LA JOLLA, Calif., Feb. 28, 2013 (GLOBE NEWSWIRE) -- Innovus Pharmaceuticals, Inc. ("Innovus Pharma"), www.innovuspharma.com, (OTCBB:INNV) today announced that it has signed a binding term sheet with Centric Research Institute ("CRI") for over $7.5 US million in upfront, milestones and sales royalty payments, in order to acquire global ex- U.S. rights to the proprietary U.S. marketed skin cream, CIRCUMserum™.
The skin cream, CIRCUMserum™ is a patent-pending new formulation of essential natural ingredients. The cream moisturizes the head of the penis, making the skin softer and more sensitive. In a use study by urologists in the US after the product was launched in 2012, 80% of regular users reported heightened sensations and greater sexual satisfaction.
"This product can make a difference in people's lives," said Dr. Bassam Damaj, Chief Executive Officer of Innovus Pharma. "Over time, the circumcised penis can become calloused, reducing sensitivity. CIRCUMserum™ restores that natural sensation, which helps both to achieve orgasm and to maintain erections."
CIRCUMserum™ is expected to be especially effective in circumcised men, whose penises lose sensitivity over time without the protective foreskin, and in men with diabetes, who have a high incidence of erectile dysfunction because of neuropathy of the extremities. "Diabetic men are an important target population for us," said Damaj.
"Although not currently needed to market the product and to follow up on the encouraging initial use study, we are planning for a larger, more controlled clinical study this year," Damaj added. "The larger trial will be designed to provide support for a claim for increased sensation and blood flow.
"We are pleased with this partnership with Innovus Pharma and especially with Dr. Damaj who has an excellent track record of approving products in this area and an outstanding record of commercial partnerships with large pharma and distributors in the Middle East and North Africa where most of the target population exists," commented Dr. Albert Liu, CEO of CRI. "In addition, all of the product ingredients are listed by the Food & Drug Administration ("FDA") as GRAS (Generally Recognized as Safe), and since we are not making any drug claims, the product is not required to gain New Drug Application approval from the FDA."
CIRCUMserum™ is designed to be applied once or twice a day to the head (or glans) of the penis, using the included handheld dispenser. The product is currently marketed in the U.S. by CRI. For more information on CIRCUMserum™, go to http://www.circumserum.com.
About Innovus Pharma
Innovus Pharma, headquartered in San Diego, CA, is an emerging pharmaceutical company that delivers innovative and uniquely presented and packaged healthcare solutions through both prescription medicines and consumer and health products.
Innovus Pharma develops, in-licenses, acquires and markets proprietary respiratory, dermatology and autoimmune pharmaceutical products intended for better patient compliance and results. The Company is building a robust pipeline with a wide range of approved products, including arthritis pain relief product, APEAZ™, and CIRCUMserum™ for male sexual sensitivity, as well as product candidates across each phase of development, such as its VAP-1 program for psoriasis and dermatitis.
For further information about Innovus Pharma, go to http://www.innovuspharma.com
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements that involve risks and uncertainties that may be considered to be "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that may individually or mutually impact the matters described in this release for a variety of reasons, many of which are outside the control of Innovus Pharma. These risks and uncertainties include, but are not limited to Innovus Pharma's ability to negotiate the definitive agreements for the acquisition of the product described in this release on terms and conditions satisfactory to it, the results of clinical trials on the CIRCUMserum™ product, Innovus Pharma's ability to raise sufficient capital to fund its operations and growth strategy, the continued willingness of members of the Board of Directors to fund the company on an interim basis, Innovus Pharma's ability to achieve its development, regulatory, commercialization and financial goals for its existing products, its ability to acquire additional products, and its ability to achieve development, regulatory, commercialization and financial goals for such additional products. Readers are cautioned not to place undue reliance on these forward-looking statements as actual results could differ materially from the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company's most recent annual report on Form 10-K, subsequent quarterly reports filed on Form 10-Q and other filings made with the SEC. Copies of these reports are available from the SEC's website or the "Investors" section of Innovus Pharma's website at innovuspharma.com.
About Centric Research Institute
Centric Research Institute (CRI) develops revolutionary health and personal care products using safe, non-invasive topical and transdermal delivery systems. CIRCUMserum is CRI's first offering in a pipeline of innovations arising from scientific research into fundamental human physiology. The company is based in Encinitas, California.