Company Expects to Ship its First Large Commercial Order This Month for South Korea
SAN DIEGO--(BUSINESS WIRE)--Innovus Pharmaceuticals, Inc. ("Innovus Pharma") (OTCQB Venture Market: INNV), an emerging over-the-counter (“OTC”) consumer goods and specialty pharmaceutical company engaged in the commercialization, licensing and development of safe and effective non-prescription medicine and consumer care products to improve men’s and women’s health and vitality and respiratory diseases, announced today that its partner J&H Co. LTD, a South Korean company (“J&H”), received approval to commercialize Zestra® from the Korean Government. Innovus Pharma announced on November 29, 2016 the signing of an exclusive license and distribution agreement with J&H for the commercialization of Zestra® in South Korea. The exclusive ten-year agreement includes a minimum of $2 million per year in sales of Zestra® to the Company for a total of $20 million over the life of the ten-year term of the agreement.
“We are pleased with the expedited process taken by our partner to secure approval to import and commercialize Zestra® in South Korea and we look forward to shipping our first product to that country this month,” said Innovus Pharma CEO, Dr. Bassam Damaj.
Zestra® is currently exclusively partnered with Orimed Pharma in Canada, DanaLife in select European markets, Sothema Labs for the Middle East and North Africa, Elis Pharma in Turkey and certain select markets, Oz Biogenics for Myanmar and Vietnam, Biotask in Malaysia, J&H in South Korea and non-exclusively to PT Laras Bumi Resources, LTD in Hong Kong.
Zestra® is currently approved to be marketed and sold in Canada, India, Hong Kong, the United Arab Emirates (“UAE”), the United Kingdom, Morocco and South Korea. In addition to the United States, the largest market for Zestra®, Innovus Pharma currently generates Zestra® revenues from the following markets: Canada, Morocco, certain European countries and Hong Kong.
About Zestra® and FSI/AD
Zestra® is a patented blend of natural oils clinically-proven in double-blind placebo-controlled clinical trials in 276 women to increase in a statistical significant manner the arousal, desire and sexual satisfaction in FSI/AD women. To the Company’s knowledge, Zestra® is the first NHP product to receive approval for the indication of FSI/AD in Canada. To date, to Innovus Pharma’s knowledge, no product has been approved to treat FSI/AD, a persistent or recurring inability to attain or maintain adequate sexual excitement until the completion of a sexual activity.
Approximately 43% of women in the United States age 18 to 59, or 50 million, experience some form of Female Sexual Dysfunction (FSD) according to a published study. (Laumann, E.O. et al. Sexual Dysfunction in the United States: Prevalence and Predictors. JAMA, Feb. 10, 1999. vol. 281, No. 6.537-542). The FSD market is estimated to be more than $1 billion per year. For more information on Zestra® visit www.zestra.com.
About Innovus Pharmaceuticals, Inc.
Headquartered in San Diego, Innovus Pharma is an emerging over-the-counter (“OTC”) consumer goods and specialty pharmaceutical company engaged in the commercialization, licensing and development of safe and effective non-prescription medicine and consumer care products to improve men’s and women’s health and vitality and respiratory diseases. Innovus Pharma delivers innovative and uniquely presented and packaged health solutions through its (a) OTC medicines and consumer and health products, which we market directly, (b) commercial partners to primary care physicians, urologists, gynecologists and therapists, and (c) directly to consumers through our on-line channels, retailers and wholesalers. The Company is dedicated to being a leader in developing and marketing new OTC and branded Abbreviated New Drug Application (“ANDA”) products. The Company is actively pursuing opportunities where existing prescription drugs have recently, or are expected to, change from prescription (or Rx) to OTC.
For more information, go to www.innovuspharma.com, www.zestra.com; www.ejectdelay.com; www.myvesele.com; www.sensumplus.com; www.myandroferti.com; www.beyondhumantestosterone.com; www.getbeyondhuman.com; www.trybeyondhuman.com; www.recalmax.com.
About J&H Co. LTD
Headquartered in Seoul, South Korea, J&H is a holding company involved in the retail sales and distribution of consumer products through its many subsidiaries including, Lotte retail stores in South Korea, Hermes, Janemoor Global Korea, Sonnenmoor Korea, JimmyJane Korea and The Gadget. In addition, J&H is the Korean partner for JD.com, or Jingdong Mall (formerly 360buy), one of China’s largest B2C online retailers and electronic commerce company and a major competitor of Alibaba’s Tmall. For more information, please visit:
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, projected revenues from the sale of the Zestra® product in South Korea, projected online subscribers, estimated market for its products, and statements about achieving its other development, growth, commercialization, financial and staffing objectives. 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 filing on Form S-1, 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.
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