LOS ANGELES, CA -- (Marketwired) -- 06/26/13 -- Imprimis Pharmaceuticals, Inc. (NASDAQ: IMMY) has taken the first steps in implementing its long-term drug development strategy. On June 17, 2013, Imprimis announced it has acquired rights to certain intellectual property (IP) related to certain innovations from the compounding pharmacy operations of Buderer Drug Company. Imprimis is a specialty pharmaceutical company uniquely focused on the commercial development of compounded drug formulations, which are initially designed by compounding pharmacies. Imprimis has one drug candidate, Impracor, a topical NSAID, for the treatment of pain from sprains, strains and joint pain. Impracor is expected to begin Phase III trials in the 3rd quarter of 2013.
In 2012 Imprimis entered a relationship with Professional Compounding Centers of America, Inc. (PCCA). This relationship provides Imprimis with exclusive access to PCCA's library of approximately 10,000 compounded drug formulations and PCCA's database of corresponding patient and prescriber clinical experience information collected by PCCA's service center. Imprimis has put together a system to mine the library for potential large market drugs. The library contains compound formulations developed by both PCCA and compound pharmacies that are part of PCCA's over 3,900 members. Buderer Drug Company is one of PCCA's members.
This acquisition of IP could yield up to 3 new development programs for Imprimis. The company is now evaluating and reviewing its potential intellectual property rights. Imprimis has stated it intends to utilize the U.S. Food and Drug Administration's (FDA) 505(b)(2) pathway for most, if not all, of any potential product candidates it ultimately decides to pursue. Imprimis' management believes the FDA 505(b)(2) pathway, "has the ability to significantly reduce both the cost and duration of the FDA approval process, bringing quality medications more quickly to patients who need them." Mark L. Baum the CEO of Imprimis said of the transaction with Buderer, "This new relationship, which could lead to up to three new development programs, is a good example of our plan to leverage our agreement with PCCA into proprietary IP that may ultimately lead to the FDA approval of new medicines to address unmet patient needs."
This is the tip of the iceberg. This transaction gives investors their first look at how Imprimis intends to utilize and ultimately monetize their exclusive relationship with PCCA. Through the PCCA formulation library, Imprimis has the potential to put several drug candidates on the path to commercialization annually. Imprimis' management has stated that they will develop these drug candidates internally when appropriate and utilize outside development partners for promising drug candidates that management decides are not a fit for their internal focus. Investors can now see the power of the business model Mr. Baum and his team have put together. The value of this relationship has not begun to be realized in Imprimis' stock price. Over the next few years Imprimis could have multiple drug candidates, with large market potential, in Phase II and Phase III clinical trials. When Imprimis reaches this growth stage investors will see the real power and value of the Imprimis model. Now is the time for investors to conduct their own due diligence on this company, as it is still relatively unknown and Imprimis has strong growth potential ahead.
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