Imprimis Pharmaceuticals has entered in an equipment lease agreement with Essex Capital Corporation, which provided Imprimis with gross proceeds of $2 million. 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, NJ, and existing facility located in Irvine, CA. 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,” said Mark Baum, chief executive officer, Imprimis. “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.”

Brad Wheatley, chief financial officer, Essex Capital Corporation, said, “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.”