The Female Health Company / Veru Healthcare (NASDAQ:FHCO) today announced that, through its exclusive distributor in Brazil, Semina Industria e Comercio Ltda (Semina), it has received a payment of $2.8 million related to past due obligations from the Brazilian Ministry of Health. The payment represents the full amount owed on the two oldest open invoices and reduces the amount owed on 2015 invoices from $8.0 million to $5.2 million. The amount owed for 2016 invoices is $7.8 million, for a total outstanding balance of $13.1 million after the payment. Semina has informed the company that additional payments are expected in 2017.
"We are pleased that Brazil is resuming payment of their obligations, which will help restore confidence in the country to international investors and business partners," said Mitchell Steiner, M.D., President and Chief Executive Officer of The Female Health Company / Veru Healthcare. "The payment strengthens our balance sheet and provides us with additional financial flexibility to execute on our business strategy in 2017."
About The Female Health Company / Veru Healthcare
The Female Health Company / Veru Healthcare is a medical therapeutics company, with a focus on the development and commercialization of pharmaceuticals that qualify for the FDA's 505(b)(2) accelerated regulatory approval pathway as well as the 505(b)(1) pathway. The Company does business both as "Veru Healthcare" and as "The Female Health Company" and is organized as follows:
-- Veru Healthcare manages the Pharmaceuticals Division, which develops and commercializes pharmaceutical products for men's and women's health and oncology.
-- Veru Healthcare manages the Consumer Health / Medical Devices Division, which is focused on commercializing sexual healthcare products and devices for the consumer market, including the Company's Female Condom (FC2), which is referred to as the FC2 Female Condomin the consumer health products sector and as the Female Disposable Contraceptive Device (FC2) in the U.S. prescription market, and PREBOOST medicated individual wipes which is a male genital desensitizing drug product that helps in the prevention of premature ejaculation.
-- The Female Health Company manages the Global Public Health Division, which is focused on the global public health sector FC2 business. This division markets the Company's Female Condom (FC2) to entities, including ministries of health, government health agencies, U.N. agencies, nonprofit organizations and commercial partners, that work to support and improve the lives, health and well-being of women around the world.
More information about the Female Health Company and its products can be found at www.femalehealth.com, www.veruhealthcare.com and www.femalecondom.org. For corporate and investor-related information about the Company, please visit www.FHCinvestor.com.
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