Innovus Pharma Expands License and Distribution Agreement with Orimed Pharma for Androferti in Canada
Innovus Expands its Current Agreement Eligible to Receive up to 94.55 Million Canadian Dollars in Upfront and Sales Milestone Payments plus Double-Digit Tiered Royalties
SAN DIEGO, CA / ACCESSWIRE / September 21, 2015 / Innovus Pharmaceuticals, Inc., ("Innovus Pharma") www.innovuspharma.com (OTCQB: INNV) announced today it has expanded its license and distribution agreement with Orimed Pharma ("Orimed") under which Innovus Pharma granted to Orimed an exclusive license to market and sell Innovus Pharma's oral supplement for male infertility, Androferti(R). Under the agreement signed in August 2014, Innovus is eligible to receive up to $94.55 million Canadian dollars in upfront and sales milestone payments plus double-digit tiered royalties based on Orimed's net sales in Canada.
Androferti(R), has been shown in multiple published clinical trials to statistically increase seminal quality (concentration, motility, morphology and vitality) and enhances spermatozoa quality (decreases of vacuoles in the sperm nucleus, decreases DNA fragmentation, decreases the dynamics of sperm DNA fragmentation, and improvement on the inventory of mobile sperms (REM).
Androferti(R) is the only product clinically proven to increase the Sperm Quality and enhance Spermatozoa Quality as compared to other products where the claims are based on an ingredient used in the products.
Innovus Pharma obtained the exclusive rights to commercialize the product in the US and Canada from Q Pharma, Spain in January 28 2015.
Bassam Damaj, President and Chief Executive Officer of Innovus Pharma commented, "We are very excited about the expansion of our agreement with Orimed as it marks the 11th commercial agreement the Company has signed so far and validates our commercial strategy where we are able to in-license string products and out-license them in the markets where we do not have commercial operations. This is an important milestone in our strategy as Androferti marks the 5th product licensed for the Canadian market. This partnership the first of many partnerships the Company is expected to announce in the near future."
"With the success we are seeing with Zestra in Canada, we are pleased to add yet another Innovus product to our growing portfolio and look forward to start to getting approval from Health Canada to market Androferti(R) in 2016 in in Canada said Mr. Bernard Fortier, General Manager of Orimed Pharma."
About Androferti(R) and Male Infertility
Androferti(R) is the only product clinically proven to increase the Sperm Quality and enhance Spermatozoa Quality as compared to other products where the claims are based on an ingredient used in the products.
Androferti(R), has been shown in multiple published clinical trials to statistically increase seminal quality (concentration, motility, morphology and vitality) and enhances spermatozoa quality (decreases of vacuoles in the sperm nucleus, decreases DNA fragmentation, decreases the dynamics of sperm DNA fragmentation, and improvement on the inventory of mobile sperms (REM).
According to reports by IBIS World August 2014, the fertility market is estimate to be around $2 billion with a 2.5% yearly increase with 70% of the cases due to male infertility.
About Orimed Pharma
Orimed Pharma is a private Canadian company and is an affiliate company of Jamp Pharma Corporation. Orimed was established in 2012 in Boucherville, Québec. JAMP Pharma is one of the largest Canadian company in number of marketed molecules and employs more than 100 people in Canada.
For more information on Orimed Pharma visit www.orimedpharma.ca.
About Innovus Pharmaceuticals, Inc.
Headquartered in San Diego, Innovus Pharma is focusing on the commercialization of over-the-counter ("OTC") and consumer products for men's and women's health, vitality and respiratory diseases. The Company generates revenues from its five commercial products on a worldwide basis including Zestra(R) for female arousal, EjectDelay(R) for premature ejaculation, Sensum+(R) to increase penal sensitivity (for sales outside the U.S. only), Zestra Glide(R) and Vesele(R) for increasing blood flow. The Company sells its products in the US online and through larger retailers such as Walmart and has seven commercial partners in 30 countries.
For more information, go to www.innovuspharma.com, www.zestra.com, www.ejectdelay.com, www.sensumplus.com, www.myvesele.com and www.myandroferti.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 Orimed will be able to successfully market and Innovus licensed products in the Indian subcontinent. 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.
Innovus Pharma Contact:
Reuven Rubinson
ir@innovuspharma.com
T: 858-964-5123
SOURCE: Innovus Pharmaceuticals, Inc.
