Imprimis Pharmaceuticals, Inc. (NASDAQ: IMMY), a pharmaceutical company focused on the development and commercialization of proprietary compounded drug formulations, today announced it now has the exclusive US commercial rights to the patented compounded alkalinized lidocaine and heparin formulation ("Hep-Lido-A" or "HLA") for the treatment of interstitial cystitis ("IC"), commonly referred to as painful bladder syndrome ("PBS").
Imprimis was granted the non-exclusive US licensing rights for Hep-Lido-A from Urigen Pharmaceuticals, Inc. ("Urigen") in October 2014. Under the license agreement, Imprimis had the option to convert to an exclusive license between the six-month and one-year anniversary period from the date of the agreement. On April 24, 2015, Imprimis provided formal notice to Urigen of its intent to convert its commercial rights of Hep-Lido-A to exclusive for the remaining term of the agreement.
"We are pleased to now have the exclusive US commercial rights for our patented Hep-Lido-A formulation. In 2014, physicians wrote more than 80,000 prescriptions of Hep-Lido-A, generating an estimated $5.5 million in sales. In due course, we plan to capture substantially all of these legacy prescriptions, and have already begun sales to existing prescribers for their chronic care patients. Our focus going forward is to continue to serve the existing Hep-Lido-A prescribers and patients, and importantly to share their experiences with new prescribers and their patients in order to significantly grow this business. We have a positive and uplifting message we intend to share with new patients who are suffering with IC," stated Mark L. Baum, CEO of Imprimis.
Mr. Baum added, "Over the last several months, we have been busy building relationships with IC thought leaders and new physician customers. We are recruiting a team of seasoned urology sales and marketing professionals with experience and relationships in the IC community to lead our commercial activities. Our team is witnessing firsthand how Hep-Lido-A is benefiting patients and we are inspired and passionate about helping the millions of patients suffering with this debilitating chronic condition. We have partnered with leading IC advocacy organizations and our Defeat ICTM education campaign is gaining traction within the IC patient and physician communities. It is a very exciting time for our company and we look forward to exhibiting at the American Urological Association annual meeting next month in New Orleans and visiting with members of the urology community."