IMPRIMIS PHARMACEUTICALS, INC. (NASDAQ:IMMY) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
On April 10, 2018, Imprimis Pharmaceuticals, Inc. (the “Company”) entered into an Amended and Restated License Agreement (the “Amended License Agreement”) with Richard L. Lindstrom, M.D. (“Dr. Lindstrom”) which amended and restated the terms of the Original License Agreement between the Company and Dr. Lindstrom dated April 1, 2017 (the “Original License Agreement”).
The Original License Agreement was amended and restated in order to facilitate certain sub license and royalty agreements between the Company and its subsidiary, Surface Pharmaceuticals, Inc.
to the terms of the Amended License Agreement, the Company licensed certain intellectual property and related rights from Dr. Lindstrom to develop, formulate, make, sell, and sub-license the topical ophthalmic solution KlarityTM used to protect and rehabilitate the ocular surface (the “Product”). Under the terms of the Amended License Agreement, the Company is required to make royalty payments to Dr. Lindstrom ranging from three percent (3%) to six percent (6%) of net sales, dependent upon the final formulation of the Product sold. In addition, the Company is required to make certain milestone payments to Dr. Lindstrom including: (i) an initial payment of $50,000 upon execution of the Amended License Agreement, (ii) a second payment of $50,000 following the first $50,000 in net sales of the Product; and (iii) a final payment of $50,000 following the first $100,000 in net sales of the Product.
The foregoing is only a brief description of the Amended License Agreement and does not purport to be a complete description of the rights and obligations of the parties thereunder.
About IMPRIMIS PHARMACEUTICALS, INC. (NASDAQ:IMMY)
Imprimis Pharmaceuticals, Inc. (Imprimis) is engaged in the development, production and dispensing of compounded pharmaceuticals. The Company operates through the business of developing drug therapies and providing such therapies through sterile and non-sterile pharmaceutical compounding services segment. The Company, through its Imprimis Cares program, owns, markets and dispenses a portfolio of compounded therapeutic in several therapeutic areas, including ophthalmology, urology, otolaryngology and infectious diseases. The Company is also developing Custom Compounding Choice business, which is focused on developing and dispensing a portfolio of non-proprietary compounded drugs for humans and animals in therapeutic areas that may be overlooked by commercial pharmaceutical companies. The Company also offers customizable compounding products that consist of sterile injectable and non-sterile integrative medicine therapies that are used in various therapeutic areas.