-Company Also Updates on Additional Revenue-Generating Activity in
that Country
SAN DIEGO–(BUSINESS WIRE)–Innovus Pharmaceuticals, Inc. (“Innovus Pharma” or the “Company”) (OTCQB
Venture Market: INNV), an emerging commercial-stage pharmaceutical
company that delivers safe, innovative and effective over-the-counter
medicine and consumer care products to improve men’s and women’s health
and respiratory diseases, today announced that it has made significant
progress on the regulatory and manufacturing steps needed to obtain
market authorization from Health Canada to commercialize its FlutiCare®
brand in Canada. The Company expects to secure the needed market
authorization, manufacturing and supply of the product from an existing
Canadian manufacturer during the second half of 2019 pending Health
Canada approval. The product is expected to be available as an over the
counter drug (“OTC”) in that country and will not require a prescription.
“We are pleased to announce progress relating to our plans to
commercialize FlutiCare® in Canada as this will be our first
international market for the product if approved by Health Canada,” said
Innovus Pharma CEO, Dr. Bassam Damaj. “In addition to Canada, we are
working with the regulatory bodies of several other countries to assess
the requirements needed to file for market authorization in those
countries,” Continued Dr. Damaj.
Additional Canadian Market Updates
In addition to FlutiCare®, the Company recently jointly announced with
its former distribution partner, Acerus Pharmaceuticals, Inc., a
Canadian company (“Acerus”), that it would be receiving back all the
rights to its product UriVarx®, approved for the relief of symptoms of
overactive bladder and urine incontinency by Health Canada. “Receiving
the rights to the product back from Acerus, which allows Innovus Pharma
to fully commercialize it under our sales and marketing platform, was
the most logical step for us to take to ensure the full market potential
of UriVarx® in Canada. We currently expect additional revenues of at
least $1.5 million a year from the sales of the product in Canada versus
the $0.5 million recognized for the previous year,” added Dr. Damaj.
“The Company continues to assess the performance of its partners in
Canada and around the world and will continue to take steps to ensure
that they perform to achieve maximum sales potential of our products. To
that effect, the Company will no longer supply Apeaz® to Showcase, Inc.,
a Canadian company, as the marketing requirements through their platform
as compared to the sales achieved by them from this product were not
satisfactory to Innovus Pharma. Under our sales and marketing platform,
Apeaz® is now our second-best performing product in Canada that we sell
directly there after Diabasens® and is on track to achieve over $2
million in revenues for 2019,” stated Dr. Damaj.
In addition, the Company signed a direct media placement agreement with
the largest media company in Canada and now has direct access to a very
large number of print and online media publications to expand its sales
and marketing platform in that country. In addition, the Company is in
the process of negotiating a second direct placement agreement with the
second largest media company in Canada to ensure that Innovus Pharma has
access to most of the available print and online media publications in
that country.
“Being able to secure direct media placement agreements to cover most of
the Canadian print and online outlets has resulted in a lower cost of
acquiring customers and thus higher profit margins. Canada has proven to
be a game changer for Innovus Pharma and a key market to bring Innovus
towards improved financial results,” said Ryan Selhorn, Chief Financial
Officer of Innovus Pharma. “We are moving to having at least 25% of our
global annual net sales from that country by the end of 2019,” he
continued.
In addition, the Company signed a fulfillment agreement with Stalco,
Inc., located in Toronto, Canada, to fulfill all of its direct to
consumer and Amazon® Canadian orders and therefore, expects to lower the
cost of shipping the product by at least 40%, which should improve the
overall Company profit margins of Innovus Pharma.
The Company has 13 products approved and commercialized in Canada
including Zestra®, Zestra Glide®, Uxor®, DiabaSens®, Vesele®, RecalMax®,
UriVarx®, ProstaGorx®, BH Testosterone®, AllerVarx®, Xyralid® Cream,
Xyralid® Suppositories, and Apeaz® and has filed or is in the process of
filing for six additional products including, FlutiCare®, PeVarx®,
Healthifeet®, Breastlift®, ArthriVarx® and CarvaNum™.
About Innovus Pharmaceuticals, Inc.
Headquartered in San Diego, Innovus Pharma is an emerging over the
counter (“OTC”) consumer goods and specialty pharmaceutical company
engaged in the commercialization, licensing and development of safe and
effective non-prescription medicine and consumer care products to
improve men’s and women’s health and vitality and respiratory diseases.
Innovus Pharma delivers innovative and uniquely presented and packaged
health solutions through its (a) OTC medicines and consumer and health
products, which we market directly, (b) commercial partners to primary
care physicians, urologists, gynecologists and therapists, and (c)
directly to consumers through our on-line channels, retailers and
wholesalers. The Company is dedicated to being a leader in developing
and marketing new OTC and branded Abbreviated New Drug Application
(“ANDA”) products. The Company is actively pursuing opportunities where
existing prescription drugs have recently, or are expected to, change
from prescription (or Rx) to OTC.
For more information, go to www.innovuspharma.com;
www.zestra.com;
www.ejectdelay.com;
www.myvesele.com;
www.urivarx.com;
www.sensumplus.com;
www.myandroferti.com;
www.beyondhumantestosterone.com;
www.getbeyondhuman.com;
www.trybeyondhuman.com;
www.recalmax.com;
www.prostagorx.com;
www.zestra.com;
www.zestraglide.com;
www.fluticare.com;
www.allervarx.com;
www.apeaz.com;
www.diabasens.com;
www.supplementhunt.com
and www.carvanum.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, to successfully
receive appropriate regulatory approvals and to commercialize its
various products in Canada and to achieve its other product 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, and other filings made with the SEC. Copies of these reports
are available from the SEC’s website or without charge from the Company.
Contacts
Innovus Pharma Investor Relations
Randy Berholtz
Tel:
858-249-7865
ir@innovuspharma.com