TherapeuticsMD, Inc. (TXMD) is up 6.46% in the after-hours trading session at the price of $0.81 despite any recent news.
Appointment of Hugh O’Dowd as President
On 9th August 2021, TXMD published the appointment of Hugh O’Dowd as President. He succeeded John C.K. Milligan, who was appointed as Chief Executive Officer of the company’s vitaCare Prescription Services business.
CEO of TXMD Robert G. Finizio remarked that he was pleased to welcome Hugh as President of the company. Hugh has a significant operating and strategic history with various pharmaceutical companies. He worked for over 20 years at Novartis, where he had navigated some of the most challenging payor and commercial environments. He believes Hugh will be effective in building value for the company’s stockholders, he added.
TXMD Published Second Quarter 2021 Financial Results
On 4th August 2021, TXMD announced financial results for the second quarter ended 30th June 2021. Net loss for the second quarter of 2021 was $42.7 million or $0.11 per basic and diluted share. Net loss for the second quarter of 2020 was $52.0 million or $0.19 per basic and diluted share. For the first quarter of 2021, net loss was $39.4 million or $0.11 per basic and diluted share. Total net product revenue for the second quarter of 2021 increased by 17% over the first quarter of 2021 to $23 million. For the second quarter of 2020, the total net product revenue was $10.7 million. For the first six months of 2021, TXMD received $151.1 million in net proceeds from its at-the-market and underwritten equity offerings. After quarter-end, in July 2021, the company got an additional $31.8 million in net proceeds from its at-the-market offering.
CEO of TXMD Robert G. Finizio commented that they keep on making steady growth in compliance with their expectations related to ANNOVERA and IMVEXXY driving prescription growth, net margins, and broader patient access. Importantly, they are observing improved access to health care providers for their sales force and expansion of their relations in the telemedicine channel. They believe they are well-positioned to grow their products across all channels. Their overall volumes and net revenues remained very healthy, and vitaCare prescription services are building the foundation for growth in the future. The vitaCare currently signed its third customer contract and has a strong pipeline of more than 30 potential customers, he added.
Submission of BIJUVA New Drug Application to FDA
On 25th May 2021, TXMD published that it had submitted a supplemental New Drug Application for BIJUVA capsules to the U.S. Food and Drug Administration. The company hopes to get the approval of the sNDA upon receipt of the Filing Review Notification from the FDA, almost 74 days after submission. If the drug is accepted, the review time under the Prescription Drug User Fee Act (PDUFA) will be within ten months of receipt by the FDA.
CEO Robert G. Finizio stated that they are happy about the submission of their sNDA of low-dose BIJUVA. They believe that low-dose BIJUVA will be an essential therapeutic option for women. They look forward to delivering it to market, he added.
