Osmotica Pharmaceuticals Announces Corporate Name Change to RVL Pharmaceuticals plc With New Ticker Symbol 'RVLP'

Author: Charles Gross | January 19, 2022 07:51am
Osmotica Pharmaceuticals plc (NASDAQ:OSMT) ("OSMT" or the "Company"), a specialty pharmaceutical company, announced today that the Company has changed its name to RVL Pharmaceuticals plc (NASDAQ:RVLP) ("RVL"). This rebranding reflects RVL's strategy to become a growth company in eye care and medical aesthetics, and, as part of this transformation, RVL has launched a new corporate website www.rvlpharma.com. Upon U.S. Food and Drug Administration ("FDA") approval in 2020, RVL launched UPNEEQ® (oxymetazoline hydrochloride ophthalmic solution), 0.1%, the first and only FDA-approved ophthalmic solution for the treatment of acquired blepharoptosis, more commonly known as droopy eyelid(s) or ptosis. The Company's commercial efforts related to UPNEEQ to date have been focused on eye care, establishing a foundation of safety and efficacy, while increasing awareness and expanding education throughout the optometry and ophthalmology communities. "This is an exciting and important day for our company, as we formally become RVL Pharmaceuticals. We have established a unique business model to capture the full value of UPNEEQ. We have streamlined and disintermediated the traditional Rx value chain, creating what we believe is a first-in-class business platform to market self/cash-pay products," stated Brian Markison, Chief Executive Officer of RVL Pharmaceuticals. "Despite its prevalence, we believe low-lying eyelids have historically gone overlooked and undiagnosed due to the absence of non-invasive treatment options. We continue to build momentum in eye care, and early feedback from our Ambassador Program within medical aesthetics has been encouraging, and excitement continues to build as we expand our educational efforts in this channel. "With a strong foundation of safety and efficacy in eye care, we believe our team is well-prepared to expand into medical aesthetics and bring this innovative treatment option to appropriate patients. Our dedicated business unit is fully staffed with the sales force on-boarding and training well under way ahead of our anticipated full national launch in February. In addition to our direct dispense model, we are rolling out our ‘virtual' model for healthcare providers in select states in the weeks ahead. We are excited to offer healthcare providers in the eye care and now medical aesthetics markets an option to treat appropriate adult patients with acquired ptosis," concluded Markison. Recent Commercial Highlights for UPNEEQ: Fourth quarter 2021 net sales for UPNEEQ grew by approximately 41% to $3.1 million compared to the third quarter 2021. The number of cumulative unique pharmacy prescribers at year-end 2021 was 10,500, an increase of approximately 30% compared to the end of the third quarter of 2021. At year-end 2021, approximately 1,000 eye care providers were participating in the direct dispense program. At year-end 2021, optometry accounted for about 62% of UPNEEQ's prescriber base, with ophthalmology representing approximately 38%. The prescription mix for UPNEEQ was approximately 60% for 30-count equivalent units and 40% for the 90-count equivalent units in the fourth quarter of 2021, and when combined with the direct dispense program, the Company sold more than 39,000 30-count equivalent units in the fourth quarter of 2021, an approximately 50% increase from the 26,500 30-count equivalent units sold in the third quarter of 2021.  Fourth Quarter 2022 Net Sales Guidance The Company is targeting net sales for the fourth quarter of 2022 to be between $20 million and $25 million combined between eyecare and medical aesthetics.

Posted In: OSMT RVLP