Pernix Therapeutics Holdings, Inc. (NASDAQ:PTX) announced that Dr. Graham Miao, President and Chief Financial Officer (CFO), will be leaving the Company to pursue other opportunities. Dr. Miao’s departure is not the result of any dispute or disagreement with the Company, or any matter relating to the Company’s accounting practices or financial statements. Pernix will immediately begin a search to identify a successor to Dr. Miao, who will provide support to the Company during a transition period.
Dr. Miao has served as President and CFO of Pernix since July 2016. Prior to this, he served as a senior advisor to the Chief Executive Officer (CEO) and Board of Directors of Pernix from May 2016.
“I would like to thank Graham for his dedication to the Company and wish him success in his future endeavors,” said John Sedor, Chairman and CEO of Pernix Therapeutics. “As a result of our recently announced refinancing transactions that helped strengthen our balance sheet, Pernix is now positioned to pursue additional growth opportunities.”
Back in July, Pernix commenced a series of refinancing transactions intended to improve liquidity, extend debt maturities and enable the Company to create value for stakeholders. The transactions included a new $40 million asset-based revolving credit facility to refinance the Wells Fargo credit facility that was scheduled to mature on July 31, 2017, a $45 million delayed draw term loan, including immediate access to $30 million and an additional $15 million available for certain acquisition purposes, and an exchange of approximately $52 million of 4.25% convertible senior notes owned by certain institutional investors for approximately $36 million of new exchangeable notes and approximately 1.1 million shares of the Company’s stock.
Shares of Pernix closed today at $2.75, down $0.06 or -2.14%. PTX has a 1-year high of $7.15 and a 1-year low of $1.83. The stock’s 50-day moving average is $2.97 and its 200-day moving average is $3.72.
Pernix Therapeutics Holdings, Inc. engages in the research, development, and manufacture of biopharmaceutical products. It focuses on therapeutics for diseases on central nervous system, neurology, pain, and psychiatry. The company’s products include treatment of migraine pain and inflammation, insomnia, and depressive disorder. It distributes products under the following brands: Treximet, Silenor, Zohydro ER with BeadTek, and Khedezla.