By GlobeNewswire, February 26, 2013, 10:30:00 AM EDT
Dr. Bassam Damaj Cites Acquisitions and Uniquely Differentiated Product Plans
LA JOLLA, Calif., Feb. 26, 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 on the CEONews.Tv financial news network and on eHealth Radio. The interviews are currently available at: http://ceonews.tv/innv and http://ehealthradio.podbean.com/2013/02/23/innovus-pharma-an-emerging-pharmaceutical-company-with-dr-bassam-damaj/.
In the interviews, Damaj highlighted the company's recent acquisitions and plans for growth in the U.S. and internationally. Since Damaj joined Innovus Pharma in January 2013, the company is closing the acquisition of a portfolio of nine prescription products and has updated plans for the launch of its APEAZ™ arthritis cream, a compliant cream formulated to target the joints where arthritis resides, and relieve pain.
Damaj noted that he developed the delivery formulation used by APEAZ™ during his tenure at Bio-Quant, Inc. While most topical analgesic products claim higher efficacy by increasing the amount of drug delivered, which can irritate the skin, APEAZ™ has been shown in multiple animal models of inflammation and arthritis to deliver its different active ingredients efficiently and relieve inflammation and arthritis endpoints in these preclinical models.
In addition to plans for APEAZ™, Damaj noted the company's intent to sign distribution and partnership deals for its products in the Middle East and North Africa (MENA) nations. These nations, in particular, offer prospects for strong growth, drug registration rather than approval requirements, premium pricing, and a high level of acceptance by consumers of U.S. products.
Innovus Pharma also plans to offer unique packaging of its products in kit form. As an example, Damaj cited the company's newly acquired product, Zytopic, for atopic dermatitis, which is packaged with a foaming skin cleanser, a steroid, and a moisturizer which is expected to help ensure better patient results and compliance.
Other recently acquired products are in the areas of dermatology, respiratory and autoimmune diseases, including: Coraz, for seborrheic dermatitis; Xylarid, for hemorrhoids; Zinx, for cough and cold; Extendryl, for congestion; Liquadd, for attention deficit disorder; Akurza, for psoriasis; Breeze pads, for acne; and Levall, for cough.
Innovus is in the process of establishing the manufacturing capacities and reimbursement procedures needed to get these products on the market, with the first product launch projected for 2014.
Finally, regarding his goals for Innovus Pharma, Damaj noted that his goal is to see the company's market capitalization increase from where it is now to over a $100 million in the near term and list the company's shares on the NASDAQ.
About Innovus Pharma
Innovus Pharma, headquartered in San Diego, 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.
Innovus Pharma develops, in-licenses, acquires and markets proprietary respiratory, dermatology and autoimmune pharmaceutical products intended for better patient compliance and results. The Company is building a robust pipeline with a wide range of approved products, including a portfolio of 9 prescription products to be acquired from Prospector Capital Partners II, an arthritis pain relief product, APEAZ™, as well as product candidates in development, such as its VAP-1 program for psoriasis and dermatitis. For further information about Innovus Pharma, go to http://www.innovuspharma.com
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: 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 be considered to be "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that may individually or mutually impact the matters described in this release for a variety of reasons, many of which are outside the control of Innovus Pharma. These risks and uncertainties include, but are not limited to Innovus Pharma's ability to negotiate the definitive agreements for acquisitions of the products described in this release on terms and conditions satisfactory to it, Innovus Pharma's ability to raise sufficient capital to fund the commercialization of the products described in this release and its other operations and growth strategy, the continued willingness of members of the Board of Directors to fund the company on an interim basis, Innovus Pharma's ability to achieve its development, regulatory, commercialization and financial goals for its existing products, its ability to acquire additional products, and its ability to achieve development, regulatory, commercialization and financial goals for such additional products. 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, 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 the "Investors" section of Innovus Pharma's website at innovuspharma.com.
CONTACT: Kevin HolmesChesapeake Groupinfo@chesapeakegp.com
Source: Innovus Pharmaceuticals, Inc.