LA JOLLA, Calif., Dec. 27, 2013 (GLOBE NEWSWIRE) -- Innovus Pharmaceuticals, Inc., ("Innovus Pharma" or the "Company") www.innovuspharma.com (OTCBB:INNV) announced today that its topical treatment for reduced penile sensitivity, CIRCUMserum™, has received importation and commercialization approval from the Moroccan Ministry of Health. In addition, the Company announced that its partner Ovation Pharma SARL ("Ovation Pharma") placed its first order for 10,000 units of CIRCUMserum™ and provided the Company with a partial payment for the order. Innovus expects to deliver the units in Q1 2014 in time for Ovation Pharma's official launch of the product in Morocco at that time. The Company and Ovation Pharma entered into a license and distribution agreement (the "License Agreement") under which Innovus Pharma granted to Ovation Pharma an exclusive license to market and sell Innovus Pharma's CIRCUMserum™ in Morocco. Pursuant to the License Agreement, Ovation Pharma may pay Innovus Pharma up to approximately $11.25 million for the achievement of certain commercial milestones described therein.
Bassam Damaj, President and Chief Executive Officer of Innovus Pharma commented, "We are very excited about the progress of the commercial activities, the receipt of this purchase order and about the expedited process that Ovation has undertaken to begin the commercialization of CIRCUMserum™ in Morocco. This order represents the successful initiation of our worldwide commercialization strategy for this product and demonstrates the commitment of the Company to move forward into profitability as soon as possible."
About CIRCUMserum and Reduced Penile Sensitivity
CIRCUMserum™ is a proprietary daily-use topical cream specifically designed for circumcised men. CIRCUMserum™ is a blend of essential botanical oils and other FDA-GRAS ("generally recognized as safe") ingredients and is intended to be part of a man's daily grooming regimen. CIRCUMserum™ works by making the skin more sensitive with the continuous use of the product and it is packaged in a proprietary 10ml airless metered dosing pen for ease and accuracy of dosing. For more information visit www.CIRCUMserum.com.
Reduced Penile Sensitivity ("RPS") results from a gradual loss of penile sensitivity over time. As a person ages, the dulling effect can increase. RPS can happen at any age and its prevalence is consistent across all ages. According to the CIA world fact book, over 98 percent of Moroccan men are circumcised, representing a group of approximately 15 million individuals. Recent medical studies identify a correlation between circumcision and reduced sensation. The British Journal of Urology International reports that circumcised men can experience up to a 75 percent reduction in sensitivity compared to men who are not circumcised. In a user survey conducted by Centric Research Institute, 75 percent of circumcised participants reported an increase in sensation and greater sexual satisfaction after regular use of the product and 80 percent reported feeling results after just 14 days of using CIRCUMserum™.
About Ovation Pharma SARL.
Ovation Pharma, headquartered in Casablanca, Morocco, is a fast-growing specialty pharmaceutical company that in-licenses, promotes and markets prescriptions and OTC products. Ovation Pharma's expertise in medical promotion, regulatory affairs and marketing strategy allows it to be a partner of choice for multinational corporations expecting to break into the Moroccan pharmaceutical market with emerging products.
About Innovus Pharmaceuticals, Inc.
Innovus Pharma, headquartered in La Jolla, California, is an emerging pharmaceuticals company that delivers innovative and uniquely presented and packaged health solutions through its over-the-counter medicines and consumer and health products.
For more information, go to www.innovuspharma.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, receiving patent protection for any of its products, to receive approval or meet the requirements of any relevant regulatory authority, to successfully commercialize such products and to achieve its other development, commercialization and financial goals, whether Ovation Pharma will successfully market and sell CIRCUMserum™ in Morocco and whether Innovus Pharma will receive milestone payments from such sales. 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 without charge from the Company.