San Diego’s Imprimis Pharmaceuticals, a maker of compounded drugs, reported a significant increase in revenue for the fourth quarter and full 2015 year.
The company reported revenue of $3.5 million for the fourth quarter, up from $550,000 for the same period in 2014. Due to increased costs associated with administration, sales, and marketing, the company’s net loss also increased for the quarter. The company reported a net loss of $5.1 million for Q4, compared to a net loss of $2.7 million in the same period the prior year.
For the full year, Imprimis reported $9.7 million in revenue, up from $1.7 million in 2014. The company’s net loss was $15.9 million in 2015, compared to a $10.1 million net loss the prior year.
“Following the recent completion of our $12 million capital raise in March, we believe we are well positioned to execute our business strategy as we work with payors, both public and private, to expand our Imprimis Cares program,” Mark L. Baum, CEO of Imprimis, said in a statement. “During 2016, we look forward to furthering our current market share within key therapeutic areas and also introducing new formulations that we believe provide patients with high quality and lower cost drug choices.”
The Imprimis Cares program, launched in 2015, aims to offer affordable compounded formulations of expensive drugs. The company started selling an alternative to the infamously expensive Daraprim (made by Turing Pharmaceuticals) late last year. Since Dec. 15, 2015, the company has dispensed more than 7,300 doses, according to a company news release.
“With the expected opening of our FDA-registered outsourcing facilities in Texas and New Jersey, and the expansion of our Imprimis Cares formulary, we believe 2016 will be another year of setting new records and financial milestones, as we continue our march towards profitability," Baum said.