Innovus Pharma CEO is Interviewed by the CEOCFO Financial News Service
Damaj Cites Acquisitions, Growth Plans for Product Portfolio and Plans for
Listing on NASDAQ
LA JOLLA, Calif., March 18, 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 by
the CEOCFO financial news service. The interview is available at
In the interview, Damaj described actions and plans for Innovus Pharma since
he became CEO on January 22, 2013. He noted that since he took over, the
mission of Innovus has changed into developing and licensing as well as
acquiring and marketing pharmaceutical products in four main areas:
dermatology, autoimmune, respiratory and sexual dysfunction diseases.
Damaj said that Innovus products in these areas are differentiated and unique
in the sense that they are uniquely packaged and presented for better patient
compliance, convenience and results.
In addition, Damaj noted that Innovus recently signed a binding term sheet
with Prospector Capital Partners II for the acquisition of nine FDA-approved,
prescription products from that company. The products are not yet on the
market and once the transaction closes, Innovus will be working on setting up
manufacturing, distribution and reimbursement, Damaj said.
Innovus also signed a second binding term sheet for the acquisition of
CIRCUMserum™ for increasing sensitivity to the skin of the penis. In a use
study, completed 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.
The two term sheets signed in a short period are an indication of the focus
and execution of Innovus management on its objectives, Damaj said.
Another Innovus product that Damaj highlighted in the interview is APEAZ™, an
FDA-compliant, fast-acting arthritis pain relief 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. APEAZ™ is available in regular and extra-strength
formulations. The product was designed to relieve acute pain, arthritis pain,
athletic injuries, muscle soreness and/or stiffness, muscle and joint pain,
simple backache, strains and sprains.
In addition, Damaj pointed out that Innovus will use mainly online
wholesalers. Robert Verfurth, VP of Sales and Marketing, will lead the sales
and marketing efforts of Innovus products to ensure revenues and cash flow.
For its prescription products, Innovus plans to partner with companies who
already have infrastructure, sales force and distribution.
Damaj noted that prior to joining Innovus, he was the CEO of Apricus
Biosciences, a company listed under the symbol (Nasdaq:APRI), that grew from a
market capitalization of $17 million to more than $100 million during his
tenure. He also noted that Innovus is currently preparing to list on NASDAQ.
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:
CONTACT: Innovus Pharma Contact:
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