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.
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