Assertio Holdings, Inc. (NASDAQ: ASRT) saw its shares vault Friday morning, a day after the release of financial number for the first quarter.
The Lake Forest, Illinois-based pharmaceutical company raised $45.3 Million in Cash, Net of Placement Fees, on Closing of Registered Direct Offerings.
In February of this year, the Company announced the closing of registered direct offerings that resulted in Assertio receiving $45.3 million in cash, net of placement fees. The proceeds from these offerings enhance the Company’s liquidity, accelerate its transformational business plan, and open up new avenues for potential business development activities.
The Company has "taken all necessary actions" to realize its previously announced $45.0 million of annualized cost savings, after the effect of one-time restructuring costs, of which $40.0 million is expected to be realized in 2021.
Net income for the quarter registered at $4.5 million, compared to $41.2 million in the prior-year quarter.
Said CEO Dan Peisert, "This quarter provides our first data point in demonstrating the strength of our diversified portfolio and non-personal promotional model, which showed resiliency in the face of the continued effects of COVID-19, the impact of payor pressure, and our shift to a leaner operational profile.
"As we continue to execute on our transformation and gain increasing confidence that our model is transferable across a number of therapeutic areas, we are actively seeking additional assets that will address unmet needs for patients, benefit from our commercial platform, and increase value to Assertio."
ASRT shares picked up eight cents, or 15.6%, early Friday to 58 cents.
