SAN DIEGO, Aug. 12, 2015 /PRNewswire/ -- Imprimis
Pharmaceuticals, Inc. (NASDAQ: IMMY), a pharmaceutical company
focused on the development and commercialization of proprietary
compounded drug formulations, today announced that it has entered
into a license agreement with Advanced Dosage Forms, Inc.
("Advanced Dosage") to expand Imprimis' proprietary ophthalmic
injectable and combination topical compounded formulations into
Canada. Under the agreement, the licensee has the rights to
formulate, market and sell these formulations across Canada.
Marketing permissions under the successful existing educational
campaign brands developed by Imprimis, Go Dropless™ and LessDrops™,
are also part of the agreement.
The license agreement includes an initial cash license fee, and
a per-unit royalty of the greater of $50, or 20% of the gross purchase price paid to
Advanced Dosage. The non-exclusive agreement requires certain
diligence requirements on the part of Advanced Dosage and provides
for the conversion of the license to an exclusive license on or
before December 31, 2015, based upon
the achievement of certain terms and conditions.
"We are pleased to join forces with Imprimis and look forward to
introducing Go Dropless and LessDrops to the estimated 1,200
ophthalmologists who perform over 250,000 cataract surgeries in our
country each year," stated John
DiGenova, Principal of Advanced Dosage. We are
committed to Imprimis and have already begun to build out a sales
and marketing team to call on ocular surgeons that perform
cataract, LASIK and other ocular surgeries to educate them of the
benefits of Dropless Therapy™ and Combination Drop Therapy™
formulations. Canadian ophthalmic surgeons, like their
counterparts in the U.S., desire innovative solutions to improve
their practices and create enhanced experiences for their
patients."
"It is exciting to expand our Dropless Therapy injectable and
Combination Drop Therapy topical formulations into Canada," stated Mark
L. Baum, CEO of Imprimis. "It has been a pleasure
working with John and his team and we look forward to a mutually
beneficial long-term relationship. Since we launched our
ophthalmology program, we have been approached by leading Canadian
ophthalmic surgeons who have expressed interest in adopting
Dropless Cataract Surgery™ in their practices and we are happy to
now be able to respond to their interest through this new
relationship. We plan to make our proprietary ophthalmic
compounded formulations available internationally, and our
expansion into Canada is an
important first step to help us accomplish this mission."
ABOUT IMPRIMIS' OPHTHALMIC FORMULATIONS
Imprimis' proprietary ophthalmic formulations are enabled by the
Company's patent-pending SSP Technology™, which allows active
pharmaceutical ingredients (APIs) that ordinarily do not mix, to
solubilize into a predictable, well distributed, micronized
particle suspension. Imprimis' proprietary ophthalmic
compounded formulations have been optimized for both injectable and
topical applications compatible with the eye. Imprimis provides
proprietary compounded antibiotic and steroid formulations,
Tri-Moxi (triamcinolone acetonide and moxifloxacin hydrochloride)
and Tri-Moxi-Vanc (with added vancomycin), available in single,
injectable intraocular doses administered during ocular surgery.
Since the launch of the Go Dropless educational campaign in
April 2014, Dropless Therapy
formulations have been prescribed for individual patients and
administered in over 70,000 eye surgeries where, as a result of the
surgery, there is inflammation and a chance for post-operative
infection. Prescribers of Dropless Therapy have been
reporting on its advantages, which include decreased issues with
patient compliance, reduced costs to patients, and lessened
post-operative physician care. More information is available
at www.GoDropless.com.
In April 2015, Imprimis launched a
portfolio of Combination Drop Therapy topical formulations which
may require up to 50% fewer drops to be administered by patients
and provide significant cost savings of up to 75% compared to
current traditional post-surgery eye drop treatments. The LessDrops
educational campaign aims to improve patient compliance and
alleviate patient confusion associated with complex eye drop
regimens. For more information, please visit www.LessDrops.com.
ABOUT ADVANCED DOSAGE FORMS, INC.
Advanced Dosage Forms, Inc. has a long established expertise in
sales, marketing and specialty compounded product development with
its associated specialty pharmacy units in Canada, which include the Frayne &
DiGenova group of pharmacies. The Frayne & DiGenova
pharmacies, with six state-of-art facilities located in
Quebec, have distinguished
themselves as being one of the first compounding pharmacies in
Quebec, Canada, making both
sterile and non-sterile formulations for the past 18 years and
adhering to the strictest standards and procedures set by the
Quebec Order of Pharmacists. Moreover, their intimate
knowledge of the ophthalmology market has been derived from robust
experience in providing high-quality, non-proprietary sterile
formulations to ocular surgeons over their 18 years in
business. For more information, please email
digenova@advanceddf.com.
ABOUT IMPRIMIS PHARMACEUTICALS
San Diego-based Imprimis
Pharmaceuticals, Inc. (NASDAQ: IMMY) is a pharmaceutical company
dedicated to delivering high quality and innovative medicines to
physicians and patients at accessible prices. Imprimis'
business is focused on its proprietary ophthalmology and urology
drug formulations. The company's pioneering ophthalmology
formulation portfolio is disrupting the multi-billion dollar eye
drop market, addressing patient compliance issues and providing
other medical and economic benefits to patients. Imprimis
recently launched its urology business, which includes a patented
formulation to address patients suffering from interstitial
cystitis and lyophilized compounded formulations for men with
erectile dysfunction. For more information about Imprimis,
please visit the company's corporate website at
www.ImprimisPharma.com; ophthalmology business websites at
www.GoDropless.com and www.LessDrops.com; and urology business
websites at www.DefeatIC.com and www.EDfree.com.
SAFE HARBOR
This press release contains forward looking statements within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995. Any statements in this release that are not historical facts
may be considered forward looking statements, including statements
regarding, among other things, development and growth of our
pharmacy operations, including integration of recently acquired
pharmacies, the proposed opening of an outsourcing facility in 2015
and compliance with applicable governmental standards; development
and commercialization of the company's currently available and
potential new proprietary compounded formulations; the market
potential for Imprimis' ophthalmology and urology formulations and
the company's ability to capture a significant share of these
markets; plans to expand the company's ophthalmology and urology
business units and the success of any such expansion, including the
launch of new formulations and any anticipated growth in the sales
of or the customer base for these formulations; the success of the
company's compounding pharmacy commercialization model; the
company's anticipated use of proceeds received under its loan
agreement and its potential to receive additional proceeds under
the loan agreement; and the company's projections regarding its
future operating results, including expectations regarding future
revenue growth and any potential to achieve profitability. Forward
looking statements are based on management's current views,
expectations and assumptions and therefore are not guaranties of
future performance and are subject to risks and uncertainties that
may cause actual results to differ materially and adversely from
those predicted by the forward looking statements. Some of
the potential risks and uncertainties that could cause actual
results to differ from those predicted include, among others, risks
and uncertainties related to Imprimis' ability to make commercially
available its compounded formulations and technologies in a timely
manner or at all; physician interest in prescribing, and patient
interest in using, compounded formulations generally and the
company's proprietary formulations; risks related to its
compounding pharmacy operations, including its ability to develop
and open an outsourcing facility and maintain compliance with
applicable state and federal laws and regulations; its ability to
obtain third-party payor reimbursement for any of its proprietary
formulations; its ability to enter into other strategic alliances,
including arrangements with investors and with pharmacies,
physicians and healthcare organizations for the development and
distribution of its formulations; its ability to obtain
intellectual property protection for its assets; its ability to
accurately estimate its expenses and cash burn and raise additional
funds when necessary; risks related to research and development
activities; the projected size of the potential markets for its
technologies and formulations; unexpected new data, safety and
technical issues; regulatory and market developments impacting
compounding pharmacies, outsourcing facilities and the
pharmaceutical industry generally; competition; and market
conditions. As a result of these risks and uncertainties,
undue reliance should not be placed on forward looking
statements. The limited information contained in this press
release is not adequate for making an informed investment judgment
about the company, and you are encouraged to read Imprimis' filings
with the Securities and Exchange Commission, including its Annual
Report on Form 10-K and its Quarterly Reports on Form 10-Q, which
more fully describe the company and its business and the risks and
uncertainties that may impact future performance. Such documents
may be read free of charge on the SEC's web site at www.sec.gov.
Forward looking statements speak only as of the date they are made
and except as required by law, Imprimis undertakes no obligation to
update any forward looking statements to reflect new information,
events or circumstances after the date they are made, or to reflect
the occurrence of unanticipated events.
All Imprimis compounded formulations may only be prescribed
pursuant to a physician prescription for an individually identified
patient consistent with federal and state laws governing compounded
drug formulations.
Investor Contact
Bonnie
Ortega
bortega@imprimispharma.com
858.704.4587
Media Contact
Deb
Holliday
deb@pascalecommunications.com
412.877.4519
Ordering Information
Advanced Dosage Forms,
Inc.
digenova@advanceddf.com
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SOURCE Imprimis Pharmaceuticals; Advanced Dosage Forms, Inc.;
The Frayne & DiGenova Group