SIERRA MADRE, Calif., Dec. 8, 2011 (GLOBE NEWSWIRE) -- Innovus Pharmaceuticals, Inc., (OTCBB:NORHD) ("Innovus) Pharma") today announced that FasTrack Pharmaceuticals, Inc. ("FasTrack"), completed its previously announced merger agreement with North Horizon Inc., subsequent to which FasTrack was acquired by, and has become a wholly-owned subsidiary of North Horizon. Effective December 7, 2011, the combined entity began operating under the name of Innovus Pharma. Its common stock will continue to be quoted on the OTC Bulletin Board under the ticker: NORHD until January 18, 2012, after which time it will trade under the ticker: INNV.
Pursuant to the terms of the merger agreement, the Company also effected a 10:1 reverse split of its common stock outstanding, thereby bringing the total to 16,564,063 shares on a fully-diluted basis. The FasTrack shareholders, convertible note holder and warrant holder, received approximately 15,238,938 shares or approximately 92% of the fully-diluted shares outstanding.
Commenting on today's news, Vivian Liu, President and Chief Executive Officer of FasTrack, noted, "The closing of this transaction completes the first phase of the Company's overall growth strategy. Our name change and listing as a publicly-traded company will provide Innovus Pharma with increased visibility and greater access to the financial markets, as we continue to build our pipeline going forward."
About Innovus Pharmaceuticals, Inc.
Innovus Pharmaceuticals, Inc. ("Innovus Pharma") is focused on developing and in-licensing revenue generating therapeutic drug candidates. The Company has the right to develop a number of therapeutic compounds utilizing Apricus Bioscience's (Nasdaq:APRI) NexACT® transdermal drug delivery technology. Initially, Innovus Pharma is concentrating on compounds requiring relatively short development timelines and minimal R&D investment, such as a potential NexACT-based topical treatment for male hair loss. Innovus Pharma also holds 50% of the net commercial rights to Apricus Bio's PrevOnco™, a lansoprazole-based Phase 2/3 Orphan Drug candidate for liver cancer. Additionally, Innovus Pharma's proprietary OTC pipeline, consisting of therapies aimed at pain relief and bleeding of the gums, may offer near term revenue opportunities.
Innovus Pharma's Forward-Looking Statement 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, its ability to raise sufficient financing to implement its growth strategy, successfully develop and commercialize its proprietary 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 report on Form 8-K and other filings made with the SEC. Copies of these reports are available from the SEC's website or without charge from the Company.