SILVER SPRING, Md.,
April 1, 2013 /PRNewswire/
-- Pharmagen, Inc. (OTCBB: PHRX) (the "Company" or
"Pharmagen") today announced financial results for the fiscal year
ended December 31, 2012. On a
consolidated basis, net revenues for the fiscal year 2012 totaled
$4.26 mln vs. 2011 of $863K, representing 490% growth year-over-year.
The company had one-time, non-recurring expenses of $1.2 mln related to going public and the
investments it made in building a foundation for future growth. The
company spent much of 2012 building the cornerstones for a move
toward profitability in 2013. This included acquiring BryceRx
Laboratories, Inc., which not only grew the company's topline with
prescription based revenue but also dramatically increased the
company's gross profit.
Pharmagen's branded OTC product, Clotamin™, has demonstrated
consistent momentum growing from being carried in several hundred
stores to being carried nationally at over 7,000 locations at one
of the leading pharmacy chains in the world. The company has made
significant investments in Clotamin and expects continued growth of
the product across other major national retailers and
internationally.
From a brand prospective, the company went through a strategic
realignment. Pharmagen is now moving toward being the leader in
pragmatic solutions to the drug shortage crisis in the United States. With a multifaceted
approach, the company is meeting the demands of the health provider
market through dynamic, independent wholesale, compounding/admix,
and innovative IT solutions. The company grew its Pharmagen
Distribution pharmaceutical wholesale license base to 47 states and
continues to rapidly grow Pharmagen Laboratories license base as
well. The company made significant investment across the board from
IT, accounting, equipment and personnel.
Pharmagen brought on a Chief Financial Officer from a major
hospital system, Eric Clarke. Clarke
brings over 17 years of extensive health care and financial
expertise. Prior to joining Pharmagen, Clarke served as part of the
leadership team at MedStar Health; a $4
billion diversified health system in the Washington D.C. region, which includes leading
medical facilities such as Washington Hospital Center and
Georgetown University Hospital.
Additionally, Clarke formally served as the Managing Director in
charge of the Washington D.C.,
Risk Management Practice for a national professional services firm,
providing expert advice and service in forensic accounting, SEC
reporting, and Sarbanes-Oxley Compliance.
With an eye on profitability, the company continues to keep
operating expenses as low as possible and is actively exploring all
opportunities that benefit shareholders. These endeavors include
but are not limited to a strategic relocation to lower the
company's tax burden, growing the company's institutional
shareholder base by partnering with investment banks and a
professional investment relations firm, attending financial
conferences and staying at the forefront of health policy by
engaging health regulators.
Leveraging our understanding of drug shortages, our long term
goal is to become an FDA approved manufacturer of habitually short
supply, sterile pharmaceuticals. Through an industry changing, cGMP
+ ® process, employing single-use, modular systems, we intend to be
the gold standard of sterile production in the United States.
About Pharmagen
Pharmagen, Inc. ("Pharmagen"), and wholly owned
subsidiaries and operating divisions Pharmagen Laboratories, Inc.,
Pharmagen Distribution, LLC and Pharmagen Nutraceuticals, Inc. is
the leader in innovative solutions to the nations sterile
pharmaceutical crisis. With a multifaceted approach, Pharmagen is
meeting the demand of health provider market through dynamic,
independent wholesale, compounding, and innovative IT
solutions. Nationally focused, Pharmagen is a dynamic
distributor of specialty drugs, compounding and admix pharmacy and
producer of over-the-counter ("OTC") branded multivitamins to the
healthcare provider market. Pharmagen currently functions as a
just-in-time source of supply for hospitals for those products that
are hard-to-find due to drug manufacturers' production
shortages.
Contact: 888-264-4597 or info@pharmagenrx.com
Safe Harbor Statement
Information in this document constitute forward-looking
statements or statements which may be deemed or construed to be
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The words
"forecast", "anticipate", "estimate", "project", "intend",
"expect", "should", "believe", and similar expressions are intended
to identify forward-looking statements. These forward-looking
statements involve, and are subject to known and unknown risks,
uncertainties and other factors which could cause Pharmagen actual
results, performance (financial or operating) or achievements to
differ from the future results, performance (financial or
operating) or achievements expressed or implied by such
forward-looking statements. The risks, uncertainties and
other factors are more fully discussed in Pharmagen' filings with
the U.S. Securities and Exchange Commission. All
forward-looking statements attributable to Pharmagen herein are
expressly qualified in their entirety by the above-mentioned.
SOURCE Pharmagen, Inc.
