LA JOLLA, Calif., Feb. 28, 2013 (GLOBE NEWSWIRE) -- Innovus Pharmaceuticals, Inc. ("Innovus Pharma"), www.innovuspharma.com , (OTCBB:INNV) today announced that it has signed a binding term sheet with Centric Research Institute ("CRI") for over $7.5 US million in upfront, milestones and sales royalty payments, in order to acquire global ex- U.S. rights to the proprietary U.S. marketed skin cream, CIRCUMserum™.
The skin cream, CIRCUMserum™ is a patent-pending new formulation of essential natural ingredients. The cream moisturizes the head of the penis, making the skin softer and more sensitive. In a use study by urologists in the US after the product was launched in 2012, 80% of regular users reported heightened sensations and greater sexual satisfaction.
"This product can make a difference in people's lives," said Dr. Bassam Damaj, Chief Executive Officer of Innovus Pharma. "Over time, the circumcised penis can become calloused, reducing sensitivity. CIRCUMserum™ restores that natural sensation, which helps both to achieve orgasm and to maintain erections."CIRCUMserum™ is expected to be especially effective in circumcised men, whose penises lose sensitivity over time without the protective foreskin, and in men with diabetes, who have a high incidence of erectile dysfunction because of neuropathy of the extremities. "Diabetic men are an important target population for us," said Damaj. "Although not currently needed to market the product and to follow up on the encouraging initial use study, we are planning for a larger, more controlled clinical study this year," Damaj added. "The larger trial will be designed to provide support for a claim for increased sensation and blood flow. "We are pleased with this partnership with Innovus Pharma and especially with Dr. Damaj who has an excellent track record of approving products in this area and an outstanding record of commercial partnerships with large pharma and distributors in the Middle East and North Africa where most of the target population exists," commented Dr. Albert Liu, CEO of CRI. "In addition, all of the product ingredients are listed by the Food & Drug Administration ("FDA") as GRAS (Generally Recognized as Safe), and since we are not making any drug claims, the product is not required to gain New Drug Application approval from the FDA."