SAN DIEGO, Aug. 6, 2014 (GLOBE NEWSWIRE) -- Innovus Pharmaceuticals, Inc., ("Innovus Pharma" or the "Company") www.innovuspharma.com (OTCQB:INNV) today announced that the Company increased its Line of Credit with Dr. Bassam Damaj, its President & CEO to a total of $1.5M. This added funding combined with the revenues from sales of commercial products both in the US and Canada, as well as from the new international partnerships the Company expects to announce this year, the Company believes, will provide a cash runway until Q2 2015. "My strong belief in the success of the Company and its commercial pipeline makes my commitment to Innovus unwavering," said Dr. Damaj, President & Chief Executive Officer of the Company.
"In addition to these commercial partnerships the Company anticipates to sign in H2 2014, we are looking to add a proprietary topical delivery platform, which will transform us into a platform-based pharmaceutical company that will allow us to extend the life cycle of our current products and add additional patented and differentiated new products into the OTC marketplace," continued Dr. Damaj.
The Company also announced that it will file its second quarter Form 10-Q by August 14, 2014. The Company currently expects a narrower loss for the second quarter as it continues to push its sales and grow its revenues.
About Innovus Pharmaceuticals, Inc.
Headquartered in San Diego, Innovus Pharma is an emerging leader in the OTC male and female sexual dysfunction products. The Company generates revenues from its lead products Zestra® for female arousal, and EjectDelay™ for premature ejaculation, and has a total of four marketed products in this space, including Sensum+™ (for sales outside the U.S. only) and Zestra Glide®.
For more information, go to www.innovuspharma.com.
Innovus Pharma's Forward-Looking Safe Harbor
Statements under the Private Securities Litigation Reform Act, as amended: 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 individually or mutually impact the matters herein described for a variety of reasons that are outside the control of the Company, including, but not limited to, receiving patent protection for any of its products, receiving approval or to be compliant with the requirements of any relevant regulatory authority relating to such products such as Zestra®, to successfully commercialize such products, and to achieve its other development, commercialization, financial and staffing objectives. 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 without charge from the Company.