Pharmaceutical company dedicated to producing and dispensing high quality innovative compounded medications in all 50 states, Imprimis Pharmaceuticals, Inc. (NASDAQ:IMMY), announces joint launch of the Correct Compound program.
SAN DIEGO and CREVE COEUR, Mo., Dec. 21, 2016 /PRNewswire/ — Imprimis Pharmaceuticals, Inc. (IMMY) and Focus Script, LLC, a leading independent specialized pharmacy claims management company, today announced the joint launch of the Correct Compound™ program. The Correct Compound program is a specialized compound pharmacy care solution that provides a customizable formulary through the CDF-Logic™ program with low-cost alternative compounded medications through Imprimis Cares®, directed by the oversight of a comprehensive high-performance billing and claims management platform. By combining FocusScript’s CDF-Logic program with the innovative Imprimis Cares portfolio of low-cost alternative formulations, pharmacy benefit managers (PBMs) and payors can confidently provide access to high-quality specialized compounds while focusing on new opportunities to reduce overall prescription drug costs.
Through the Correct Compound program:
Imprimis and FocusScript will jointly offer FocusScript’s proprietary CDF-Logic program of a customizable compound formulary and the Imprimis Cares portfolio of low-cost alternative compounded formulations to PBMs, managed care organizations and other healthcare payors.
FocusScript will manage and process Correct Compound claims across FocusScript’s preferred network of over 200 compounding pharmacies which are accredited and credentialed through the UCAP program, administered in an exclusive partnership with the National Association of Boards of Pharmacy (NABP).
FocusScript will provide its custom, proprietary system for pre-processing claims for optimal pricing, broad analytics and real-time oversight of fraud, waste and abuse.
Mark L. Baum, CEO of Imprimis, stated, “We are excited about today’s launch of the Correct Compound program with FocusScript, the nation’s largest compounding claims management company. Their team of seasoned professionals has extensive managed care and clinical experience, and has established deep relationships with leading PBMs and managed care organizations throughout the U.S. The Correct Compound program, which will be available through a network of FocusScript accredited pharmacies, was designed to assist small and large payors in driving down drug costs while providing patients with high-quality, innovative prescription drug solutions. This partnership allows Imprimis to leverage the value we have built in our Imprimis Cares brand and maintain our focus and resources on our rapidly-growing ophthalmology business. We believe FocusScript’s pharmacy network, relationships with payors and comprehensive prescription drug adjudication tools should help us increase our reach and lower costs that are typically associated with the billing and adjudication process of prescription medications.”
Cynthia A. Meiners, President and CEO of FocusScript, stated, “Rising prescription drug costs continue to be a major concern for payors, and we are pleased to work with Imprimis to introduce the Correct Compound program designed to meet the evolving needs of the managed care industry to continue to provide patients and physicians options in the face of rising costs. Mark and his team have been leading the charge to help combat exorbitant drug prices by quickly bringing to market a portfolio of innovative and affordable compounded medications. By focusing on providing solutions in complex areas where there are disproportionate impacts, we share in the common goal to lower drug costs and make affordable and accessible high quality specialized medications.”
Founded in 2014, FocusScript is dedicated to aligning the right people, shared values and technology needed to organize and oversee the delivery of quality standards, rational pricing and reasonable business practices to small but significant pharmacy markets such as compounding. The company provides access to a network of more than 200 pharmacies that provide specialized and compounded medications, and has steadily added payor clients since its launch. Through an exclusive partnership with the National Association of Boards of Pharmacy (“NABP”), FocusScript’s network of compounding pharmacies are assessed through the United Credentialing and Accreditation Program (“UCAP”). Using NABP’s Verified Pharmacy Program (“VPP”) as its foundation, the UCAP program includes a rigorous review of business and quality practices, attestation to a code of conduct, and compounding specific requirements. For more information, visit www.focusscript.com.
About Imprimis Pharmaceuticals
Imprimis Pharmaceuticals, Inc. (IMMY) is a pharmaceutical company dedicated to producing and dispensing high quality innovative compounded medications in all 50 states. The company’s unique business model increases patient access and affordability to many critical medicines. Headquartered in San Diego, California, Imprimis owns and operates three production and dispensing facilities located in California, New Jersey and Pennsylvania. For more information about Imprimis, please visit the corporate website at www.ImprimisRx.com.
Imprimis Pharmaceuticals, Inc. (NASDAQ:IMMY) shares are moving +21.08% on the news today and have traded in the range of $1.65 – 2.16 during the current trading session. A number of brokerage analysts have recently weighed in on the stock, providing price target projections. The covering firms currently have a consensus one-year price target of $5.00 on the stock. This is according to brokerage analysts polled by Thomson Reuters First Call. This is the average number from the individual targets provided by the firms. Analysts are projecting earnings per share of $0.00 for the next fiscal quarter. For the current year, analysts are predicting earnings of $-1.32 per share according to First Call.
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In looking at where Imprimis Pharmaceuticals, Inc. (NASDAQ:IMMY) is trading on a technical level, the stock is trading -16.35% away from its 50-day moving average of $2.40. Based on the most recent available data, the equity is -72.56% off of its 52-week high of $7.33 and +21.82% away from its 52-week low which is $1.65.
Today, the stock opened at $1.75 and the last bid at the time of writing stood at $2.01. During the session thus far, the equity dipped down to $1.65 and touched $2.16 as the high point. Imprimis Pharmaceuticals, Inc. (NASDAQ:IMMY) has a market cap of $26.64M and has seen an average daily volume of 77,108 over the past three months.
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