Payoff in Cash of Outstanding Secured Promissory Note with SBI Investments, LLC also Releases Lien on Company’s Beyond Human® Assets and the Related Revenues
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 completed the repayment in cash of the principal amount of $550,000 under the 20% Secured Promissory Note, dated February 19, 2016 (the “Note”) with SBI Investments, LLC (“SBI”), the financial lender who financed the Company’s purchase of its Beyond Human® Sales and Marketing Platform and the nine products (the “Beyond Human® Products”) that it purchased from Beyond Human, LLC in March 2016. Pursuant to its payoff of the Note, SBI has released its security interest in the Beyond Human® assets and the revenues generated from those assets.
“We are very proud to announce that we have repaid in cash all of the amount we were loaned pursuant to the Note for the Beyond Human® product portfolio and assets,” stated Dr. Bassam Damaj, President and Chief Executive Officer of Innovus Pharma. “The repayment of the Note in full represents a milestone for the Company in that pursuant to this pay-off, the security interest in the Beyond Human® Products and Sales & Marketing Platform has now been released and all of the Company’s products and assets are free of any such interests whatsoever,” he continued.
About Innovus Pharmaceuticals, Inc.
Headquartered in San Diego, Innovus Pharma is an emerging 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 be a leader in developing and marketing new OTC and branded Abbreviated New Drug Application (“ANDA”) products, men’s and women’s health supplements, related diagnostics and medical devices. The Company is actively pursuing opportunities where existing prescription drugs have recently, or are expected to, change from prescription (or Rx) to OTC, as well as related products.
For more information, go to www.innovuspharma.com; www.zestra.com; www.ejectdelay.com; www.vesele.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.fluticare.com; www.allervarx.com; and www.apeaz.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, projected revenues from the sale of its Beyond Human® products, estimated market for its products, and statements about achieving its other development, growth, 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 filing on Form S-1, 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.
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Innovus Pharmaceuticals, Inc.
Source: Innovus Pharmaceuticals, Inc.