Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX) today announced that it has been placed on Deloitte’s 2011 Technology Fast 500™list, an annual ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. Rankings are based on percentage of fiscal year revenue growth during the period from 2006 to 2010. Cumberland Pharmaceuticals grew 158% during this period.
“Cumberland Pharmaceuticals, like all 2011 Technology Fast 500™ companies, has excelled in fostering innovation and channeling it into spectacular growth against the backdrop of one of the most challenging economies in history,” said Eric Openshaw, vice chairman and U.S. technology, media and telecommunications leader, Deloitte LLP. “Deloitte recognizes Cumberland for its remarkable accomplishment.”
“We are pleased to honor Cumberland Pharmaceuticals as a 2011 Technology Fast 500™ company,” said Mark Jensen, managing partner, technology and venture capital services,
Deloitte & Touche LLP. “As one of the fastest growing tech companies in North America, Cumberland has demonstrated excellence in technological innovation, entrepreneurship and rapid growth.”
Cumberland Pharmaceuticals’ Chief Executive Officer, A.J. Kazimi, credits a commitment to providing differentiated products that help improve patient care as the driving force behind the Company’s 158% revenue growth. “We are honored to be recognized among the innovative companies that comprise the 2011 Technology Fast 500 list,” said Kazimi. “Our ability to deliver consistent revenue growth while providing real solutions for patients is a testament to the dedication and talent of our team. It is extremely rewarding to be honored by Deloitte for the second year in a row.”
About Deloitte’s 2011 Technology Fast 500™
Technology Fast 500, which was conducted by Deloitte & Touche LLP, a subsidiary of Deloitte LLP, provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies – both public and private – in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2006 to 2010. In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues.
Companies must have base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.
According to a news release, Greene has served as the company’s interim vice president of finance and accounting since April.
“Rick is uniquely qualified to help drive growth and operational excellence at Cumberland,” said A.J. Kazimi, CEO of Cumberland Pharmaceuticals, in a news release. “In addition to a deep knowledge of our operations, he brings extensive experience in health care financial management and accounting that will be key to our company’s continued success.”