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Imprimis Enters Into $2MM Equipment Sale Leaseback Agreement With Essex Capital

August 12, 2016, 07:32 AM
Filed Under: Pharmaceuticals

Imprimis Pharmaceuticals announced it has entered in an equipment lease agreement with Essex Capital Corporation which provided Imprimis with gross proceeds of $2.0 million at closing.  The agreement covers the sale and leaseback of Imprimis' drug manufacturing equipment and has an initial term of up to three years, with an additional one-year lease extension, subject to Imprimis achieving certain financial milestones.

Imprimis has made significant upgrades and additions to the company's compounding equipment at its newly opened location in Roxbury, New Jersey and existing facility located in Irvine, California.  The new equipment will add automation capabilities to many of the company's core filling operations, increasing production volumes and creating new efficiencies for its core aseptic formulations.  

"We are constantly seeking non-dilutive ways to finance the expansion of our business.  We are pleased to announce this agreement with Essex Capital Corporation as it enables us to finance necessary capital expenditures to help accelerate growth and meet growing customer demand for our formulations," stated Mark L. Baum, CEO of Imprimis.

Brad Wheatley, Chief Financial Officer of Essex Capital Corporation commented, "We are excited to provide Imprimis Pharmaceuticals with this financing.  Imprimis is reimagining the pharmaceutical industry, and we are happy to be a part of its vision of driving innovative compounded drugs to the market at accessible prices.  This is exactly the type of business we like to partner with." 

Imprimis Pharmaceuticals, Inc. is a pharmaceutical company dedicated to making drugs affordable again through its Branded Compounding™ business model.  The company is focused on patient outcomes and affordability and offers high quality lower-cost custom compounded drugs in all 50 states.

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