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.
Overview of Harrow Health Inc.
Harrow Health Inc. (NASDAQ: HROW) is a U.S.-based pharmaceutical company specializing in the development, production, and commercialization of medications that address unmet medical needs. The company’s primary focus lies in ophthalmology, where it provides a comprehensive range of sterile and non-sterile compounded medications, as well as innovative therapeutics for ocular surface diseases and conscious sedation solutions. By targeting specific, often underserved medical needs, Harrow Health plays a critical role in advancing eye care and improving patient outcomes.
Core Business Areas
Harrow Health’s business model is centered on the development and distribution of specialized pharmaceutical products. Its portfolio includes:
- Ophthalmology-Based Formulations: The company offers a variety of compounded medications and topical eye drop drug candidates designed to treat conditions such as dry eye disease (DED) and other ocular surface pathologies.
- Therapeutics for Ocular Surface Diseases: Products like Klarity Drops and oral capsules such as SURF-300 aim to protect and rehabilitate the ocular surface, addressing both the signs and symptoms of DED.
- Sedation and Anesthesia Solutions: Harrow Health develops non-intravenous sedation and anesthesia therapeutics, such as MELT-100, which is administered sublingually for conscious sedation during procedures like cataract surgery.
This diversified portfolio reflects the company’s commitment to addressing complex medical needs through specialized pharmaceutical solutions.
Market Position and Differentiation
Harrow Health operates within the highly specialized ophthalmology segment of the pharmaceutical industry. Its focus on compounded medications and targeted therapeutics allows it to serve niche markets that are often overlooked by larger pharmaceutical companies. By prioritizing accessibility and affordability, Harrow Health ensures that its products reach a broad spectrum of patients and healthcare providers. This approach not only strengthens its market position but also differentiates it from competitors with more generalized portfolios.
Revenue Model and Distribution
The company generates revenue through direct sales to healthcare providers and patients, leveraging a vertically integrated model that encompasses development, production, and distribution. This streamlined approach enables Harrow Health to maintain control over quality and cost, further enhancing its value proposition. Its distribution channels are tailored to meet the needs of U.S.-based eyecare professionals, ensuring timely and efficient delivery of its products.
Challenges and Opportunities
Operating in the pharmaceutical industry, Harrow Health faces challenges such as stringent regulatory requirements, the need for continuous innovation, and competition from both specialized and general pharmaceutical firms. However, its focus on underserved medical needs and its expertise in ophthalmology provide significant opportunities for growth and market penetration. By addressing these challenges effectively, the company is well-positioned to maintain its role as a key player in the ophthalmology sector.
Conclusion
Harrow Health Inc. stands out as a specialized pharmaceutical company dedicated to advancing eye care through innovative and accessible solutions. Its focus on ophthalmology, coupled with a robust portfolio of medications and therapeutics, underscores its commitment to addressing unmet medical needs. By leveraging its expertise and maintaining a patient-centric approach, Harrow Health continues to play a vital role in the U.S. healthcare landscape.
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
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.
IHEEZO™ (chloroprocaine hydrochloride ophthalmic gel) has received FDA approval, marking the first branded ocular anesthetic in the U.S. in nearly 14 years. Licensed by Harrow from Sintetica, IHEEZO is designed for ocular surface anesthesia and boasts a patent protecting it until 2038. Its clinical studies showed rapid action and effective anesthesia for cataract surgeries, without the need for supplemental treatments. With an estimated 4.5 million cataract surgeries annually in the U.S., Harrow aims for an accelerated commercial launch, enhancing its market presence in the ophthalmic sector.
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