Lannett To Explore And Evaluate Debt And Capital Structure Options; Stock Down

(RTTNews) - Lannett Company Inc. (LCI) said that it has engaged and/or expanded the role of existing advisors to assist in evaluating a range of alternatives regarding the company's debt and capital structure.

LCI is currently trading at $4.42, down $0.30 or 6.36 percent.

"Following the recent announcement that our distribution agreement with Jerome Stevens Pharmaceuticals, which expires on March 23, 2019, will not be renewed, we ramped up our efforts to address this eventuality and ultimately grow our business. I am pleased to report that we are making solid progress and our plans continue to proceed, as evidenced by the launch of five new products in our recently completed fiscal 2019 first quarter,"said Tim Crew, chief executive officer of Lannett.

Crew added that the company continues to expect to remain in compliance with its debt covenants through at least the end of fiscal 2019.

The company said Kirkland & Ellis LLP and Lazard Ltd. will serve as advisors.