Egalet Corporation (NASDAQ:EGLT) Files An 8-K Other EventsItem 8.01 — Other Events.
Egalet Corporation (the “Company”) has been notified verbally by CVS Caremark (“Caremark”), a pharmacy benefits manager, that SPRIX Nasal Spray (“SPRIX”) will no longer be on its formulary for a portion of its commercial covered lives beginning January1, 2018. The Company estimates that approximately 20% of SPRIX prescriptions could be impacted by Caremark’s planned action.
In response to this change in coverage, the Company intends to continue to work with several other payers to ensure patient access to SPRIX. The Company believes that its market access strategy will help to enable it to mitigate the impact of this change and help to enable further growth of SPRIX, particularly given the Company’s relatively nominal share of the market for nonsteroidal anti-inflammatory drugs, or NSAIDs.
This report contains forward-looking statements, including statements regarding SPRIX no longer being on Caremark’s formulary, the potential impact of this action on the Company’s SPRIX prescriptions, the effect of the Company’s strategy in response to this action and the potential growth of SPRIX. These forward-looking statements are based on management’s expectations and assumptions as of the date of this report, and actual results may differ materially from those in these forward-looking statements as a result of various factors. These factors include, but are not limited to: risks regarding the Company’s ability to commercialize products successfully; whether the Company’s market access strategy will be able to overcome any loss of prescriptions resulting from SPRIX no longer being on Caremark’s formulary; whether SPRIX will continue to be included on other formularies and is placed on new formularies; the impact on the Company’s operating and financial results of any generic entrant for the product; the Company’s ability to comply with post-approval regulatory requirements; the Company’s ability to enforce its intellectual property rights to SPRIX; and the impact of Caremark’s recently announced proposed merger with Aetna. For a further description of these and other risks facing the Company, please see the risk factors described in the Company’s filings with the United States Securities and Exchange Commission, including those factors discussed under the caption “Risk Factors” in those filings. Forward-looking statements speak only as of the date of this report and the Company undertakes no obligation to update or revise these statements, except as may be required by law.