Imprimis Pharmaceuticals Announces Underwriter Exercise of Over-Allotment Option
SOLANA BEACH, Calif., March 13, 2013 /PRNewswire/ -- Imprimis Pharmaceuticals, Inc. (NASDAQ:IMMY), a development stage specialty pharmaceutical Company focused on the commercial development of compounded drug formulations, announced today that the underwriter, MDB Capital Group LLC, exercised its over-allotment option to purchase an additional 276,000 shares of the Company's common stock at a price of $5.25 per share, for gross proceeds of approximately $1.45 million. The net cash proceeds of the over-allotment to the Company, after deducting underwriting discounts and commissions and estimated offering expenses, is expected to be approximately $1.33 million. The exercise of the over-allotment option brings the total approximate offering size of gross proceeds to $11.11 million.
This announcement shall not constitute an offer to sell or a solicitation of an offer to buy these securities nor shall there be any offer or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The offering will be made only by means of a prospectus, copies of which may be obtained from MDB Capital Group LLC, 401 Wilshire Boulevard, Suite 1020, Santa Monica, CA 90401, (310) 526-5000.
About Imprimis Pharmaceuticals, Inc.
Imprimis Pharmaceuticals, Inc. (NASDAQ:IMMY) is a specialty pharmaceutical Company focused on the commercial development of compounded drug formulations. Through our exclusive, strategic relationship with Professional Compounding Centers of America (PCCA), the largest compounding pharmacy organization in North America, Imprimis expects to use its proprietary Accudel drug delivery technology, proprietary formulations, and market data, to identify pharmaceutical development opportunities where there is a significant unmet medical need. In addition, Imprimis is internally developing non-invasive, topically delivered products. Our innovative patented Accudel cream formulation technology is designed to enable highly targeted site-specific treatment. Impracor, our lead Phase III pain product candidate, utilizes the Accudel platform technology to deliver the active drug, Ketoprofen, a non-steroidal anti-inflammatory drug, through the skin directly into the underlying tissues where the drug exerts its localized anti-inflammatory and analgesic effects. We intend to leverage the Accudel platform technology to expand and create a portfolio of topical products for a variety of indications.
For more information on Imprimis Pharmaceuticals, Inc., please visit: http://imprimispharma.com/
About MDB Capital Group
MDB Capital Group LLC is an investment banking and institutional research firm focused exclusively on companies possessing or seeking to develop market-changing, disruptive technologies and intellectual property. For more information on MDB Capital Group, visit www.mdb.com.
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 preliminary expectations and are subject to risks and uncertainties which may cause our 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 our ability to close the offering, our ability to acquire, develop or commercialize new products and to enter into strategic alliances and transactions, uncertainties inherent in pre-clinical studies and clinical trials, unexpected new data, safety and technical issues, our ability to raise additional funding when necessary, competition and market conditions. These and additional risks and uncertainties are more fully described in Imprimis' filings with the Securities and Exchange Commission. 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.
Contact: Josh Berg
Imprimis Pharmaceuticals, Inc.
(858) 704-4040
SOURCE Imprimis Pharmaceuticals