Proactive Investors - Run By Investors For Investors

Crescita Therapeutics stock jumps as it swings to a profit in the first quarter

The revenue increase was driven by Crescita’s licencee, Taro Pharmaceuticals, reaching a contractual sales milestone as Pliaglis sales soared in the United States
pliaglis
Crescita is gearing up to commercialize Pliaglis throughout Italy, Portugal, France and Spain through a new agreement with Cantabria Labs

Crescita Therapeutics Inc (TSE:CTX) shares jumped Wednesday after the commercial dermatology company swung to a profit in the first quarter.

Shares of Crescita climbed 14.7% to $0.78 on the Toronto Stock Exchange in midday trade. The company’s stock is up  66% since the beginning of 2019.

For the quarter ended March 2019, revenue increased 16.4% to $4.2 million, up from $3.6 million during the same quarter a year ago. The company also posted a profit of $42,000, a dramatic reversal from the $424,000 loss during the same period a year ago. Crescita also ended the period with a $10.9 million cash balance.

READ: Acasti Pharma Inc receives new patents in Israel, Mexico and Chile as it advances its cardiovascular drug

Crescita owns a portfolio of non-prescription skincare products and has one FDA-approved prescription product, Pliaglis, that is licensed globally to Galderma SA and Taro Pharmaceuticals for the US market.

The revenue increase was driven by Crescita’s licencee, Taro Pharmaceuticals Inc, reaching a contractual sales milestone as Pliaglis sales increased in the US, which netted the company $1.3 million (US$1 million).

"I am pleased with the positive momentum our team has generated in the first quarter of fiscal 2019, as demonstrated by our revenue and Adjusted EBITDA growth, as well as our strong cash position," said Serge Verreault, president and CEO of Crescita. "We will remain focused on the fundamentals of our business to drive sustainable profitable growth in 2019."

Crescita is gearing up to commercialize Pliaglis throughout Italy, Portugal, France and Spain through a new agreement with Cantabria Labs, a leading prescription dermatology company in Europe.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

 

View full CTX profile View Profile

Crescita Therapeutics Inc Timeline

Related Articles

Scientist at work
May 28 2019
CaPre, a potent form of Omega-3, has been shown to reduce triglycerides, but also lower 'bad cholesterol' levels, and raise 'good' ones
Oncoprex
October 17 2018
The biotech was founded by an investment group led by scientists and driven by a no-nonsense CEO whose stake is more than just business as usual
patch
May 19 2019
The New Jersey company's lead product is Twirla, a low-dose prescription contraceptive applied once weekly for three weeks, followed by a week without the patch
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use