INNOVUS PHARMACEUTICALS INC
SAN DIEGO CA--(Marketwired - Oct 11, 2016) - Innovus Pharma (
CEOCFO states that the San Diego-based consumer and pharmaceutical company pulled in more than $1 million product sales in the second quarter of 2016, an increase of over 400% compared to the first quarter of 2016. It's on track for more than $5 million in revenues for all of 2016 -- and $15 million in 2017, which would put Innovus Pharmaceuticals, Inc. (
"We believe there is incredible potential here," the Biotech Stock Review writes. Once FlutiCare™ "can be bought without a prescription, the overall market could expand to 77 million units (per year) or over $1 billion in sales."
"People have been surprised at the significant revenue growth," says CEO Dr. Bassam Damaj. "And with key mainstream drugs like FlutiCare™, the real growth is just starting," Damaj adds. "Our goal is to up-list to the NASDAQ exchange at the right time and grow to be a significant revenue-generating Company with earnings."
The secret of Innovus' success is conceptually simple: Acquire products that bring real benefits to patients and that already have strong revenues or have revenue potential, and sell them under the proprietary Beyond Human sales and marketing platform.
But that's easier said than done. It takes an experienced biotech and pharma chief executive like the Lebanese-born Damaj, 47, who trained at and has helped bring drugs to market at such major companies as Pfizer, Genentech, Pharmacopeia, Tanabe Seiyaku (now Mitsubishi-Tanabe) and Apricus Biosciences. "This is what I do best," he explains. "I'm very well known in the field, so I know what's out there, what will succeed in the marketplace, and what will make a difference in the lives of people."
It also helped that Damaj brought $2.5 million of his own money to the Company when he joined the Company in 2013, and has been able to raise $5 million more this year on the strength of his reputation for spotting the growth potential in products when others don't.
The money has enabled Innovus to acquire several moneymaking products in a broad range of areas, such as sexual health, vitality, vision, urology, and allergy relief. All are backed up by patent protection or proprietary formulations, and supported by clinical data; more are on the way.
One of the most successful purchases for Innovus was acquiring supplement company Beyond Human and its powerful marketing and sales platform. Beyond Human's lead product, BTH® Testosterone Booster, is a dietary supplement containing vitamins, zinc, and extracts of the herbs fenugreek and Eurycoma longifolia, which have been linked to increased testosterone levels and enhanced sexual function. That product had sales of $2.2 million in 2015 and is bringing significant revenues for Innovus, says Damaj.
Another top seller is Vesele®, a supplement that enhances blood flow and promotes both sexual health, as shown in a clinical use survey trial, Damaj says. Innovus acquired the product for $40,000 in 2015 and now it is the best-selling product for Company.
Strong clinical trials and patents also support Zestra®, a blend of oils that boosts female arousal, which Innovus acquired from Semprae Laboratories, Inc. In addition, Innovus's product lineup includes EjectDelay® for premature ejaculation, Androferti® (in the US and Canada) for overall male reproductive health and sperm quality, and BTH Vision Formula.
But both Damaj and investors are particularly excited by Innovus's 2015 merger with Novalere FP, which brought to Innovus the worldwide rights to the FlutiCare™ brand.
Fluticare™ (containing the active pharmaceutical product fluticasone propionate nasal spray) is a type of corticosteroid used to fight symptoms of allergies, such as stuffy and runny noses, itching, and sneezing -- and is a key product in the $1 billion annual market for nasal steroids. FlutiCare™ now is a prescription generic version of the top-selling brand-name drug Flonase, but is expected to go OTC by the end of 2016. "FlutiCare™ will put us on the map as an important mainstream pharmaceutical company," says Damaj.
The final key element in Innovus' growth and success is that the Company doesn't just make shrewd acquisitions like FlutiCare™. It also hires the best people, like new Executive Vice President and Chief Financial Officer Robert Hoffman, who will spearhead the Company's growth and revenue generation.
"Our primary goal is to becoming a major pharmaceutical company," says Damaj. "I am very confident that we will realize this goal."
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