Osmotica Pharmaceuticals plc (OSMT) stock surged 7.72% in the after-market trading session at the price of $1.06 despite no fundamental updates. The last published news was its earnings report for the third quarter ended 30th September 2021. OSMT is a specialty pharmaceutical firm that develops and commercializes products to target markets with underserved patients.
OSMT Third Quarter 2021 Results
On 15th November 2021, OSMT announced its financial results for the Q3 that ended on 30th September 2021 and presented business highlights. The company calculated revenue of $2.2 million for the Q3 ended 30th September 2021. Revenue totaled $25.8 million for the third quarter of 2020. For the third quarter of 2021, the net loss from operations was $26.3 million. Net income from operations was $1.7 million for the same three months of 2020. On 30th September 2021, cash and cash equivalents totaled $8.4 million. The company reported a debt of approximately $29.9 million on 30th September 2021.
Chief Executive Officer of OSMT, Brian Markison, remarked that they had achieved their strategic goal of transforming the company into a well-focused eyecare and medical aesthetics centered around UPNEEQ. The Upneeq is the first and only FDA-approved ophthalmic solution to treat acquired blepharoptosis in adults. Following their capital raise, they are stepping forward to streamline the company to ensure their driving growth.
OSMT is developing its medical aesthetics business by employing and training key personnel with comprehensive aesthetics industry experience. They intend to drive their strategy to the medical aesthetics market by a full launch expected in the first quarter of 2022. They had acquired a response from the FDA to their protocol assessment submission for the Phase 3 trial of arbaclofen extended-release tablets. They are motivated by the productive feedback from the agency. They look ahead to collaborating with the FDA for the development program, Brian concluded.
Closure of $35 Million Public Offering
On 13th October 2021, OSMT reported the closure of the earlier announced public offering of its shares and warrants to purchase 14,000,000 ordinary shares. The shares had offered at a public offering price of $2.50 per share. The company had also presented a 30-day option to purchase an additional 2,100,000 ordinary shares at the public offering price.