Corium International (CORI) – A Patch To Your Portfolio?


Corium Pharmaceuticals (CORI) is a biopharmaceutical company that specializes in transdermal pharmaceutical products. The company takes a drug that is currently on the market, and formulates it into a transdermal patch delivery.


Their pipeline is vast, with several products that are marketed and few in the works in various clinical development stages. Products such as clonidine, fentanyl, and Crest Whitestrips are part of their product line.

Their full pipeline can be viewed here

Currently, they’re working on a product called Twirla in partnership with Agile therapeutics which is a birth control pill. Also in their pipeline is a transdermal patch for the treatment of osteoporosis.


Twirla is a once-weekly combined hormonal contraceptive patch, similar to many already on the market. I’m not entirely too optimistic about the market for the patch, as generally, patients opt to either take the pill or get an IUD. In February 2013, the FDA responded with a CRL recommending a new clinical trial and to provide further information based on efficacy and safety data from another phase 3 trial, as well as to provide additional information on the manufacturing process. On June 27, 2017, the company resubmitted an NDA.

MicroCor hPTH(1-34)

Osteoporosis is a condition in which the bones become weakened and the patient is more susceptible to fractures. There are many different causes for this, and the management is mostly lifestyle changes, changing nutrition, and certain medications such as bisphosphonates. The mechanism in which your bone density works has to do with multiple components, but vitamin D and calcium lead the majority, so a lot of treatment options tend to lead towards modifying these two.

Corium is working on a patch that delivers a human PTH hormone known as teriparatide. PTH, otherwise known as parathyroid hormone, is delivered by the parathyroid gland that sits right on top of your thyroid gland (neck), is responsible for regulating the calcium in your body. The body will detect low amounts of calcium and begin to activate cells in your body to release the calcium stores that are contained within the bones (calcium reserve). The hPTH(1-34) (human parathyroid hormone) is delivered in a pulsatile method similarly compared to Eli Lilly’s hPTH(1-34) that is injectable. The difference is that Corium’s product is that it’s delivered via transdermal patch.

Their phase 2a showed a good safety profile with no systemic adverse events beyond those that were compared with the injections.


They are currently working on medications for patients with alzheimer’s. These drugs are already utilized in hospitals, such as memantine and donepezil, but they’re working on the transdermal patch delivery. Preliminary data showed positive results which can be viewed here.

Another drug in the pipeline is a triptan that is for migraines that is currently in the preclinical stage.

Aripriprazole for schizophrenia is also being developed in partnership with Aequus. Currently in phase 1.


End of Q2 2017, Corium had $40.6 million in cash and cash equivalents, and in May 2017, they raised a public offering of $35 million priced at $6.25. They bring in a revenue of roughly $7m a quarter and with a burn rate of $11m per quarter, we can safely assume that they have enough cash to go until end of 2017 and well into 2018. Institutional ownership is high at 71%.


With several strong partnerships and marketed products bringing in steady revenue, and with solid drugs in the pipeline, I am optimistic about Corium.


I currently do not have any positions on CORI.