Imprimis Pharmaceuticals, Inc. Acquires Intellectual Property for Ophthalmic Compound Development Opportunity
Acquisition is in line with IP Acquisition Strategy and Business Model
Imprimis Acquires Intellectual Property from Novel Drug Solutions and Eye Care Northwest
SAN DIEGO, Aug. 28, 2013 /PRNewswire/ -- Imprimis Pharmaceuticals, Inc. (NASDAQ: IMMY), which is focused on the commercialization of drug formulations through a growing proprietary network of compounding pharmacy relationships and by utilizing the FDA 505(b)(2) development pathway, has announced it has acquired intellectual property, including a provisional patent application, related to an ophthalmic compound for intraoperative ocular injection of anti-inflammatory and anti-bacterial agents. Imprimis believes this formulation has the potential to significantly impact the fast-growing $5 billion global cataract surgery drug market. The acquisition allows Imprimis to pursue the commercial development of certain proprietary innovations and also provides Imprimis with a preemptive right on additional Novel Drug Solutions and Eye Care Northwest intellectual property and drug development opportunities.
Imprimis CEO, Mark L. Baum, said, "This is an important acquisition of a novel drug formulation with an important clinical track record. It is gratifying to see our Asset Review Methodology (ARM™) at work. We believe that going forward our growing group of drug discovery and development relationships will bring additional clinically relevant formulations to our company, and these assets will drive additional value for our shareholders. We are in the process of conducting a feasibility assessment related to the development of this asset, together with a team which consists of leaders from the ophthalmic development and regulatory community. Imprimis will continue to develop partnerships with inventors and secure assets which will support our strategic objectives."
The target compound, referred to as IPI-140, is based on a novel combination of moxifloxacin and triamcinolone. IPI-140 was co-invented by Novel Drug Solutions of Randolph, New Jersey and Dr. Jeffrey T. Liegner of Sparta, New Jersey. IPI-140 has been successfully administered by Dr. Liegner in more than 1,500 patients in his surgical practice.
Dr. Liegner stated, "The current treatment regimen for the prevention of post-cataract surgery complication is primarily a pre-operative and post-operative self-administered eye drop regimen, which requires from the patient strict compliance and careful adherence to a prescribed dosing schedule. Individuals with physical limitations, impaired manual dexterity, or those who lack of a supportive care giver, are particularly vulnerable to non-compliance and the subsequent complications of untreated post-surgical issues. This uniquely designed drug, utilizing a fourth generation quinolone therapy combined with potent inflammatory suppression, when placed as a depot inside the vitreous concurrent with cataract surgery, or any intraocular procedure, addresses the primary ocular complications of ophthalmic surgery: infection risk and post-operative inflammation."
Imprimis believes that IPI140 may have broad application in ophthalmic surgery, including the $5 billionglobal cataract surgery drug market. According to Ocular Surgery News, the cataract surgery market continues to grow tremendously not only because of the expanding aging population, but because the age at which patients demand cataract surgery has lowered, portending a global market size of $7-$9 billion in the next 5-7 years.
Imprimis expects to continue to leverage its exclusive relationships with Novel Drug Solutions, Eye Care Northwest, and others to acquire assets with a proven clinical track record.
About Imprimis Pharmaceuticals, Inc.
Imprimis Pharmaceuticals, Inc. (NASDAQ: IMMY) is a specialty pharmaceutical company focused on the commercial development of active pharmaceutical ingredient (API) delivery intellectual property and other proprietary drug formulations. Imprimis intends to monetize its assets through a growing proprietary network of compounding pharmacy relationships and through development of certain proprietary drug formulations utilizing the FDA 505(b)(2) drug development pathway. Through its exclusive strategic relationship with the largest compounding pharmacy organization in North America as well as through a growing network of commercial development relationships with pharmacists and physicians across the United States, Imprimis expects to use proprietary drug delivery technologies, proven drug formulations and proprietary market data to identify and pursue pharmaceutical development opportunities where there are significant unmet medical needs. For more information, visit http://imprimispharma.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 Imprimis' 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 Imprimis' ability to obtain intellectual property protection for its assets, including newly acquired intellectual property, the success of additional research and development activities related to potential product candidates, its ability to raise additional funding, its 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, 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 filed with the SEC. 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.
Contact: Josh Berg
Imprimis Pharmaceuticals, Inc.
SOURCE Imprimis Pharmaceuticals