Click here to close now.

SYS-CON MEDIA Authors: David Sprott, Liz McMillan, tru welu, Blue Box Blog, Kevin Jackson

News Feed Item

Imprimis Pharmaceuticals Announces Acquisition of Pharmacy Creations, Empowering Company to Make and Distribute its Patent-Pending Proprietary Formulations

-- Transaction marks important milestone as company approaches commercial launch targeting ophthalmologists --

SAN DIEGO, Feb. 11, 2014 /PRNewswire/ -- Imprimis Pharmaceuticals, Inc. (Nasdaq: IMMY), a specialty pharmaceutical company focused on the development and commercialization of proprietary and novel sterile and topical drug formulations, today announced that it has come to an agreement to acquire Pharmacy Creations LLC (www.pharmacycreations.com), a premier, state-of-the-art compounding pharmacy located in Randolph, New Jersey. This acquisition would permit the Company to make and distribute its patent-pending proprietary drug formulations and other novel pharmaceutical solutions.

Imprimis Pharmaceuticals and the team at Pharmacy Creations have been working together since last summer when the Company became aware of and subsequently acquired the intellectual property for its suite of ophthalmic formulations from Pharmacy Creations' co-founders, Scott Karolchyk, MS, RPh, DNM, FIACP and Bernard Covalesky, MS, RPh.

"We believe this acquisition represents a critical stepping stone toward achieving our vision of building a national footprint able to deliver our proprietary and other novel formulations to Americans. Even more than the physical Pharmacy Creations facility, we are ecstatic to have their incredibly skilled and knowledgeable employees join the Imprimis Team," said Imprimis CEO Mark L. Baum. "After extensive diligence, we believe the acquisition of Pharmacy Creations will support our mission to solve unmet patient needs through the development and commercialization of proprietary and novel sterile drug formulations. Importantly, this transaction will also bring new and exciting intellectual property assets to Imprimis that we expect to add value to our business, particularly in ophthalmology."

"Our team is thrilled to join Imprimis and collectively build on our shared values of integrity, innovation, safety, quality and evidence-based development.  Together, we believe that Imprimis and Pharmacy Creations are going to raise the bar and set a higher standard in quality and innovation," stated Bernard Covalesky, Pharmacy Creations co-founder.

"I've been in the healthcare field for nearly 30 years and strongly believe that Imprimis Pharmaceuticals and its innovative approach and unique business model have the potential to revolutionize the way the market approaches personalized medicine.  Collaboration with physicians and pharmacists can produce incredible innovation. The ability to take that innovation, validate it and make it available to the market quickly - for the benefit of patients and physicians - is powerful," added Scott Karolchyk, Pharmacy Creations co-founder.

Pharmacy Creations was established nearly 15 years ago and has created a deep formulation portfolio, well-established relationships and a dedicated and tenured staff. Through an unrelenting focus on meeting physician and patient needs, Pharmacy Creations now achieves multi-million dollar annual revenues.

This transaction is expected to close on or before March 31, 2014, subject to the satisfaction of certain customary closing conditions. Additional details can be found in the Company's 8-K filing (www.sec.gov).

ABOUT IMPRIMIS PHARMACEUTICALS
San Diego-based Imprimis Pharmaceuticals, Inc. (Nasdaq: IMMY) is a specialty pharmaceutical company focused on the development and commercialization of proprietary and novel sterile and topical drug formulations. Imprimis' patent-pending drug formulations are available today and are being prescribed by physicians.  For more information, please visit www.imprimispharma.com or www.GoDropless.com.

ABOUT PHARMACY CREATIONS
Pharmacy Creations is a leading provider of customized medication solutions in the United States.  All compounds are prepared on order or prescription from a physician. Pharmacists Scott Karolchyk and Bernard Covalesky along with the staff of professionals at Pharmacy Creations are committed to compassionate, professional patient care.  For more information, please visit: www.pharmacycreations.com.

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 arising from the possibility that the closing of the transaction may be delayed or may not occur, difficulties with the integration process or the realization of the expected benefits of the transaction, Imprimis' ability to acquire, develop, commercialize and market new formulations and technologies, enter into strategic alliances and transactions, including arrangements with pharmacies, physicians and healthcare organizations for the development and distribution of its formulations, commercialize its formulations and technologies, obtain intellectual property protection for its assets, accurately estimate its expenses and cash burn, and raise additional funds, as well as risks related to additional research and development activities related to its formulations and technologies, 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.

MEDIA CONTACT:  Jen Carroll
[email protected] 
858.704.4587 

SOURCE Imprimis Pharmaceuticals

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The move to the cloud brings a number of new security challenges, but the application remains your last line of defense. In his session at 15th Cloud Expo, Arthur Hicken, Evangelist at Parasoft, discussed how developers are extremely well-poised to perform tasks critical for securing the application – provided that certain key obstacles are overcome. Arthur Hicken has been involved in automating various practices at Parasoft for almost 20 years. He has worked on projects including database dev...
Building low-cost wearable devices can enhance the quality of our lives. In his session at Internet of @ThingsExpo, Sai Yamanoor, Embedded Software Engineer at Altschool, provided an example of putting together a small keychain within a $50 budget that educates the user about the air quality in their surroundings. He also provided examples such as building a wearable device that provides transit or recreational information. He then reviewed the resources available to build wearable devices at ...
There has been a lot of discussion recently in the DevOps space over whether there is a unique form of DevOps for large enterprises or is it just vendors looking to sell services and tools. In his session at DevOps Summit, Chris Riley, a technologist, discussed whether Enterprise DevOps is a unique species or not. What makes DevOps adoption in the enterprise unique or what doesn’t? Unique or not, what does this mean for adopting DevOps in enterprise size organizations? He also explored differe...
The emergence of cloud computing and Big Data warrants a greater role for the PMO to successfully manage enterprise transformation driven by these powerful trends. As the adoption of cloud-based services continues to grow, a governance model is needed to orchestrate enterprise cloud implementations and harness the power of Big Data analytics. In his session at Cloud Expo, Mahesh Singh, President of BigData, Inc., discussed how the Enterprise PMO takes center stage not only in developing the app...
Cloud Foundry open Platform as a Service makes it easy to operate, scale and deploy application for your dedicated cloud environments. It enables developers and operators to be significantly more agile, writing great applications and deliver them in days instead of months. Cloud Foundry takes care of all the infrastructure and network plumbing that you need to build, run and operate your applications and can do this while patching and updating systems and services without any downtime.
Are your Big Data initiatives resulting in Big Impact or Big Mess? In her session at Big Data Expo, Penelope Everall Gordon, Emerging Technology Strategist at 1Plug Corporation, shared her successes in improving Big Decision outcomes by building stories compelling to the target audience – and her failures when she lost sight of the plotline, distracted by the glitter of technology and the lure of buried insights. The cast of characters includes the agency head [city official? elected official?...
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial C...
Storage administrators find themselves walking a line between meeting employees’ demands to use public cloud storage services, and their organizations’ need to store information on-premises for security, performance, cost and compliance reasons. However, as file sharing protocols like CIFS and NFS continue to lose their relevance, simply relying only on a NAS-based environment creates inefficiencies that hurt productivity and the bottom line. IT wants to implement cloud storage it can purchase a...
SYS-CON Events announced today that BMC will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BMC delivers software solutions that help IT transform digital enterprises for the ultimate competitive business advantage. BMC has worked with thousands of leading companies to create and deliver powerful IT management services. From mainframe to cloud to mobile, BMC pairs high-speed digital innovation with robust...
After a couple of false starts, cloud-based desktop solutions are picking up steam, driven by trends such as BYOD and pervasive high-speed connectivity. In his session at 15th Cloud Expo, Seth Bostock, CEO of IndependenceIT, cut through the hype and the acronyms, and discussed the emergence of full-featured cloud workspaces that do for the desktop what cloud infrastructure did for the server. He also discussed VDI vs DaaS, implementation strategies and evaluation criteria.
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core...
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happe...
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective ...
Collecting data in the field and configuring multitudes of unique devices is a time-consuming, labor-intensive process that can stretch IT resources. Horan & Bird [H&B], Australia’s fifth-largest Solar Panel Installer, wanted to automate sensor data collection and monitoring from its solar panels and integrate the data with its business and marketing systems. After data was collected and structured, two major areas needed to be addressed: improving developer workflows and extending access to a b...
When an enterprise builds a hybrid IaaS cloud connecting its data center to one or more public clouds, security is often a major topic along with the other challenges involved. Security is closely intertwined with the networking choices made for the hybrid cloud. Traditional networking approaches for building a hybrid cloud try to kludge together the enterprise infrastructure with the public cloud. Consequently this approach requires risky, deep "surgery" including changes to firewalls, subnets...