Imprimis Signs Agreement With Specialty Pharmacy Division Of One Of The Nation's Largest Pharmacy Benefit Managers
Published: Nov 11, 2016
SAN DIEGO, Nov. 10, 2016 /PRNewswire/ -- Imprimis Pharmaceuticals, Inc. (NASDAQ: IMMY), a pharmaceutical company focused on the production and dispensing of high quality innovative compounded medications, today announced it has entered into a product purchase and supply agreement with the specialty pharmacy division of one of the nation's largest pharmacy benefit managers (PBMs) to supply Imprimis' complete formulary of low-cost compounded medications through the PBM's national network of specialty pharmacies. Under the agreement:
- The Imprimis Cares® formulary will be made available through the specialty pharmacy division of the PBM, which includes more than 65 million covered lives.
- Imprimis will supply all formulations included under its Imprimis Cares® formulary including the patent-pending tiopronin delayed-release formulations, a lower cost alternative to Thiola®; pyrimethamine and leucovorin formulations, an alternative to Daraprim®; the company's proprietary Dropless Therapy® injectable and LessDrops® topical formulations; as well as additional compounded drug formulations for patient populations that may not have available alternatives to increasingly expensive branded medications and lacking meaningful generic competition.
- Prescription orders will flow through Imprimis' MaxRx Prescriber Portal, allowing for customer ordering and tracking ease.
- Both parties shall ensure that patients continue to receive expert personalized support needed to manage their specific conditions.
Mark L. Baum, CEO of Imprimis, stated, "Healthcare payors in the U.S. and their patients are concerned about the rising costs of prescription drugs. This agreement represents a new approach to more efficiently deliver medications from the manufacturer directly to the consumer, thereby eliminating several layers of inefficiencies for the tens of millions of Americans whose prescription drug benefits are managed by this renowned PBM. We believe this new model is going to drive down costs significantly for our partner's insurance company customers, and that other payors we are working with will see this as a viable approach to lower costs while providing patients with safe, high quality, innovative solutions."
"We expect our state-of-the-art New Jersey facility, which we recently registered with the U.S. Food and Drug Administration (FDA) as a 503B outsourcing facility, will play an important role as we begin to dispense our Imprimis Cares formulary under this new relationship. We also look forward to expanding into new markets in which our partners seek solutions," Mr. Baum concluded.
Imprimis' Commitment to High Quality Affordable Medications
Imprimis is committed to the company's vision of providing patients with affordable access to the medications they need. The company intends to continue to expand its Imprimis Cares formulary and introduce additional drug formulations for patient populations that may not have available alternatives to increasingly expensive branded medications. Imprimis is dedicated to providing high quality compounded medications made from FDA-approved ingredients produced at FDA-inspected and PCAB-accredited facilities. Federal and state oversight is a part of every aspect of the Imprimis drug supply chain from raw material acquisition to production, testing and dispensing. For additional information, please visit http://www.imprimisrx.com/why-imprimisrx/quality/.
About Imprimis Pharmaceuticals
Imprimis Pharmaceuticals, Inc. (NASDAQ: IMMY) is a pharmaceutical company dedicated to producing and dispensing high quality innovative compounded medications in all 50 states. The company's unique business model drives patient access and affordability to many critical medicines. Headquartered in San Diego, California, Imprimis owns and operates three dispensing facilities located in California, New Jersey and Pennsylvania. For more information about Imprimis, please visit the corporate website at www.ImprimisRx.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 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 our ability to make commercially available our compounded formulations and technologies in a timely manner or at all; physician interest in prescribing our formulations; risks related to our compounding pharmacy operations; our ability to enter into other strategic alliances, including arrangements with pharmacies, physicians and healthcare organizations for the development and distribution of our formulations; our ability to obtain intellectual property protection for our assets; our ability to accurately estimate our 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 our 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.
Other than drugs compounded at a registered outsourcing facility, all Imprimis compounded formulations may only be prescribed pursuant to a physician prescription for an individually identified patient consistent with federal and state laws.
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SOURCE Imprimis Pharmaceuticals, Inc.