In managed care, we continue to focus on our reimbursement position and commercial plans and improving access in Med D and Medicaid. I'm happy to report that we recently signed an agreement with CVS Caremark's commercial plan, which moves Gralise to tier 2 formulary status. CVS Caremark provides pharmaceutical benefit coverage for over 50 million lives on behalf of managed care plans and employers. We are currently initiating efforts to begin the pull-through of additional Gralise prescriptions through these channels.
I hope that we are able to provide you with similar good news about Gralise managed care coverage during our upcoming presentations and conference calls.
As previously reported, we raised the price of Gralise in May. While we began selling Gralise at the new price immediately after that announcement, our revenue recognition will not reflect the new price until later this year. Augie will review the specifics of that with you later in the call.
As we've stated before, we believe we have a strong intellectual property protection around Gralise. We continue to build our patent portfolio and we now have 8 Orange Book listed patents for Gralise, with 4 of these listed patents having terms running to 2022 and 2024. In addition, we added to our defensive patents not in the Orange Book and have over 10 patent applications still under prosecution that relate to Gralise.Read the rest of this transcript for free on seekingalpha.com