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<SEC-DOCUMENT>0000950144-09-002439.txt : 20090924
<SEC-HEADER>0000950144-09-002439.hdr.sgml : 20090924
<ACCEPTANCE-DATETIME>20090320161405
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950144-09-002439
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20090320

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>
<HTML>
<HEAD>
<TITLE>SEC Corresp</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>(LETTERHEAD
OF ADAMS AND REESE LLP)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">March&nbsp;18, 2009
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">United States Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549<BR>
Attention: Mr.&nbsp;Jeffrey Riedler
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Re:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Cumberland Pharmaceuticals Inc.</B><BR>
<B>Registration Statement on Form&nbsp;S-1/A, Amendment No.&nbsp;15</B><BR>
<B>Filed February&nbsp;18, 2009</B><BR>
<B>File No.&nbsp;333- 142535</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are responding to comments received in a letter dated March&nbsp;5, 2009 from Mr.&nbsp;Jeffrey Riedler to
A.J. Kazimi of Cumberland Pharmaceuticals Inc. with respect to Amendment No.&nbsp;15 to the Registration
Statement on Form S-1/A of Cumberland Pharmaceuticals filed February&nbsp;18, 2009. For your
convenience, 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 copy of Amendment No.&nbsp;16 to the
Registration Statement filed today, which is marked to reflect the changes made to Amendment No.
15.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following paragraphs set forth the responses of Cumberland Pharmaceuticals to the comments
contained in Mr.&nbsp;Riedler&#146;s letter of March&nbsp;5, 2009. Page references in our responses are to page
locations in Amendment No.&nbsp;15.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note you intend to request confidential treatment for portions of exhibit
10.16, the Third Amended and Restated Loan Agreement with Bank of America. Please file
your confidential treatment request as soon as possible. We will not be in a position
to declare your registration statement effective until the confidential treatment
request has been reviewed and any issues have been resolved.</B></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<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: 12pt">United States Securities and Exchange Commission<BR>
March&nbsp;18, 2009<BR>
Page 2
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Response: The Company complied with this request by submitting a confidential treatment
request to the Commission on February&nbsp;18, 2009 and by sending the Commission a duplicate copy of
the original submission on March&nbsp;11, 2009.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Officers and Directors, page 66</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please refer to the first sentence of this subsection, which reads &#147;&#091;t&#093;he
following table sets forth the names and ages of our directors, executive and key
managers as of January&nbsp;31, 2008.&#148; Please update your table to a more recent date.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Response: The table on page 66 of Amendment No.&nbsp;15 includes names and ages of the individuals
listed as of January&nbsp;31, 2009. To comply with this comment, the Company changed the date
immediately above the table on Page 67 of Amendment No.&nbsp;16 to January&nbsp;31, 2009.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Compensation Discussion and Analysis, page 75</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Our executive compensation programs, page 76</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your statement on page 76, &#147;&#091;i&#093;n 2009, adjustments to our executive
officer&#146;s total compensation were made based on an analysis of current market pay
levels of peer companies and in published surveys.&#148; To the extent you used peer
companies and surveys and engaged in bench marketing to determine executive salaries in
2008, please identify the peer companies and surveys you used. If you did not engage
in bench marking, please explain how you used the data from the peer companies and
surveys to determine salaries.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Response: The Company has complied with this comment by inserting a second paragraph
under the heading &#147;Our executive compensation programs&#148; on page 77 of Amendment No.&nbsp;16 in
order to identify the survey used to determine executive salaries in 2008 and to explain how
the Company used the data to determine salaries.
</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your disclosure on pages 76 through 78 relating to long term equity
compensation, the 1999 Stock Option Plan, the 2007 Long Term Incentive Compensation
Plan and discretionary bonuses. Your discussion does not provide a sufficient
analysis. Please revise the discussion to provide the Board&#146;s analysis in determining
the amount of equity incentives and cash bonuses. To the extent the Board identified
any corporate and/or individual</B></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<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: 12pt">United States Securities and Exchange Commission<BR>
March&nbsp;18, 2009<BR>
Page 3
</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="5%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>goals, targets, or thresholds these items should be identified and described. The
discussion should clarify which goals, if any, were met and how this information was
used to determine awards to each named executive officer.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Response: The Company has complied with this comment by amending the disclosure on
pages 77 through 78 of Amendment No.&nbsp;16 to provide the additional analysis requested by the
Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 Kolin Holladay.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Sincerely,<BR><BR>
<B>ADAMS AND REESE LLP<BR><BR></B><BR>
/s/ Martin S. Brown, Jr.<BR>
Martin S. Brown, Jr.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">MSB/smm</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">cc:</TD>
    <TD>&nbsp;</TD>
    <TD>Ms.&nbsp;Rose Zukin, United States Securities and Exchange Commission<BR>
Mr.&nbsp;A.J. Kazimi, Cumberland Pharmaceuticals Inc.<BR>
Donald J. Murray, Esq., Dewey LeBoeuf LLP, Counsel to the underwriters</TD>
</TR>
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




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