LA JOLLA, Calif., Feb. 8, 2013 (GLOBE NEWSWIRE) -- Innovus Pharmaceuticals, Inc. ("Innovus Pharma"), www.innovuspharma.com , (OTCBB:INNV) today announced that it signed a binding term sheet for the acquisition of a portfolio of nine (9) US prescription products from Prospector Capital Partners II.
The acquired products are in the areas of dermatology, respiratory and autoimmune diseases.
The products are:1. Zytopic, for atopic dermatitis, a type of itchy and scaly skin rash 2. Coraz, for seborrhoeic dermatitis, a skin condition where flaky white or yellow scales appear on the scalp or inside the ear 3. Xylarid, for hemorrhoids 4. Zinx, for cough and cold 5. Extendryl, for congestion 6. Liquadd, for attention deficit disorder 7. Akurza, for psoriasis, a disease that causes thick, red skin with flaky scales 8. Breeze pads, for acne 9. Levall, for cough These nine products are currently not being marketed. Innovus plans to set up the manufacturing capacities and reimbursement procedures needed to get the products on the market. The first product launch is projected to be in 2014. Dr. Bassam Damaj, Chief Executive Officer of Innovus Pharma said, "The acquisition of this portfolio of products is an important step towards building the global commercial pipeline of Innovus Pharma. But it is important to remember that it is only the first step of our growth strategy, which focuses on launching a wide range of products in many countries with a number of partners. We expect both to acquire more products and to work with our partners to get the products into as many markets as possible." About Innovus Pharma Innovus Pharma, headquartered in San Diego, CA, is an emerging pharmaceutical company that delivers innovative and uniquely presented and packaged healthcare solutions through both prescription medicines and consumer and health products.