Innovus Pharmaceuticals Inc (OTCMKTS:INNV) shares rose 8.93% to $0.305 on Thursday and were unchanged in after-hours trading. Share prices have been trading in a 52-week range of $0.04 to $0.66. The company has a market cap of $59.41 million at 106.08 million shares outstanding.
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. 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.
Its 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 and AndroVit, a supplement to support overall prostate and male sexual health, which is marketed in Europe.
In a press release, Innovus Pharmaceuticals announced that it received the CPNP notification number required to commercialize Zestra in all 28 member countries of the European Union.
Zestra is a patented blend of natural oils clinically-proven in double-blind placebo-controlled clinical trials in 276 women to increase in a statistical significant manner the arousal, desire and sexual satisfaction in FSI/AD women. This drug is currently exclusively partnered with Orimed Pharma in Canada, Elis Pharma in Turkey and certain select markets, Sothema Labs for the Middle East and North Africa, Oz Biogenics for Myanmar and Vietnam, PT Laras Bumi Resources, LTD in Hong Kong, Biotask in Malaysia, J&H in South Korea and non-exclusively to DanaLife in the alternative markets in select European countries.
“We are pleased to expand the commercialization market for Zestra to the second largest market in the world and believe this will enhance our partnering discussions in EU member countries and eventually expand our sales into this region,” said Innovus Pharmaceuticals CEO, Dr. Bassam Damaj.
Zestra just recently announced that its partner J&H Co. LTD, a South Korean company, received approval to commercialize Zestra from the Korean government. The exclusive 10-year agreement includes a minimum of $2 million per year in sales of Zestra to the company for a total of $20 million over the life of the ten-year term of the agreement.
“We are pleased with the expedited process taken by our partner to secure approval to import and commercialize Zestra in South Korea and we look forward to shipping our first product to that country this month,” said Innovus Pharma CEO, Dr. Bassam Damaj.