered an update on the Company’s arbitration with GlaxoSmithKline (“GSK”). Pernix and GSK had been in arbitration regarding claims related to the Treximet asset purchase agreement and supply agreement. On January 31, 2017, the arbitration tribunal issued opinions in favor of GSK, awarding it damages and fees in the amount of about $35 million, plus interest (estimated to be about $2 to $5 million). The tribunal also denied Pernix’s claim that GSK breached its obligations under the supply agreement. Pernix has already paid to GSK, or into an escrow account, an aggregate of $16.5 million, which will offset the total award. Pernix is reviewing the opinions, counting the amount of interest, and intends to work with GSK to conclude the matter.
As of February 1, 2017, Pernix’s unaudited cash balance was about $26 million, after making the planned payment of interest and principal in respect of its Treximet secured notes on such date.
Pernix will continue to focus on improved performance, driven by commercial execution, the acquisition, development and commercialization of prescription products, and operational efficiency. The Company will also continue to analyze various alternatives in order to proactively address its liquidity and capital structure in a constructive manner, counting planned and refinancing alternatives, asset sales, and mergers and acquisitions.
EXACT Sciences Corporation (EXAS) recently declared that the company will take part in the 6th Annual Leerink Partners Global Healthcare Conference in New York.
Kevin Conroy, Exact Sciences’ chairman and CEO, will deliver the company’s presentation on Thursday, Feb. 16 at 11 a.m. EST. The presentation will be followed by a question-and-answer session.
A live webcast of the event will be available through the company’s website at www.exactsciences.com. An archived webcast will be available following the conclusion of the presentation.