Sincerus Pharmaceuticals Completes Financing With SWK To Support The Demand For Its Customized Dermatologic Medicines
POMPANO BEACH, Fla., March 24, 2021 /PRNewswire/ -- Sincerus Pharmaceuticals, the parent company of Prescriber's Choice and Sincerus Florida, today announced the completion of a major new round of growth financing with SWK Holdings Corporation (Nasdaq: SWKH), representing what is by far the largest investment into the company to date. Use of proceeds will include the build-out and expansion of a new state-of-the-art US-based customized medication manufacturing facility.
Sincerus is the nation's leading innovator in providing customized prescription medicines to dermatologists for private labeling and dispensing at point of care. Through Sincerus custom medicines, physicians are able to manage patients in a way they feel is best, unencumbered by third-party payors.
The addition of new services and technologies to support access to Sincerus custom medicines throughout 2020 resulted in a year of tremendous growth. Now, this funding from SWK will give Sincerus the ability to scale its offering in dermatologics and beyond. It has never been more valuable for prescribers be able to offer medications that are not only customized, but accessible and affordable.
"As Sincerus has seen massive growth, we have built a solid infrastructure of proprietary health tech and fintech solutions to meet the needs of prescribers and provide optimal service to ensure patients receive the custom medicines they rely on. We are thrilled to continue building on these resources and matching our unprecedented growth with a world-class CGMP facility to support production and research and development of new customized medicines," said Spencer Malkin, Founder and CEO, Sincerus Pharmaceuticals.
Some of the most common requests Sincerus receives from dermatologic prescribers are the removal of inactive ingredients that can be irritants, adjustments to dosing, and alterations to a medicine's delivery method. Many physicians also seek multiple active ingredients combined into one reducing the cost of purchasing multiple medicines and increasing compliance. Prescriber's Choice custom medicines cost far less than most copays and with custom medicines, there are never any substitutions or need for approvals from insurance companies.
"SWK is pleased to be a part of Sincerus' corporate strategy with this financing as the company begins development of its new manufacturing site and launches into its next phase of growth," said Winston Black, CEO of SWK. "The company's custom dermatologic products offer a tremendous value to patients and physicians, simultaneously meeting a clinical need while also saving the healthcare system time and expense. Further, we deeply respect and admire management's dedication and personal investment in the business to date. Although the past 12-months have been challenging for many, we were impressed to see the company grow in 2020 and anticipate strong performance over the coming years."
About Sincerus Pharmaceuticals
Sincerus Florida: Physicians are able to access customized prescription medications through Sincerus Florida, an FDA-Registered 503B Outsourcing Facility. The Sincerus Florida portfolio of products include medications developed based on physician orders for their own private labeled line to dispense to their patients directly at the point of care. Research has shown that receiving medicines at point of care significantly increases compliance, while reducing cost to the patient and the healthcare system.
Prescriber's Choice: Accessing Sincerus customized medicines is handled through the Prescriber's Choice team of specialists. Prescriber's Choice consultants aid in physician ordering of Sincerus medicines and education around the available treatment options to meet patients' needs.
Learn more at www.prescriberschoice.com
About SWK Holdings:
SOURCE Sincerus Pharmaceuticals
Company Codes: NASDAQ-NMS:SWKH