I am pleased to report a strong fourth quarter and an excellent 2019 for Cumberland. Over the past few years, we’ve strengthened Cumberland’s market presence, diversified our business, and continued advancing our goal of building a company that delivers sustainable growth and profitability.
Net revenues for the fourth quarter of 2019 were $13.7 million, and for the full year they totaled $47.5 million. This 17% annual revenue growth resulted in Adjusted Earnings of $5 million or $0.32 a share. We also continued to maintain a strong financial position with $104 million in total assets and $28 million in cash and investments at the end of 2019.
We began 2019 with a strategic review of our brands, capabilities and international partners. This review ultimately led to a restructured product portfolio, a host of new international partnerships, and an expansion of our corporate, sales, and medical teams.
We also received two FDA approvals during 2019!
We began the year with an FDA approval of our Next Generation Caldolor® product - featuring an improved package and formulation in a ready-to-use presentation. We then ended the year with an FDA approval for our new RediTrexTM line of injectable methotrexate products.
Additionally, we were pleased that Vibativ®, was the subject of two favorable clinical publications during 2019. One study showed numerically superior cure rates of telavancin compared to vancomycin within a subset of patients who had hospital-acquired pneumonia. Another study detailed the positive clinical outcomes that resulted from treating multiple infection types with Vibativ, including complicated skin and skin structure infections, bone and joint infections, bacteremia and endocarditis, and lower respiratory tract infections.
On the clinical front, we launched a very exciting new ifetroban clinical program. Near the end of 2019, Cumberland was awarded $1 million from the FDA to support a Phase II clinical program to study ifetroban for the treatment of cardiomyopathy associated with Duchenne Muscular Dystrophy (DMD). We also completed our study of Caldolor in patients ranging from newborn to six months of age. Topline results from this study show no safety concerns and similar blood levels to that of older children. With this encouraging information, we are finalizing the study report for submission to the FDA.
Finally, I would like to acknowledge and thank my colleagues at Cumberland for their continued dedication and valuable contributions. We remain focused on our goal of building a company that delivers sustainable growth and profitability, and we look forward to keeping you updated as the year progresses.
All the best,
Chief Executive Officer