SAN DIEGO, Feb. 11, 2014 /PRNewswire/ -- Imprimis Pharmaceuticals, Inc. (Nasdaq: IMMY), a specialty pharmaceutical company focused on the development and commercialization of proprietary and novel sterile and topical drug formulations, today announced that it has come to an agreement to acquire Pharmacy Creations LLC ( www.pharmacycreations.com), a premier, state-of-the-art compounding pharmacy located in Randolph, New Jersey. This acquisition would permit the Company to make and distribute its patent-pending proprietary drug formulations and other novel pharmaceutical solutions.
Imprimis Pharmaceuticals and the team at Pharmacy Creations have been working together since last summer when the Company became aware of and subsequently acquired the intellectual property for its suite of ophthalmic formulations from Pharmacy Creations' co-founders, Scott Karolchyk, MS, RPh, DNM, FIACP and Bernard Covalesky, MS, RPh.
"We believe this acquisition represents a critical stepping stone toward achieving our vision of building a national footprint able to deliver our proprietary and other novel formulations to Americans. Even more than the physical Pharmacy Creations facility, we are ecstatic to have their incredibly skilled and knowledgeable employees join the Imprimis Team," said Imprimis CEO Mark L. Baum. "After extensive diligence, we believe the acquisition of Pharmacy Creations will support our mission to solve unmet patient needs through the development and commercialization of proprietary and novel sterile drug formulations. Importantly, this transaction will also bring new and exciting intellectual property assets to Imprimis that we expect to add value to our business, particularly in ophthalmology."
"Our team is thrilled to join Imprimis and collectively build on our shared values of integrity, innovation, safety, quality and evidence-based development. Together, we believe that Imprimis and Pharmacy Creations are going to raise the bar and set a higher standard in quality and innovation," stated Bernard Covalesky, Pharmacy Creations co-founder."I've been in the healthcare field for nearly 30 years and strongly believe that Imprimis Pharmaceuticals and its innovative approach and unique business model have the potential to revolutionize the way the market approaches personalized medicine. Collaboration with physicians and pharmacists can produce incredible innovation. The ability to take that innovation, validate it and make it available to the market quickly - for the benefit of patients and physicians - is powerful," added Scott Karolchyk, Pharmacy Creations co-founder. Pharmacy Creations was established nearly 15 years ago and has created a deep formulation portfolio, well-established relationships and a dedicated and tenured staff. Through an unrelenting focus on meeting physician and patient needs, Pharmacy Creations now achieves multi-million dollar annual revenues.