Innovus Pharma Announces Initial Order for CIRCUMserum of 10K Units by Ovation Pharma
Innovus Pharmaceuticals (OTC: INNV) announced today that its topical treatment for reduced penile sensitivity, CIRCUMserum, has received importation and commercialization approval from the Moroccan Ministry of Health. In addition, the Company announced that its partner Ovation Pharma SARL placed its first order for 10,000 units of CIRCUMserum™ and provided the Company with a partial payment for the order. Innovus expects to deliver the units in Q1 2014 in time for Ovation Pharma's official launch of the product in Morocco at that time. The Company and Ovation Pharma entered into a license and distribution agreement (the "License Agreement") under which Innovus Pharma granted to Ovation Pharma an exclusive license to market and sell Innovus Pharma's CIRCUMserum™ in Morocco. Pursuant to the License Agreement, Ovation Pharma may pay Innovus Pharma up to approximately $11.25 million for the achievement of certain commercial milestones described therein.