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 http://ceocfointerviews.com/interviews/InnovusPharma13.htm.
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: www.innovuspharma.com.
CONTACT: Innovus Pharma Contact: Kevin Holmes Chesapeake Group email@example.com T: 410-825-3930Source:Innovus Pharmaceuticals, Inc.