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<SEC-DOCUMENT>0000950144-07-006749.txt : 20090924
<SEC-HEADER>0000950144-07-006749.hdr.sgml : 20090924
<ACCEPTANCE-DATETIME>20070723144725
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950144-07-006749
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20070723

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CUMBERLAND PHARMACEUTICALS INC
		CENTRAL INDEX KEY:			0001087294
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2525 WEST END AVENUE
		STREET 2:		SUITE 950
		CITY:			NASHVILLE,
		STATE:			TN
		ZIP:			37203
		BUSINESS PHONE:		615-255-0068

	MAIL ADDRESS:	
		STREET 1:		2525 WEST END AVENUE
		STREET 2:		SUITE 950
		CITY:			NASHVILLE
		STATE:			TN
		ZIP:			37203
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<TITLE>SEC Response Letter</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">July&nbsp;23, 2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">United States Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549<BR>
Attention: Mr.&nbsp;Jeffrey Riedler

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    <TD align="right" valign="top"><B>Re:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Cumberland Pharmaceuticals Inc.</B></DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Registration Statement on Form&nbsp;S-1, Amendment 2</B></DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Filed July&nbsp;6, 2007</B></DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>File No.&nbsp;333- 142535</B></DIV></TD>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are responding to comments received in a letter dated July&nbsp;17, 2007 from Mr.&nbsp;Jeffrey
Riedler to A.J. Kazimi of Cumberland Pharmaceuticals Inc. with respect to Amendment No.&nbsp;2 to
the Registration Statement on Form S-1 of Cumberland Pharmaceuticals filed July&nbsp;6, 2007.
For ease of review, we have repeated in bold type the comments and requests for additional
information exactly as set forth in Mr.&nbsp;Riedler&#146;s letter. We enclose a marked copy of
Amendment No.&nbsp;2 to the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following paragraphs set forth the responses of Cumberland Pharmaceuticals to the
comments contained in Mr.&nbsp;Riedler&#146;s letter of July&nbsp;17, 2007. Page references in our
responses are to Amendment No.&nbsp;2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>FORM S-1</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>General</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that pursuant to comment 1, you submitted the June&nbsp;22, 2007 letter
on EDGAR on July&nbsp;11, 2007, and you redacted certain portions. You also
submitted an additional correspondence on July&nbsp;11, 2007 with certain
redactions. We received a confidential treatment request pursuant to Rule&nbsp;406
under the Securities Act that covers these two letters. However, confidential
treatment requests for supplemental correspondence, as opposed to exhibits to
a registration statement, should be submitted through the process outlined in
Rule&nbsp;83 under the Freedom of Information Act, not Rule&nbsp;406 under the
Securities Act. Please revise your confidential treatment application in
accordance with Rule&nbsp;83 and re-submit it.</B></TD>
</TR>


</TABLE>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>Adams And Reese llp</B></FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">United States Securities and Exchange Commission<BR>
July&nbsp;23, 2007<BR>
Page 2

</DIV>
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</TR>
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<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Response:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Company has complied with this comment by revising the
Confidential Treatment Application in accordance with Rule&nbsp;83 and resubmitting
it.</TD>
</TR>
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</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</B></u>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><B>Critical Accounting Policies and Significant Judgments and Estimates Revenue</B></u>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><B>Recognition. page 32</B></U>
</DIV>

<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Refer to your response to prior comment 7. Please disclose the
amount, if any, of your current provision for sales-related accruals that
related to sales made in prior periods.</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
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    <TD width="88%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Response:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Company has complied with this comment by including the requested
amounts on page 32.</TD>
</TR>
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</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Stock-Based Compensation, page 34</B></U>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We have read your response to prior comment 8; however, we
were unable to locate any disclosure that stated that the measurement models
used were to determine enterprise value. Please provide this disclosure or
advise us further. Also, it is not clear from your disclosure why all shares
were valued equally. Please expand your disclosure to explain why preferred
and common shares were valued equally. It appears that preferred shares have
certain economic or control rights that differ from common shares that would
result in the allocation of enterprise value to preferred and common
shares based on their relative economic and control rights.</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="88%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Response:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Company has complied with this comment by amending the paragraph
beginning at the bottom of page 34 and continuing at the top of page 35 in
order to disclose how the Company determined enterprise value and to explain
why common and preferred shares were valued equally.</TD>
</TR>
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</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Manufacturing, page 60</B></U>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that in response to comment 11, you state that you
&#147;will also file documentation to verify that Mayne assumed all of the rights
and obligations of F.H. Faulding &#038; Co. Limited under the Strategic Alliance
Agreement dated July&nbsp;21, 2000, between the Company and F. H. Faulding &#038; Co.
Limited (previously filed as Exhibit&nbsp;10.8 to the Registration Statement).&#148;
Please file this documentation, as it does not appear to be filed with
amendment 2 or amendment 3 to your registration statement.</B></TD>
</TR>

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</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>Adams And Reese llp</B></FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">United States Securities and Exchange Commission<BR>
July&nbsp;23, 2007<BR>
Page 3

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Response:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Company has complied with this comment by amending Exhibit&nbsp;10.8
to include documentation of the assignment of the Strategic Alliance Agreement
by F.H. Faulding and Co. Limited to Mayne Pharma Pty. Ltd.</TD>
</TR>
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</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We would welcome the opportunity to discuss any questions you may have with the
Commission staff. I can be reached, at your convenience, at (615)&nbsp;259-1450. In my
absence, please ask to speak with Virginia Boulet.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Sincerely,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">ADAMS AND REESE LLP<br><BR>
<br>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">/s/ Martin S. Brown, Jr.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSB:jad
</DIV>
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    <TD width="88%">&nbsp;</TD>
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    <TD align="right" valign="top">cc:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Greg Belliston, Esq., United States Securities and Exchange Commission</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mr. A.J. Kazimi, Cumberland Pharmaceuticals Inc.</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald J. Murray, Esq., Dewey Ballantine LLP, Counsel to the underwriters</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Virginia Boulet, Esq., Adams and Reese LLP</DIV></TD>
</TR>
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