Imprimis Pharmaceuticals (NSDQ:IMMY) said today that it signed a 3-year exclusive sales agreement with Precision Lens. According to the deal, Precision Lens plans to deploy a sales team to expand Imprimis’ ophthalmic portfolio in 13 states across the U.S. Midwest.
Precision Lens said it will sell San Diego-based Imprimis’ Dropless Therapy, LessDrops combination eye drops and other eye care products.
“With more than 60% IOL market share and a long track record of earning their customer’s respect through exceptional service, expertise and integrity, we could not want for a better partner to help us bring our innovative family of ophthalmic products to more physicians, large practice groups, surgery centers and hospitals,” Imprimis CEO Mark Baum said in prepared remarks. “We look forward to working with Precision Lens and believe this important relationship will increase sales productivity and strengthen our position in this important region of the country. Precision Lens will be a key partner as we introduce our Simple Drops glaucoma program in the 2nd quarter and our new dry eye program, expected to launch in the second half of the year. Precision Lens’ mission to offer eye care providers the best technology options available in the marketplace marries perfectly with the Imprimis commitment of providing patients with affordable access to innovative and high-quality medications.”
IMMY shares were trading at $3.87 today in mid-afternoon activity, up 2.1%.
“We are very selective about the companies we represent and believe the portfolio of innovative ophthalmic medications from Imprimis, including those made from its FDA-registered outsourcing facility, will be very well-received by our customers,” Precision Lens CEO Paul Ehlen added. “For over 27 years we have been successfully representing leading ophthalmology companies and providing healthcare professionals with a wide array of innovative solutions for the care of their patients. We are excited to deploy a dedicated team to exclusively promote Imprimis’ portfolio within our territory. Imprimis’ Dropless Therapy and LessDrops combination drops have the potential to become standard-of-care in the post-cataract surgery market. This, combined with the soon to be introduced preservative free glaucoma offerings and new dry eye medications, provide us with the value and innovation we strive to provide our customers.”
In October last year, Imprimis touted data from a peer-reviewed study of patients who received its Dropless therapy following cataract surgery.
The company uses a compounded antibiotic and steroid formulation in single, injectable doses administered by physicians following ocular surgery. The treatment is designed to eliminate the need for patient-administered eye drops, potentially eliminating patient non-compliance or dosing errors. The compounded formulations use Imprimis’ patent-pending SSP technology, which helps active pharmaceutical ingredients solubilize into a well-distributed particle suspension.