Harrow Sells Non-Ophthalmic Compounding Business
06 October 2022 - 8:35AM
Business Wire
Harrow (Nasdaq: HROW), an eyecare pharmaceutical company
exclusively focused on the discovery, development, and
commercialization of innovative ophthalmic therapies, today
announced the sale of its non‑ophthalmic compounding business to
Innovation Compounding Pharmacy, LLC, an affiliate of Revelation
Pharma Corporation (“Revelation”).
Pursuant to the terms of the transaction, Revelation purchased
the assets of Harrow’s non‑ophthalmic compounding business,
including its formulations, customer accounts, and other related
assets. The transaction did not involve a pharmaceutical production
or dispensing facility. Harrow will continue to support Revelation
during an estimated three-month transition period, and Revelation
will offer employment to Harrow employees supporting the acquired
business.
“This transaction is consistent with Harrow’s strategic vision
to focus exclusively on ophthalmic medicines – to be a ‘pure play’
ophthalmic pharmaceuticals company,” said Mark L. Baum, Harrow’s
Chairman and Chief Executive Officer. “As we approach several key
milestones, including the upcoming commercial launch of recently
FDA-approved IHEEZO™; the launch of our patent‑pending Fortisite™
compounded combination antibiotics; the outcome of the MELT‑300
pivotal efficacy study, expected before the end of this year, for
one of our former subsidiaries, Melt Pharmaceuticals; progress on
product acquisition activities we are pursuing, and new ophthalmic
compounded product launches expected in the coming months, we
believe this transaction demonstrates our resolve to concentrate on
our core competencies and commercial expertise in the North
American ophthalmic pharmaceuticals market. Going forward, our
capital allocation strategy, including proceeds from this
transaction, will be aimed at expanding Harrow’s branded ophthalmic
product portfolio.”
About Harrow
Harrow (Nasdaq: HROW) is an eyecare pharmaceutical company
exclusively focused on the discovery, development, and
commercialization of innovative ophthalmic therapies that are
accessible and affordable. For more information about Harrow,
including investor-related materials, please visit the corporate
website, harrowinc.com, or Harrow’s LinkedIn page.
About Revelation Pharma Corporation
Revelation Pharma is a national network of 503A and 503B
compounding pharmacies providing innovative and quality
pharmaceutical products and services through “industry best”
patient care and solutions for customers. Revelation Pharma is
owned by Osceola Capital, a Tampa-based private equity firm that
invests in lower middle-market services companies.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221005005735/en/
Investors: Jamie Webb Director of Communications and Investor
Relations jwebb@harrowinc.com
615-733-4737
Media: Deb Holliday Holliday Communications, Inc. deb@hollidaycommunications.net 412-877-4519
Harrow (NASDAQ:HROW)
Historical Stock Chart
From Apr 2024 to May 2024
Harrow (NASDAQ:HROW)
Historical Stock Chart
From May 2023 to May 2024