Innovus Pharmaceuticals Eliminates Over $1.8M in Liabilities
Company on Track to Be Being Cash Flow Positive Exiting 2016
(firmenpresse) - SAN DIEGO, CA -- (Marketwired) -- 06/15/16 -- Innovus Pharmaceuticals, Inc. ("Innovus Pharma" or the "Company") (OTCQB: INNV), a company focusing on the commercialization of over-the-counter ("OTC") and consumer products for men's and women's health, vitality and respiratory diseases, announced today that the Company has reduced its debt obligation by $1.5 million and also eliminated approximately $300k in derivative liabilities as of 3/31/16, resulting in a total reduction of outstanding liabilities of over $1.8 million.
"The reduction of the debt from our books and the huge reduction in liabilities is a testimony to the financial strength of the Company, and to our commitment to the goal of being cash flow positive exiting 2016 and potentially profitable exiting 2017," said Dr. Bassam Damaj, President & CEO of Innovus Pharma.
Headquartered in San Diego, Innovus Pharma is an emerging leader in OTC and consumer products for men's and women's health and vitality. The Company generates revenues from its lead products Zestra® for female arousal and EjectDelay® for premature ejaculation and has a total of five marketed products in this space, including Sensum+® for the indication of reduced penile sensitivity, (for sales outside the U.S. only), Zestra Glide®, Vesele® for promoting sexual and cognitive health, Androferti® (in the US and Canada) to support overall male reproductive health and sperm quality and hopefully, eventually from FlutiCare™ OTC for Allergic Rhinitis for which an ANDA has been submitted to the U.S. Food and Drug Administration.
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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, receiving approval or to be compliant with the requirements of any relevant regulatory authority, to successfully commercialize its products and to achieve its other development, commercialization, meeting its sales projections, 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 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.
Kevin Holmes
Chesapeake Group
Tel: 410-825-3930
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Datum: 15.06.2016 - 10:00 Uhr
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News-ID 477771
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