Cumberland Pharmaceuticals Inks New Bank Financing Deal With Bank of America
NASHVILLE, Tenn., Aug. 4, 2011 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (Nasdaq: CPIX) today announced that it has executed a new senior credit agreement with Bank of America. Pursuant to the new agreement, the Company has increased its revolving line of credit to $10 million, which is expandable to $20 million. In addition, the maturity date for the new facility has been extended to December 2014.
The new bank agreement replaces Cumberland's previous financing arrangement with Bank of America, which was negotiated prior to the Company's initial public offering in 2009 and included a term loan and credit facility. Cumberland recently completed principal payments on the term loan.
"We have enjoyed a long-standing relationship with Bank of America and appreciate its confidence in our Company as reflected by this expanded line of credit," said A.J. Kazimi, Chief Executive Officer of Cumberland Pharmaceuticals.
About Cumberland Pharmaceuticals
Cumberland Pharmaceuticals Inc. is a Tennessee-based specialty pharmaceutical company focused on the acquisition, development and commercialization of branded prescription products. The Company's primary target markets include hospital acute care and gastroenterology. Cumberland's marketed products include Acetadote® (acetylcysteine) Injection for the treatment of acetaminophen poisoning, Caldolor® (ibuprofen) Injection, the first injectable treatment for pain and fever approved in the United States, and Kristalose® (lactulose) for Oral Solution, a prescription laxative. Cumberland is dedicated to providing innovative products which improve quality of care for patients. For more information, please visit www.cumberlandpharma.com.
Forward Looking Statements<