Welcome to our dedicated page for Harrow Health news (Ticker: HROW), a resource for investors and traders seeking the latest updates and insights on Harrow Health stock.
Harrow, Inc. (Nasdaq: HROW) is an ophthalmic-focused pharmaceutical company that regularly issues news and updates related to its portfolio of eye-care products, development programs, and corporate activities. The company describes itself as a leading provider of ophthalmic disease management solutions in North America, with products that address conditions such as dry eye disease, wet age-related macular degeneration, cataracts, refractive errors, glaucoma, ocular surface conditions, and retina diseases.
News about Harrow commonly covers financial results and investor communications, including quarterly earnings releases, letters to stockholders, and conference call announcements. The company also announces participation in investor conferences and Investor & Analyst Day events, where it provides overviews of its commercial portfolio, pipeline, and long-term vision.
Another key theme in Harrow’s news flow is business development and pipeline progress. Recent press releases have described the agreement to acquire, and subsequent closing of the acquisition of, Melt Pharmaceuticals, Inc., a clinical-stage company developing non-opioid, non-IV sedation therapies such as MELT-300 and MELT-210. Harrow has used these announcements to explain the strategic rationale for expanding into procedural sedation and to outline regulatory and development milestones for these product candidates.
Harrow’s news also highlights access and affordability initiatives, such as the launch of the VEVYE Access for All (VAFA) program for VEVYE (cyclosporine ophthalmic solution) 0.1% and the broader Harrow Access for All (HAFA) program, which is intended to extend a unified access model across its branded, authorized generics, and compounded ophthalmic medications. Additional releases address leadership changes at ImprimisRx, debt offerings and related credit facilities, and other corporate matters.
Investors and eyecare professionals reviewing Harrow’s news page can expect updates on earnings, capital markets transactions, acquisitions, development milestones for ophthalmic and procedural sedation candidates, and initiatives aimed at improving patient access to the company’s ophthalmic therapies.
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.
Harrow (Nasdaq: HROW) will announce its third-quarter financial results for the period ending September 30, 2022, on November 14, 2022, after market close. A conference call will follow at 4:45 p.m. Eastern Time to discuss the results and company updates. Investors can access related materials through Harrow's website. The company is dedicated to developing innovative, affordable ophthalmic therapies.
Melt Pharmaceuticals has successfully dosed the last patient in its Phase 2 pivotal study for MELT-300, a novel sublingual formulation for procedural sedation in cataract surgery. Over 330 subjects participated in this randomized, double-blind study, comparing MELT-300 against placebo and individual components. Top-line results are expected by year-end, marking a critical advancement in providing opioid-free sedation. If successful, Melt plans to engage with the FDA regarding the next steps for MELT-300.
Harrow (Nasdaq: HROW) has announced the sale of its non‑ophthalmic compounding business to Innovation Compounding Pharmacy, LLC, part of Revelation Pharma Corporation. This strategic move aligns with Harrow's goal to focus exclusively on ophthalmic therapies. The sale encompasses various assets, excluding a production facility, while Revelation will hire Harrow employees involved in this area. The transition support from Harrow will last approximately three months. This decision aims to enhance Harrow's core competencies as it approaches multiple significant milestones, including upcoming product launches.
ImprimisRx, America’s leading Ophthalmic Pharmacy™, has launched Fortisite™, a compounded topical antibiotic formulated with Tobramycin 1.5% and Vancomycin 5%. This unique formulation is stable at refrigerated temperatures for up to 180 days and aims to meet unmet clinical needs. Available through the ImprimisRx 503A pharmacy now, it will soon be accessible via the FDA-registered 503B outsourcing facility. A Patient Access Program and a 100% replacement guarantee for expired products further enhance accessibility for eyecare professionals.