Imprimis Pharmaceuticals Signs Distribution Agreement to Bring Go Dropless™ Proprietary Formulations to Ophthalmologists in Puerto Rico
Agreement represents the first distributor relationship outside the mainland United States for the company's ophthalmic formulations, which are now available by prescription in 36 states and US territories
SAN DIEGO, Nov. 4, 2014 /PRNewswire/ -- Imprimis Pharmaceuticals, Inc. (NASDAQ: IMMY), a specialty pharmaceutical company focused on the development and commercialization of proprietary sterile and topical compounded drug formulations, today announced that it has entered into a distribution agreement with MD Distributor, Corp. (MDD). Under the agreement, MDD has the rights to market, sell and distribute Imprimis' patent-pending Go Dropless™ formulations and other ophthalmic formulations in Puerto Rico. In addition, the agreement also covers the Dominican Republic and countries in the Caribbean once regulatory approvals are obtained. MDD represents leading healthcare companies and its experienced sales and marketing professionals are primarily focused in the specialty areas of ophthalmology and dermatology.
"The MDD team is excited to join forces with Imprimis and we look forward to introducing Go Dropless formulations to our growing ophthalmologist customer base in Puerto Rico," stated Ricardo Diaz, President of MD Distributor. "We plan to immediately start calling on the estimated 100 ocular surgeons and surgical centers that perform an estimated 25,000 cataract procedures each year in Puerto Rico to educate them on the benefits of Dropless surgery. We also believe that Imprimis' other ophthalmic formulations will be prescribed in additional surgeries, including refractive, retina and glaucoma procedures. Physicians in Puerto Rico, like elsewhere, need state-of-the-art unique solutions to improve their practices, and create enhanced experiences for their patients. We believe Imprimis' Go Dropless formulations will meet this need."
"MDD is an ideal partner for us as they have developed long-standing relationships with leading ophthalmic surgeons in Puerto Rico," stated Mark L. Baum, CEO of Imprimis. We have already started working with the MDD team to prepare for the kickoff of the Go Dropless education and marketing campaign, which is expected to commence over the next few weeks. We are committed to increasing physician adoption of our Dropless formulations across the US and its territories and having representation in Puerto Rico will help us with this mission."
Imprimis believes that its proprietary formulations have a broad application in ophthalmic surgery, including the multi-billion dollar global cataract surgery drug market. Cataract surgery is one of the most common surgical procedures, and a 2013 Market Scope report estimates that 22 million procedures were performed globally in 20131. The World Health Organization predicts that by the year 2020, more than 32 million cataract surgeries will take place globally on an annual basis and the global ophthalmic drug market is expected to grow to $21.6 billion by 2018. According to the National Eye Institute, over 24 million Americans have cataracts and due to various factors including the growing aging population, this number is expected to grow to 38 million by 2030 and expected to more than double to over 50 million by the year 2050.
ABOUT GO DROPLESS™ OPHTHALMIC SURGERY FORMULATIONS
Imprimis acquired the intellectual property for its patent-pending dropless ocular surgery and other ophthalmic surgery formulations in August of 2013. The company began making its ophthalmic sterile injectable compound formulations available after the launch of its Go Dropless™ education campaign in April 2014. Imprimis currently provides two proprietary compounded antibiotic and steroid formulations available in single, injectable intraocular doses administered during ocular surgery. The first formulation contains triamcinolone acetonide and moxifloxacin hydrochloride (Tri-Moxi formulation), and a second variation includes the added antibiotic vancomycin (Tri-Moxi-Vanc formulation). These proprietary formulations have been prescribed for individual patients and administered successfully in over 40,000 cataract surgeries and other eye surgeries where, as a result of the surgery, there is inflammation and a chance for post-operative infection. Imprimis' proprietary ophthalmic formulations and non-proprietary formulations are currently available with a physician's prescription in 36 states and territories. Imprimis plans to expand its distribution network nationwide by obtaining additional state pharmacy licenses and acquiring additional prescription fulfillment pharmacies.
ABOUT MD DISTRIBUTOR
MD Distributor market and sell eye-related products to eye care professionals and their associated facilities located in Puerto Rico, Dominican Republic and countries in the Caribbean. The company offers a comprehensive and portfolio of eye health products, and represents one of the oldest, best known and most respected healthcare brands in the world. For more information about MD Distributor, please visit www.mddistributor.com.
ABOUT IMPRIMIS PHARMACEUTICALS
San Diego-based Imprimis Pharmaceuticals, Inc. (NASDAQ: IMMY) is a specialty pharmaceutical company dedicated to delivering high quality and innovative medicines to physicians and patients at accessible prices. Imprimis is pioneering a new commercial pathway using compounding pharmacies for the formulation and distribution of its proprietary drug therapies, which include formulations in ophthalmology and urology. For more information about Imprimis, please visit the company's corporate website at www.ImprimisPharma.com; ophthalmology business website at www.GoDropless.com; and urology business websites at www.DefeatIC.com and www.PainfulBladderSyndrome.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 such "forward looking statements." Forward looking statements are based on management's current expectations and are subject to risks and uncertainties which may cause results to differ materially and adversely from the statements contained herein. Some of the potential risks and uncertainties that could cause actual results to differ from those predicted include 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 its formulations; risks related to its compounding pharmacy operations; its ability to enter into other strategic alliances, including arrangements 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 market 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; competition; and market conditions. These and additional risks and uncertainties are more fully described in Imprimis' filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Such documents may be read free of charge on the SEC's web site at www.sec.gov. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. 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.
1 Market Scope 2013 Comprehensive Report on the Global Cataract Surgical Equipment Market
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SOURCE Imprimis Pharmaceuticals; MD Distributor
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