Pernix Therapeutics Holdings Inc (NASDAQ:PTX) shares were up 7.81% on Wednesday and an additional 3.01% in after-hours trading to $0.592. The company has a market cap of $35.89 million at 61.13 million shares outstanding. Share prices have been trading in a 52-week range of $0.39 to $5.60.
Pernix Therapeutics Holdings is a specialty pharmaceutical company that focuses on identifying, developing and commercializing differentiated products that address unmet medical needs, particularly underserved therapeutic areas, such as central nervous system, including neurology and psychiatry, as well as other specialty therapeutic areas.
Earlier in the week, the company shared plans to reorganize senior management to improve efficiency, drive, and position for future growth. As indicated in their press release, John Sedor will assume the role of Chief Executive Officer on a permanent basis and Dr. Graham Miao has been appointed as President and Chief Financial Officer.
These changes to our senior management team, which are another step forward following our recently announced restructuring of Pernix’s sales force, flatten our organization, reduce our cost structure and improve our efficiency. We believe this management reorganization optimally positions Pernix for future revenue growth and profitability, and supports our goal of maximizing shareholder value,” said Mr. Sedor.
Sedor added that he is seeing significant growth opportunities for Pernix Therapeutics Holdings, based on his thorough review of the organization since joining in May. He mentioned that the company will focus on enhancing revenue growth of the current brands, especially Zohydro ER.
I firmly believe that Pernix is well-positioned for long-term success. We are in the process of working to improve execution of our strategy with financial discipline as well as evaluate opportunities to optimize the current capital structure and maximize shareholder value,” said Dr. Miao.
In line with this shakeup, Sanjay Patel, Chief Financial Officer, Terence Novak, Chief Operating Officer, and Barry Siegel, Senior Vice President and General Counsel are no longer employed by Pernix Therapeutics Holdings.
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