Harrow Health Inc Stock Price, News & Analysis

Harrow (Nasdaq: HROW) has made its compounded antibiotic formulation, Fortisite (Tobramycin 1.5% + Vancomycin 5%), available for immediate in-office use by eyecare professionals. This product, sourced from its FDA-registered ImprimisRx 503B facility, marks a significant advancement in treating sight-threatening infections. Fortisite is distinguished by its high concentration and stability, allowing for improved patient care. The company also offers a robust access program and a 100% replacement guarantee for expired products, enhancing its service to healthcare providers.

Melt Pharmaceuticals has announced positive top-line results from its Phase 2 study of MELT-300, a novel sublingual formulation for procedural sedation during cataract surgery. The study demonstrated that MELT-300 was statistically superior in efficacy compared to both midazolam (P=0.0129) and ketamine (P=0.0096), and patients treated with MELT-300 were significantly less likely to require rescue sedation (50% less than midazolam, P=0.0198). The company plans to approach the FDA to discuss further development plans.

Harrow Health has announced the pricing of an underwritten public offering of $35 million of 11.875% senior notes due 2027. The offering is expected to close on December 20, 2022. The company has also granted underwriters a 30-day option to purchase an additional $5.25 million in notes. Proceeds will be used for a previously announced acquisition, along with funding general corporate purposes. The notes have received a 'BB' rating from Egan-Jones Ratings Company and will be listed under the symbol 'HROWM' on Nasdaq.

Harrow Health, Inc. (Nasdaq: HROW) has launched a public offering of $100 million in senior notes due 2027. The offering is subject to market conditions, with underwriters potentially acquiring an additional 15%. The proceeds will fund a previously announced acquisition and support other corporate activities. Egan-Jones Ratings Company has rated the notes as 'BB'. The notes will be offered under an SEC effective shelf registration statement. Harrow focuses on innovative ophthalmic prescription therapies in the U.S. market.

Harrow Health, Inc. (NASDAQ: HROW) announced a priced underwritten offering of 2,376,426 shares at $10.52 per share, yielding gross proceeds of $25 million. This offering is expected to close around December 16, 2022. Funds will be utilized primarily for a recent acquisition and general corporate purposes, including product acquisitions and capital expenditures. The offering is conducted under Harrow's Form S-3 shelf registration. B. Riley Securities is the sole book-running manager for this offering.

Harrow (Nasdaq: HROW) has announced a binding agreement to acquire exclusive U.S. commercial rights to five FDA-approved ophthalmic products from Novartis. This acquisition is expected to enhance Harrow's portfolio and contribute to revenue growth. The deal, valued at $130 million at closing with an additional $45 million contingent on future sales, will allow Harrow to enter the U.S. ophthalmic market more competitively. Revenue projections for 2023 are estimated between $135 million and $143 million, with adjusted EBITDA between $44 million and $50 million.

Harrow (Nasdaq: HROW) has expanded its national product supply agreement with iOR Partners, enhancing the availability of its ophthalmic products across the U.S. This collaboration aims to support the growing trend of office-based cataract surgeries, allowing surgeons to deliver personalized care. Mark L. Baum, CEO of Harrow, emphasized their mission to ensure accessibility and affordability in eyecare. iOR Partners praised Harrow for its high-quality compounded formulations, including the MKO Melt®, which minimizes the need for opioids during procedures.

Harrow (NASDAQ: HROW) reported third-quarter 2022 revenues of $22.8 million, a 22% increase from $18.7 million in Q3 2021. The company achieved FDA approval for IHEEZO™ and launched Fortisite™, a new line of antibiotics. With a cash reserve of $45 million and a backlog of nearly $1 million, Harrow is focusing on its ophthalmic products. Despite a net loss of $6.5 million, adjusted EBITDA reached $2.5 million, indicating operational progress. CEO Mark Baum highlighted the company's strategic shift towards being a pure-play ophthalmic pharmaceutical entity.

Harrow (Nasdaq: HROW) has launched a nationwide availability of compounded atropine formulations through atropine.com. This new platform addresses the demand for consistent, reliable compounded atropine, with products available in concentrations of 0.01%, 0.025%, and 0.05% priced from $39 per bottle. Harrow aims to enhance product stability and potency through strict testing and is developing a patent-pending line free from preservatives. Healthcare professionals can order through the ImprimisRx pharmacy, ensuring access to tailored medications for unmet clinical needs.