SAN DIEGO, June 23, 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 acquired the rights to novel proprietary sedation and analgesia/anesthesia formulations that, once prescribed and dispensed for an individual patient, are administered sublingually to block pain and sedate patients undergoing ocular and other surgical procedures. After completing its intellectual property diligence process and filing a patent application with the US Patent and Trademark Office, Imprimis executed an invention assignment agreement to acquire the rights to commercialize these formulations. A team of ophthalmic surgeons is conducting a patient-specific clinical evaluation in order to support commercialization of this important asset. The company expects that these new compounded formulations for conscious sedation may be available for prescription and dispensing sometime during the fall of this year.
John Berdahl, MD of Vance Thompson Vision and co-developer of the formulations stated, “We believe these new compounded formulations for conscious sedation may uniquely provide the desired combination of medications to help alleviate pain and reduce stress in patients undergoing ophthalmic surgery. The formulations, in a troche format, have allowed for quick and easy sublingual administration resulting in increased positive experiences for patients and staff. Traditionally, sedation medications for ocular surgery have been administered intravenously, which requires costly IV supplies, the sedation drugs themselves and the need for additional staff to assist in preparation, administration and monitoring related to this process, all of which often cause delays and disruptions in the operating room. We have used a variation of these new conscious sedation formulations in over 1,000 cataract and refractive surgeries. Based on our experiences to date, we believe that like our practices, others around the United States and potentially around the world, including surgical centers and hospitals, could experience significant cost savings, improvements in operating room work flow and great patient outcomes by adopting these formulations in their cataract and refractive patients’ surgeries.”
Dr. Berdahl added, “We are particularly excited to work with Imprimis because in our practice their Dropless Therapy injectables and LessDrops combination topical eye drop formulations have already brought vastly improved patient experiences and incredible value.”
Mark L. Baum, CEO of Imprimis, stated, “We are pleased to be working with another group of pioneering ophthalmologists in order to bring these innovative and proprietary formulations to market. The potential cost savings to physicians, patients and other parts of the ophthalmic surgery value chain with these new conscious sedation compounded drugs are consistent with our vision of making novel drug formulations available to physicians and patients today at accessible prices. We look forward to completing our patient-specific clinical evaluation process over the next few months and to hopefully introduce these new compounded drug options to physicians and surgery centers this fall. Going forward, we plan to continue to work with leading physicians, scientists and other traditional drug development companies in order to bring exciting intellectual property assets to market that have the potential to add value to our growing ophthalmology and urology franchises.”
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.
All Imprimis formulations may be prescribed pursuant to a physician prescription for an individually identified patient consistent with federal and state laws governing compounded drug formulations.
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.
CONTACTS
Media Contact
Deb Holliday
deb@pascalecommunications.com
412.877.4519
Investor Contact
Bonnie Ortega
bortega@imprimispharma.com
858.704.4587
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SOURCE Imprimis Pharmaceuticals, Inc.
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