Pernix Therapeutics was a specialty pharmaceutical business with a focus on acquiring, developing and commercializing prescription drugs primarily for the U.S. market.
Background
Pernix Therapeutics Holdings (Pernix) was a publicly traded specialty pharmaceutical company primarily focused on the sales, marketing, and development of branded pharmaceutical products. The Company marketed a portfolio of branded products, including: TREXIMET, SILENOR, a non-narcotic product indicated for the treatment of
insomnia
Insomnia, also known as sleeplessness, is a sleep disorder in which people have trouble sleeping. They may have difficulty falling asleep, or staying asleep as long as desired. Insomnia is typically followed by daytime sleepiness, low energy, ...
characterized by difficulties with sleep maintenance, KHEDEZLA, as well as CEDAX, an
antibiotic
An antibiotic is a type of antimicrobial substance active against bacteria. It is the most important type of antibacterial agent for fighting bacterial infections, and antibiotic medications are widely used in the treatment and prevention of ...
for middle
ear infections
Otitis is a general term for inflammation or infection, inner ear infection, middle ear infection of the ear, in both humans and other animals. When infection is present, it may be viral or bacterial. When inflammation is present due to fluid bui ...
. Founded in 1996, the Company was based in
.
In 2013, Pernix acquired Cypress Pharmaceuticals and Macoven Pharmaceuticals.
In 2014, Pernix became one of the fastest growing specialty pharmaceutical companies in the US, with an expanding CNS franchise and opportunities to branch out into adjacent therapeutic areas. Additionally, in 2014, the company completed several acquisitions including the acquisition of TREXIMET from GSK and KHEDEZLA from Osmotica. In 2013, the company completed several acquisitions of pharmaceutical companies including Cypress Pharmaceuticals, Inc., Hawthorn Pharmaceuticals, Inc., Somaxon Pharmaceuticals Inc.
On February 18, 2019 Pernix Therapeutics Holdings filed a voluntary bankruptcy petition under chapter 11 of title 11 of the United States Code meaning that the payments on its debt obligations should be immediately paid due to the event of default. Pernix and its subsidiaries simultaneously have filed a variety of “first day” motions in order to continue their operations in ordinary course of business without interruption pending the sale of their assets in one or more going concern sales pursuant to a competitive bidding and auction process.
According to
Cbonds
Cbonds is a financial market data vendor covering global bonds, equities and ETFs. Cbonds core business is to provide the financial market data via website Cbonds.Com as well as API solutions and mobile application. Since 2018 the global headqu ...
, overall amount of outstanding notes is equal to $254 million. Former CEO of Pernix Therapeutics, John Sedor, filed a claim in bankruptcy court for the amount of $1,534,375. John Sedor willingly and knowingly misled employees and shareholders of the company while backdoor negotiating an exit plan for Highbridge Capital Management to inflate the stock price a week before the bankruptcy was declared. This allowed all the insiders who knew of the impending Chapter 11 bankruptcy to sell their shares at a premium.
References
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Pharmaceutical companies established in 1996
Companies formerly listed on the Nasdaq
Pharmaceutical companies based in New Jersey
Pharmaceutical companies disestablished in 2019
Companies that filed for Chapter 11 bankruptcy in 2019