Egalet Corp (NASDAQ:EGLT) issued financial report for the third quarter closed September 30, 2017. As of September 30, 2017, the company recorded cash/cash equivalents and marketable securities of $102.1 million. Total net product sales came at $6.7 million for the quarter closed September 30, 2017 versus $4.7 million for the quarter closed September 30, 2016.
Bob Radie, the CEO and President of Egalet, expressed that with revenue growth of 41% and prescription growth of 124% for their marketed offerings over last year’s third quarter, they continue to advance their business. With a cash balance of $102.1 million and the enhanced focus on innovative and non-narcotic treatments to reduce pain, they consider that they are positioned to play a vital role in what must be a multifaceted offering to resolve the prescription abuse crisis.
For Q3 2017, Egalet reported that SPRIX® Nasal Spray prescriptions jumped by 101% over Q3 2016 and 18% over Q2 2017, with over 500 new prescribers added. Partner Ascend Therapeutics started promotion of SPRIX Nasal Spray to its target women’s healthcare providers of around 11,000. The company increased prescriptions of OXAYDO® tablets for oral application only – CII by 71% over Q3 2016 and 7% over Q2 2017, with 337 prescribers added.
Egalet reported increase in prescriptions of ARYMO® ER tablets for oral applications — CII coming at 2,630 prescriptions in the third quarter compared to 1,124 prescriptions in Q2 2017. The company gathered market access with a big payer adding ARYMO ER tablets to its Medicare Part D formulary. During the reported quarter, the company closed equity financing of $30 million.
Cost of sales came at $1.2 million for the quarter closed September 30, 2017 compared to $914,000 for the quarter closed September 30, 2016. The reported figures demonstrated the average cost of inventory made and dispensed to patients.