SAN DIEGO--(BUSINESS WIRE)--Innovus Pharmaceuticals, Inc. (“Innovus Pharma” or the “Company”) (OTCQB Venture Market: INNV), an emerging commercial-stage pharmaceutical company that delivers safe, innovative and effective over-the-counter medicine and consumer care products to improve men’s and women's health and respiratory diseases, today announced the acquisition for cash of all of the assets of SupplementHunt.com, an E-Commerce storefront with proprietary sales platform and marketing technology.
The Company believes that the relatively immediate benefits to Innovus Pharma from the acquisition include:
- An expected approximately $2 million in revenue for 2019 from these assets;
- A 70,000+ person base of potential customers who are dietary supplement users;
- A new E-Commerce channel for complementary Innovus products; and
- An important proprietary sales platform and marketing technology that can expand to many of Innovus Pharma’s current products.
The all cash acquisition is with 2464573 Ontario, Inc., a Canadian company, and pursuant to the acquisition agreement, Innovus Pharma has acquired the on-line business which generated approximately $1.2 million in revenue over the last 12 months. The financial terms of the transaction have not been disclosed.
“We are very happy to announce the expansion of our E-Commerce business through the acquisition of SupplementHunt.com, a leading on-line marketer and seller of supplements,” said Bassam Damaj, the President and Chief Executive Officer of Innovus Pharma. “We are very pleased with the growth that SupplementHunt.com has seen, and we believe that the revenue that it has achieved will increase our overall revenue in 2019 and beyond, and will be an ideal platform for us to increase our portfolio of products we sell through our E-Commerce businesses, as well as help us to be able to diversify our marketing and sales channels. The company has also developed a very sophisticated sales and marketing technological platform that may permit us to also sell our current products on. We look forward to acquiring additional E-Commerce stores and assets to enable us to grow this major channel for us, one that we believe will help us to achieve our goal of profitability,” he continued.
About Innovus Pharmaceuticals, Inc.
Headquartered in San Diego, Innovus Pharma is an emerging OTC consumer goods and specialty pharmaceutical company engaged in the commercialization, licensing and development of safe and effective non-prescription medicine and consumer care products to improve men’s and women’s health and vitality and respiratory diseases. Innovus Pharma delivers innovative and uniquely presented and packaged health solutions through its (a) OTC medicines and consumer and health products, which we market directly; (b) commercial partners to primary care physicians, urologists, gynecologists and therapists; and (c) directly to consumers through our on-line channels, retailers and wholesalers. The Company is dedicated to being a leader in developing and marketing new OTC and branded Abbreviated New Drug Application (“ANDA”) products. The Company is actively pursuing opportunities where existing prescription drugs have recently, or are expected to, change from prescription (or Rx) to OTC.
For more information, go to www.innovuspharma.com; www.zestra.com; www.ejectdelay.com; www.myvesele.com; www.urivarx.com; www.sensumplus.com; www.myandroferti.com; www.beyondhumantestosterone.com; www.getbeyondhuman.com; www.trybeyondhuman.com; www.recalmax.com; www.prostagorx.com; www.fluticare.com; www.allervarx.com; www.apeaz.com; www.diabasens.com; and www.supplementhunt.com.
Innovus Pharma's Forward-Looking Safe Harbor:
Statements under the Private Securities Litigation Reform Act, as amended: With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements that involve risks and uncertainties that may individually or mutually impact the matters herein described for a variety of reasons that are outside the control of the Company, including, but not limited to, projected revenues from the future sales of products through its SupplementHunt.com E-Commerce store among others, estimated market for its products, and statements about achieving its other development, growth, commercialization, financial and staffing objectives. Readers are cautioned not to place undue reliance on these forward-looking statements as actual results could differ materially from the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company's most recent filing on Form S-1, annual report on Form 10-K, subsequent quarterly reports filed on Form 10-Q and other filings made with the SEC. Copies of these reports are available from the SEC's website or without charge from the Company.