Rockwell Medical, Inc. (RMTI) stock prices were up by a massive 15.48% shortly after the trading day commenced on April 23rd, 2021, bringing the price per share up to a comfortable USD$1.08.
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2020 Revenues for RMTI
RMTI reported Q4 2020 revenues of USD$ 15.2 million, as compared to USD$15.5 million for the same time period of the previous year. Annual revenues for the year ended December 31st, 2020 were up to USD$62.2 million, up from USD$61.3 million for the year ended December 21st, 2019.
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Commercial sales of Triferic contributed USD$0.5 million to the fourth quarter revenue reports and USD$1.1 million for the year ended December 31st, 2020. The sample evaluation program in Q2 2019 signaled the launch of Triferic, which was reported by New York University to result in cost savings of USD$296,000. Revenue generated from Triferic came out to USD$1.1 million in 2020, with its IV formulation being made commercially available to patients across the United States.
Global Proliferation of Triferic
September saw RMTI collaborate with Jeil Pharma Co. Ltd. In obtaining exclusive rights for the drug. Jeil filed a New Drug Application for two variants of Triferic in February of 2021. January 2021 saw the enrolment of the first patient in a pivotal Phase trial conducted by Wanbang Biopharmaceuticals. January of the previous year had seen RMTI enter into a licensing agreement with Sun Pharma, which is undergoing the regulatory process in India. Furthermore, RMTI announced that in May of 2020 it was filing a New Drug Submission with Health Canada.
The U.S. Food and Drug Administration accepted RMTI’s proposed development strategy, with a successful outcome allowing for the initiation of a clinical study during the second half of 2021.RMTI is also exploring how its FPC platform could be used in the treatment of acute heart failure patients who are hospitalized.
Strong Financial Reports
The company reported USD$58.7 million as of December 31st, 2020 in cash, cash equivalents, and investments available-for-sale. Working capital as of the same date was reported at USD$56.7 million. With a debt facility of USD$35 million that released the first portion of USD$22.5 million in March of 2020, RMTI classifies this as long-term debt on the balance sheet. Pending the reaching of specific milestones largely centered around Triferic sales thresholds, RMTI could be eligible for the third tranche of USD$7.5 million.
Future Outlook for RMTI
With promising financials, large reserves of cash, and such promising developments in the proliferation of Triferic, RMTI is poised for a successful 2021. Investors are hopeful for large gains in shareholder value, as evidenced by the significant driving up of RMTI stock prices.