Imprimis Pharmaceuticals has announced that through a wholly owned subsidiary, it has acquired substantially all of the assets and tradenames of Thousand Oaks Holding Company's wholly-owned subsidiaries Topical Apothecary Group, LLC (d/b/a TAG Pharmacy), Aerosol Science Laboratories, Inc. (d/b/a ASL Pharmacy), SinuTopic, Inc. (d/b/a Sinus Dynamics Pharmacy) and Mycotoxins, LLC. TAG, ASL and Sinus Dynamics were the largest providers of compounded sinus medications in the U.S.
The asset purchase agreement provides Imprimis with:
- Customer lists of more than 8,000 active prescribers, representing 8 out of 10 ear, nose and throat (ENT) doctors in the U.S., all of whom have recently ordered prescriptions from either TAG, ASL or Sinus Dynamics;
- Over 38,000 chronic sinus patients who have been prescribed the sellers' formulations in the past year;
- A PCAB-accredited compounding facility that can ship to 47 states;
- A portfolio of delivery options and proprietary individual vial packaging for administering topical sinusitis compounded medications; and
- Inventory and equipment which will be used to launch a chronic sinusitis focused business.
Mark L. Baum, CEO of Imprimis stated, "We are pleased with our recent acquisition, our fourth to date, and are encouraged by its tremendous growth opportunity. The assets we purchased, including the TAG, ASL and Sinus Dynamics customer relationships, were the foundation of a business that had 80% percent market penetration in the U.S. ENT community, servicing more than 38,000 patients annually. However, following certain changes in their structure and management, their commitment to the U.S. chronic care otolaryngology market and other related insurance reimbursement issues for their products, former management decided to exit the business. However, the need and demand for these medicines has not abated and we believe with a focused effort, using our existing resources, and a commitment to delivering proven compounded sinus medications and proprietary delivery options, we can re-establish a market-leading position in this valuable and growing segment. With our proven track record of marketing compounded drug formulations, the fact that we are acquiring tens of thousands of potential customers, and key operational and strategic initiatives we intend to begin, we believe we will drive the potential of our new sinus business into a significant source of value for our shareholders in 2016 and beyond."
Mr. Baum concluded, "Topical administration of sinusitis medications such as antibiotics, antifungals and steroids have gained increasing popularity as an alternative to systemic oral therapies. Topical delivery may minimize the side effects seen with systemic oral agents that non-specifically deliver medicine to the entire body. Our topical delivery platform delivers sinusitis medications locally to the sinonasal mucosa, the direct site and probable source of the problem. Many researchers believe topical delivery of antibiotics, antifungals and corticosteroids with saline is a more effective method to deliver sinus medications."