Innovus Pharmaceuticals Inc (OTCMKTS:INNV) shares dipped 0.39% to $0.253 on Friday and were flat in after-hours trading. Share prices have been trading in a 52-week range of $0.03 and $0.66. The company has a market cap of $27.05 million at 106.08 million shares outstanding.
In a press release, Innovus Pharmaceuticals Inc announced the launch of UriVarx in the US, a product that is clinically proven to reduce urinary urgency, accidents and both day and night frequency in Overactive Bladder and Urinary Incontinence patients. This is the fifth Innovus product to be launched using the company’s acquired Beyond Human sales and marketing platform.
Innovus Pharmaceuticals Inc projects that the product could generate an additional $3.0 million a year in revenues, bringing it closer to their goal of making $15 million per year starting next year. The product has already undergone two double blind and comparative trials in both male and female OAB and UI patients.
CEO Dr. Bassam Damaj mentioned that bladder health affects millions of Americans and that it is important to offer a natural clinically-tested remedy. The National Association for Continence estimated that over 33 million Americans suffer from Overactive Bladder with a market size over $2.1 billion while the Simon Foundation projects that Urinary Incontinence affects 26 million Americans with a total market size of $1.1 billion.
Innovus Pharmaceuticals Inc was also recently able to reach an exclusive license and distribution agreement with J&H Co for the commercialization of Zestra in South Korea. This agreement includes a minimum of $2 million per year in sales to the company, putting the company a step closer to its $15 million per year goal. Zestra is a patented blend of natural oils clinically-proven to increase in a statistical significant manner the arousal, desire and sexual satisfaction in FSI/AD women.
“We are pleased to partner with such a successful consumer products distributor such as J&H, making Zestra® available to consumers in South Korea,” said Innovus Pharmcaceuticals Inc CEO Dr. Bassam Damaj. “This partnership, our 15th partnership outside the United States, shows our commitment to making our products commercially available in markets outside of the United States and achieving our 2017 goals of $15 million in revenue and profitability.”
Innovus Pharmaceuticals Inc is a pharmaceutical company engaged in the commercialization, licensing, and development of non-prescription medicine and consumer care products to improve men’s and women’s health and vitality and respiratory diseases. As such, it markets approximately five products in the United States and six in a range of countries around the world through its commercial partners and has commercial agreements in over 60 countries around the world through its commercial partners.
The company’s marketed products include Zestra, EjectDelay, Sensum+, Zestra Glide, Vesele and Androferti. In addition, the Company has a pipeline of over three additional products, including FlutiCare Over-The-Counter for Allergic Rhinitis; Urocis XR, an extended release of Vaccinium Marcocarpon (cranberry), and AndroVit, a supplement to support overall prostate and male sexual health, which is marketed in Europe.