Innovus Pharma Signs Exclusive License and Distribution Agreement with Elis Pharmaceuticals
Wednesday, November 09, 2016
Innovus Pharmaceuticals, Inc. announced it has entered into its second exclusive license and distribution agreement with Elis Pharmaceuticals, Ltd. (“Elis Pharma”). Under the agreement Innovus Pharma granted to Elis an exclusive license to market and sell Zestra® for female arousal and desire in Lebanon. Innovus Pharma is eligible to receive up to $2.25 million in sales milestone payments plus an agreed-upon transfer price.
Bassam Damaj, President and Chief Executive Officer of Innovus Pharma, commented, “We are very excited about this second commercial partnership collaboration with Elis. Zestra® was commercialized in Lebanon by Semprae Labs prior to being acquired by Innovus Pharma. We look forward to working with Elis Pharma to re-establish market presence of Zestra® in Lebanon. We continue to be focused on executing on our goals of making our products commercially available in markets outside of the United States and achieving our goal of profitability in 2017.”
“This second partnership highlights our excitement about Innovus Pharma’s unique and innovative products,” said Mr. Rashed Assouma, CEO of Elis Pharmaceuticals. “In this region Elis Pharma has over 1,000 products, including the exclusive license to Vitaros® for erectile dysfunction licensed from Apricus Biosciences, and we have a dedicated sales force targeting urologists and gynecologists in Lebanon. Zestra® is a well-respected and known brand in Lebanon by gynecologists and consumers, and we look forward to getting the required government approval to re-launch Zestra® in the near future.”
Zestra® is currently commercialized in the U.S. by Innovus Pharma, in Canada by Orimed Pharma, in Africa by Sothema Labs, in Hong Kong by PT Laras Bumi Resources, and in select European countries by Danalife.
Zestra® has also received approval in India and the United Arab Emirates.
Source : finance.yahoo.com
