Imprimis Pharmaceuticals, Inc., a pharmaceutical company focused on the development and commercialisation of proprietary compounded drug formulations, has entered into a license agreement with Advanced Dosage Forms, Inc. (Advanced Dosage) to expand Imprimis' proprietary ophthalmic injectable and combination topical compounded formulations into Canada.
Under the agreement, the licensee has the rights to formulate, market and sell these formulations across Canada. Marketing permissions under the successful existing educational campaign brands developed by Imprimis, Go Dropless and LessDrops, are also part of the agreement.
The license agreement includes an initial cash license fee, and a per-unit royalty of the greater of $50, or 20 per cent of the gross purchase price paid to Advanced Dosage. The non-exclusive agreement requires certain diligence requirements on the part of Advanced Dosage and provides for the conversion of the license to an exclusive license on or before December 31, 2015, based upon the achievement of certain terms and conditions.
"We are pleased to join forces with Imprimis and look forward to introducing Go Dropless and LessDrops to the estimated 1,200 ophthalmologists who perform over 250,000 cataract surgeries in our country each year," stated John DiGenova, principal of Advanced Dosage.
“We are committed to Imprimis and have already begun to build out a sales and marketing team to call on ocular surgeons that perform cataract, LASIK and other ocular surgeries to educate them of the benefits of Dropless Therapy and Combination Drop Therapy formulations. Canadian ophthalmic surgeons, like their counterparts in the US, desire innovative solutions to improve their practices and create enhanced experiences for their patients."
"It is exciting to expand our Dropless Therapy injectable and Combination Drop Therapy topical formulations into Canada," stated Mark L. Baum, chief executive officer of Imprimis.
"It has been a pleasure working with John and his team and we look forward to a mutually beneficial long-term relationship. Since we launched our ophthalmology programme, we have been approached by leading Canadian ophthalmic surgeons who have expressed interest in adopting dropless cataract surgery in their practices and we are happy to now be able to respond to their interest through this new relationship. We plan to make our proprietary ophthalmic compounded formulations available internationally, and our expansion into Canada is an important first step to help us accomplish this mission."
Imprimis' proprietary ophthalmic formulations are enabled by the company's patent-pending SSP Technology, which allows active pharmaceutical ingredients (APIs) that ordinarily do not mix, to solubilize into a predictable, well distributed, micronized particle suspension. Imprimis' proprietary ophthalmic compounded formulations have been optimized for both injectable and topical applications compatible with the eye. Imprimis provides proprietary compounded antibiotic and steroid formulations, Tri-Moxi (triamcinolone acetonide and moxifloxacin hydrochloride) and Tri-Moxi-Vanc (with added vancomycin), available in single, injectable intraocular doses administered during ocular surgery. Since the launch of the Go Dropless educational campaign in April 2014, Dropless Therapy formulations have been prescribed for individual patients and administered in over 70,000 eye surgeries where, as a result of the surgery, there is inflammation and a chance for post-operative infection. Prescribers of Dropless Therapy have been reporting on its advantages, which include decreased issues with patient compliance, reduced costs to patients, and lessened post-operative physician care.
In April 2015, Imprimis launched a portfolio of Combination Drop Therapy topical formulations which may require up to 50 per cent fewer drops to be administered by patients and provide significant cost savings of up to 75 per cent compared to current traditional post-surgery eye drop treatments. The LessDrops educational campaign aims to improve patient compliance and alleviate patient confusion associated with complex eye drop regimens.