LA JOLLA, Calif., March 27, 2013 (GLOBE NEWSWIRE) -- Innovus Pharmaceuticals, Inc., ("Innovus Pharma") www.innovuspharma.com (OTCBB:INNV) today announced that Dr. Bassam Damaj, Chief Executive Officer, was recently interviewed on the financial news network, CEOLIVE.Tv. The interview is available at: http://www.youtube.com/watch?v=w-FKfRaSj0Y&feature=youtu.be
In the interview, Damaj highlighted the chief, short-term goals for Innovus Pharma, which include commercializing its product pipeline, forming partnerships for manufacturing and distribution, and listing the company on the NASDAQ exchange in 2014.
Damaj, who took the reins of Innovus as CEO in late January 2013, noted that in his previous position as CEO of Apricus Biosciences, that company's market cap grew from $17 million to more than $100 million during his tenure. Partnerships executed during his time at Apricus included companies such as Abbott, Novartis-Sandoz, and Takeda.
Innovus has a deep and strong product pipeline with unique packaging and presentation, designed for ease of use and patient compliance, with a focus on dermatology, autoimmune disease, sexual dysfunction, and respiratory disease, Damaj said.
For example, Zytopic™, Innovus' product for atopic dermatitis, will be packaged together with a medicated wash to remove dead skin, a steroid cream, and a long-lasting moisturizer.
Innovus Pharma has signed a binding term sheet to acquire a portfolio of nine products and has revamped plans for the packaging and distribution of its APEAZ™ arthritis cream, a fast-acting and powerful cream formulated to target the joints where arthritis resides. APEAZ™ is one of the most intensive over-the-counter ("OTC") topical treatments for arthritis pain relief available today.
Innovus has also signed binding term sheet for the acquisition of ex-US rights to CIRCUMserum™, a product for increasing sensitivity to the skin of the penis. In a use study done after the product was launched in 2012 in the U.S., 80% of regular users reported heightened sensations and greater sexual satisfaction.
Damaj noted that 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.
With regard to funding, Damaj noted that he is personally funding the company through 2014 as noted in a recent 10K filing and, as a result, a going-concern notice has been removed. He also noted that the Company is preparing for a NASDAQ listing in 2014.
About Innovus Pharma
Innovus Pharma, headquartered in La Jolla, 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. The Company intends to grow by developing, in-licensing, acquiring and marketing proprietary respiratory, dermatology, autoimmune and sexual dysfunction pharmaceutical products intended for better patient compliance and results. The Company is building a robust pipeline with a wide range of approved products, including an FDA OTC compliant arthritis pain relief product, APEAZ™, CIRCUMserum™ an OTC product for increasing skin sensitivity to the penis, a line of prescription products in dermatitis as well as product candidates across each phase of development, such as its VAP-1 program for psoriasis and dermatitis. For more information, go to: 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 CIRCUMserum and the line of prescription products in determitis on terms and conditions satisfactory to it, Innovus Pharma's ability to raise sufficient capital to fund its operations and growth strategy in the long term, 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 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.