Imprimis Pharmaceuticals Signs Distribution Agreement to Bring Go Dropless™ Proprietary Formulations to Ophthalmologists in Puerto Rico
Imprimis Pharmaceuticals, Inc. (NASDAQ: IMMY), a specialty pharmaceutical company focused on the development and commercialization of proprietary sterile and topical compounded drug formulations, today announced that it has entered into a distribution agreement with MD Distributor, Corp. (MDD). Under the agreement, MDD has the rights to market, sell and distribute Imprimis’ patent-pending Go Dropless™ formulations and other ophthalmic formulations in Puerto Rico. In addition, the agreement also covers the Dominican Republic and countries in the Caribbean once regulatory approvals are obtained. MDD represents leading healthcare companies and its experienced sales and marketing professionals are primarily focused in the specialty areas of ophthalmology and dermatology.
“The MDD team is excited to join forces with Imprimis and we look forward to introducing Go Dropless formulations to our growing ophthalmologist customer base in Puerto Rico,” stated Ricardo Diaz, President of MD Distributor. “We plan to immediately start calling on the estimated 100 ocular surgeons and surgical centers that perform an estimated 25,000 cataract procedures each year inPuerto Rico to educate them on the benefits of Dropless surgery. We also believe that Imprimis’ other ophthalmic formulations will be prescribed in additional surgeries, including refractive, retina and glaucoma procedures. Physicians in Puerto Rico, like elsewhere, need state-of-the-art unique solutions to improve their practices, and create enhanced experiences for their patients. We believe Imprimis’ Go Dropless formulations will meet this need.”
“MDD is an ideal partner for us as they have developed long-standing relationships with leading ophthalmic surgeons in Puerto Rico,” stated Mark L. Baum, CEO of Imprimis. We have already started working with the MDD team to prepare for the kickoff of the Go Dropless education and marketing campaign, which is expected to commence over the next few weeks. We are committed to increasing physician adoption of our Dropless formulations across the US and its territories and having representation in Puerto Ricowill help us with this mission.”
Imprimis believes that its proprietary formulations have a broad application in ophthalmic surgery, including the multi-billion dollar global cataract surgery drug market. Cataract surgery is one of the most common surgical procedures, and a 2013 Market Scope report estimates that 22 million procedures were performed globally in 20131. The World Health Organization predicts that by the year 2020, more than 32 million cataract surgeries will take place globally on an annual basis and the global ophthalmic drug market is expected to grow to $21.6 billion by 2018. According to the National Eye Institute, over 24 million Americans have cataracts and due to various factors including the growing aging population, this number is expected to grow to 38 million by 2030 and expected to more than double to over 50 million by the year 2050.