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In the interview, Damaj described actions and plans for Innovus Pharma since he became CEO on January 22, 2013. He noted that since he took over, the mission of Innovus has changed into developing and licensing as well as acquiring and marketing pharmaceutical products in four main areas: dermatology, autoimmune, respiratory and sexual dysfunction diseases.
Damaj said that Innovus products in these areas are differentiated and unique in the sense that they are uniquely packaged and presented for better patient compliance, convenience and results.
In addition, Damaj noted that Innovus recently signed a binding term sheet with Prospector Capital Partners II for the acquisition of nine FDA-approved, prescription products from that company. The products are not yet on the market and once the transaction closes, Innovus will be working on setting up manufacturing, distribution and reimbursement, Damaj said.
Innovus also signed a second binding term sheet for the acquisition of CIRCUMserum™ for increasing sensitivity to the skin of the penis. In a use study, completed after the product was launched in 2012 in the U.S., 80% of regular users reported heightened sensations and greater sexual satisfaction.
Damaj noted that 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.
The two term sheets signed in a short period are an indication of the focus and execution of Innovus management on its objectives, Damaj said.