Harrow Health is a growing leader in the ophthalmic healthcare market. Our success-to-date is directly tied to our unique approach to serving
patients and supporting eyecare professionals. We make pharmaceutical products for the over 8 million annual ophthalmic surgeries in the U.S., as
well as medications prescribed to treat patients managing chronic and acute eye conditions such as dry eye disease, glaucoma, allergies, infections,
and other ophthalmic inflammatory conditions. We serve over 10,000 doctors, hospitals, and ambulatory service centers (ASCs) and regularly ship to
over 1,500 institutional accounts each month. We are supported by an integrated national sales and customer service organization, as well as an
efficient, scalable, and tech-enabled national production and distribution platform licensed to do business in all 50 U.S. states.
By Mark L. Baum, Founder and CEO
Harrow Health’s mission is to make medications more accessible and affordable. I like to remind our employees and shareholders that, “We started
with no customers and no products.” Thanks to the efforts of our dedicated team and patient shareholders, from our founding in December 2011 to our
February 2013 listing on NASDAQ – and to this day – we’ve continued to make steady progress developing a market leadership position as an
ophthalmic-focused healthcare business. We’ve learned a lot along the way as we continue to become better at operating our growing business. I am
proud of what we’ve achieved so far — through our "100% no-excuses commitment to serving patients" — consistent with our mission,
vision, and values.
We Charted New Paths
After a few fits and starts during 2012-2013, on April 1, 2014, we began generating revenues through our ImprimisRx brand, which was focused on
selling a compounded intraocular injectable steroid and antibiotic formulation that was produced from a 2,500 square-foot facility in Randolph, New
Jersey. Thanks to strong interest from ophthalmologists, our ImprimisRx brand grew rapidly. But nobody had designed a “playbook” for us to follow;
there weren’t any national ophthalmic pharmaceutical compounders with the scale that we had envisioned. Consequently, we began building systems and
processes to support a brand and business that was rapidly taking market share and serving a growing number of eyecare professionals each month.
Today, not far from Randolph, in Ledgewood, New Jersey, our current production and distribution facility is not only massively larger than our old
Randolph facility, importantly, it’s state-of-the-art, including automation and robotics, a well-trained team making products to align with the
highest federal pharmaceutical manufacturing standards. Our Ledgewood facility, which is registered and inspected by FDA and DEA, is licensed to do
business in every state in our Nation.
Customer and Patient Focused
From the time when we offered only one product – to today, we’ve always fostered a culture of innovation, curiosity, and communication – constantly
asking doctors what they needed to take better care of their patients. These conversations often led to new formulation ideas and product
development opportunities. While some of these ideas were designed to serve small numbers of patients, others had broad appeal, and many were
patentable. Our customers liked the Harrow approach, and we were able to partner with some of the brightest and most respected ophthalmologists and
optometrists in the world. We are proud to now offer many families of products used in cataract and glaucoma surgeries, LASIK and other in-office
ophthalmic procedures, and suites of chronic care medications prescribed to treat dry eye disease patients and patients managing glaucoma. At
Harrow, our commitment to innovation — to better serve patients — will not yield.
Raising Capital; Limiting Dilution
We’ve built our business the “old fashioned” way. In the grand scheme of things, we haven’t raised that much equity capital. Our first equity raise
was a “friends and family” $8 million offering back in 2012. Next, following an $11 million offering, Harrow Health (then Imprimis Pharmaceuticals)
began trading on the Nasdaq Capital Market under the ticker symbol “IMMY” on February 8, 2013. In May of 2015, we entered into a $15 million loan
agreement with Life Sciences Alternative Funding LLC, and this facility was refinanced in July of 2017. In March of 2016, we completed a $12 million
equity offering. Then, in December 2016, Imprimis’ Board of Directors and senior management, including myself, our CFO and Senior Director of
Corporate Development, participated in an equity offering that raised about $10 million. Finally, in March of 2017, two accredited investors
purchased about $3 million of our common stock, marking the last time the Company diluted its common stock shareholders.
Learning From Our Past
Like every start-up company, we’ve had our share of initiatives that didn’t work out as planned, such as our expansion into urological products,
then sinus products, and along the way, buying new production facilities in California, Texas, and Pennsylvania. We also became embroiled in issues
that we wished we could have avoided, like the Allergan lawsuit against us in 2017, which was a grave threat to our business. In the end, even
though it was a literal fight for survival and cost us millions of dollars in legal fees, we ended up prevailing in the ensuing jury trial and
created a new body of law that now underpins how we operate our business. In early 2020, there was the COVID-19 Pandemic, which wreaked havoc on the
world, including Harrow Health. But, through these challenges, we learned valuable lessons, and we remained flexible, reimagining, reinventing, and
improvising where needed. We employed our innovative culture to meet those challenges head on and emerged a stronger company. In fact, since our
weak Q1-Q2 2020 periods, we emerged in the third quarter of 2020 with record financial results that surpassed pre-COVID levels. I am very proud of
the incredible people who make up the Harrow family — for all their efforts, loyalty and commitment through thick and thin. It’s what drives
We Attracted Attention
Our success, growth and leadership attracted attention and public recognition.
October 2015 – When Martin Shkreli and his Turing Pharmaceuticals increased the price of Daraprim® by 5,000%, literally overnight, to $750 per
tablet, we made sure patients had access to this critical medicine by making an alternative to Daraprim® available. The starting price for our
formulation was as low as $0.99 per pill. In December 2015, we partnered with Express Scripts to make our formulation widely available.
November 2016 – Imprimis Pharmaceuticals ranked 12th on Deloitte’s Technology Fast 500™, an annual ranking of the fastest growing North American
companies in the technology, media, telecommunications, life sciences and energy tech sectors.
November 2018 – Imprimis Pharmaceuticals ranked 88th on Deloitte’s Technology Fast 500™, an annual ranking of the fastest growing North American
companies in the technology, media, telecommunications, life sciences and energy tech sectors.
Growth While Protecting Shareholders
Because we have been sensitive to the issue of common stock dilution, we decided to build a balance sheet in two non-dilutive ways: first, by
growing our core business organically and responsibly leveraging it; and second, by taking small amounts of Harrow cash, starting new companies,
and retaining valuable equity positions we could subsequently sell. Our belief was that this plan would allow the Harrow team to focus on our
strength in eyecare while separate and focused management teams operated these new businesses. We would fund these businesses using external
capital and as these enterprises matured, Harrow’s large but minority equity stakes and potential royalties in drug candidates would be a great
way to fund our long-term plans. We are on our way; and here are the results so far:
June 2017 – Eton Pharmaceuticals $20 Million Series A Financing – Eton Pharmaceuticals was carved out to focus on developing and commercializing
innovative treatments for rare pediatric diseases. Eton was externally financed and deconsolidated from Harrow’s operations, and in November
2018, Eton completed an IPO (Nasdaq: ETON), with Harrow retaining 3.5 million shares of Eton common stock.
May 2018 – Surface Pharmaceuticals $20 Million Series A Financing – Surface Pharmaceuticals was carved out of Harrow to focus on developing and
commercializing therapeutics for ocular diseases using our patented Klarity delivery vehicle. Today, Surface has three active and exciting drug
development programs that if approved will serve large and growing markets. Harrow owns 3.5 million shares of Surface and a four percent royalty
on all active Surface drug candidates.
February 2019 – Melt Pharmaceuticals $11 Million Series A Financing – Melt Pharmaceuticals was carved out of Harrow Health to develop its
patented rapidly dissolving sublingual tablet that provides needle- and opioid-free sedation and analgesia. Harrow owns 3.5 million shares of
Melt and a five percent royalty on all active Melt drug candidates.
April 2021 – Sale of 1.5 million shares of Eton Stock – Harrow Health sold over 1.5 million shares of Eton stock, generating approximately $10.6
million leaving us with approximately 2.0 million Eton common shares.
April 2021 – Offering of $55 Million Senior Notes Due 2026 – Harrow Health completed a $55 million bond offering through B. Riley.
May 2021 – Private placement Offering of $11 Million of Series B Cumulative Preferred Stock – Harrow Health completed a private placement of
preferred stock through B. Riley.
May 2021 – Regional launch of Visionology – To better serve patients and eyecare professionals, we recently regionally launched
Visionology.com, the first direct-to-consumer eyecare platform focused on helping patients
manage chronic eye disease and ensuring access to local eyecare professionals. Visionology offers Eyecare, without the waiting room™ and
delivers a simple and seamless user experience that leverages our Eyecare-as-a-Service™ model to drive value, transparency, and access.
Evolving Beyond Compounding
In mid‑2019, we resolved to exclusively focus on growing our market-leading ophthalmic business. We had demonstrated success in the ophthalmic
space, and we wanted to emulate two other large ophthalmic pharmaceutical companies – Allergan and Alcon -- that began as compounding pharmacies
and later grew into large multi-national pharmaceutical companies. So … in late-2020, we branched out to leverage our commercial capabilities
through the signing of an alliance with EyePoint Pharmaceuticals. That agreement to promote DEXYCU® 9% for the treatment of post-operative
inflammation following ocular surgery in the U.S. was the first “proof-point” that our commercial platform could be impactful on the sales of
FDA‑approved ophthalmic products — and we (and EyePoint) are very happy with the results to date.
We are continuing to take our platform to the next level. We have a very effective integrated national sales and customer service organization and
an efficient, scalable and tech-enabled national production and distribution platform licensed to do business in all 50 U.S. states. We also have
a robust pipeline of exciting acquisition targets, as well as an enhanced cash position that allows us to quickly take advantage of opportunities
that we have identified as a good fit. We are looking forward to learning from our future accomplishments!
January 2019 – Name Change to Harrow Health (Nasdaq: HROW) – Imprimis Pharmaceuticals changes name to Harrow Health, Inc. and begins trading on
Nasdaq under “HROW” on January 2, 2019.
June 2019 – Move to Nashville, TN; Focus on Ophthalmology – Harrow Health moves corporate offices from San Diego, CA, to Nashville, TN, and
narrows focus exclusively on eyecare.
I feel blessed to be a part of our team and able to see the tremendous impact we are having in the eyecare world and in patients’ lives. Our hard
work building our platform gives me a strong conviction that our best days are ahead of us. Our pipeline of potential transformative transactions is
strong, and I am confident that our efforts will lead to new opportunities and the addition of new ophthalmic products that will continue to
contribute to our success.
While we have achieved much, we are not letting down our guard. We will always be scrappy, non-bureaucratic, diligent, undeterred from our mission,
and buoyed by the benefits our more efficient business model brings to the market.
Finally, if you are a Harrow shareholder, on behalf of our team – thank you for the opportunity to work hard to reward you for your
To help patients manage the preservation of their sight by providing access to innovative and affordable medicines and services.
To deliver novel eyecare solutions to physician and patients today at accessible prices.
The success of our company is built on the foundation of personal and professional integrity – being ethically unyielding and honest and inspiring
trust by saying what we mean, matching our behaviors to our words and taking responsibility for our actions.
Our goal is to match our innovations with the expectation of our constituents. We are pioneers whose innovations are evaluated and validated through
a proprietary, disciplined process and whose success is measured by our physicians’ and patients’ outcomes. We constantly renew our
portfolio/pipeline to explore options to meet the realities of the new healthcare economy with the aim to increase value for all stakeholders.
We will make medicines that solve real-world, unmet patient needs. Through our extensive innovation network of physicians and pharmacists, we have
the opportunity to see what works for patients in a real-world clinical setting. We pride ourselves on our ability and willingness to listen to what
the market wants and provide high quality and effective solutions. We are not a business that tells the market what it needs.
Quality and safety are paramount. We make sure that everything we produce is of consistently high quality so that our physicians, patients, and
employees can be proud of how we serve our community of customers.
Relationships are our most precious resource. Above all else, we believe in creating long-term relationships by being responsive and relevant and by
consistently delivering value. We focus on attracting, developing, and retaining the best talent for our business, challenging our people,
demonstrating a “can-do” attitude and fostering a collaborative and mutually supportive environment.