Cumberland Pharmaceuticals has filed papers with the Securities and Exchange Commission to sell up to $100 million of common or preferred shares, stock warrants, debt, or any combination thereof.
In its shelf registration statement, linked here, Cumberland says the proceeds from any sales will be used for “among other things, the financing of capital expenditures, acquisitions and additions to our working capital.” The company has this year spent a lot of time in court fighting off a number of challengers to a patent for its Acetadote painkiller overdose treatment. In the first half of this year, the company saw its profits fall in part because it had ramped up its research and development spending.
Shares of Cumberland (Ticker: CPIX) were essentially flat around $6.40 in late-morning trading Wednesday. Year to date, they're up almost 20 percent.