Innovus Pharmaceuticals Closes an Additional $0.75M for a Total of $2.25M in Financing From Institutional Investors
Money Raised to Fast Track the Launch of FlutiCare(TM) in Anticipation of the FDA's Upcoming Decision
(firmenpresse) - SAN DIEGO, CA -- (Marketwired) -- 07/18/16 -- (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, the closing of an additional $0.75 million convertible promissory note investment from institutional investors for a total of $2.25M. The convertible promissory notes have a $0.25 fixed conversion price and bear an interest rate of 10% and mature in 13 months.
"We continue to bolster our financial position in preparation of the launch of FlutiCare™ in anticipation of the FDA's upcoming decision," said Dr. Bassam Damaj, President & CEO of Innovus Pharma.
Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC acted as placement agent for this offering.
For more information, investors are invited to read the Form 8-K filed with the Securities and Exchange Commission ("SEC") at .
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.
For more information, go to , ; ; ; ; ; ; ; ; .
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: 18.07.2016 - 10:05 Uhr
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