TORONTO--(BUSINESS WIRE)--Acerus Pharmaceuticals Corporation (TSX:ASP, OTCQB: ASPCF) (“Acerus” or the “Company”) today announced that it has reached a mutual agreement with Innovus Pharmaceuticals, Inc. (OTCQB: INNV) (“Innovus Pharma”), a California-based specialty pharmaceutical company, to terminate the exclusive distributor and license agreement granting Acerus the rights to commercialize UriVarx® in Canada.
“The termination of this license agreement with Innovus is consistent with our renewed strategic focus on prescription products and men’s health,” said Ed Gudaitis, President and Chief Executive Officer of Acerus. “Acerus is pleased that we were able to work with Innovus Pharma to find a solution that enabled us to exit the license agreement immediately without penalties. This will allow us to focus our efforts behind our core global prescription business driven by Natesto®.”
“Innovus Pharma is pleased to take over the product in Canada and integrate it under our own sales and marketing platform to continue and grow that already strong sales of the product and without any disruption in the current sales”, said Dr. Bassam Damaj, President and Chief Executive Officer of Innovus Pharma.
Acerus Pharmaceuticals Corporation is a Canadian-based specialty pharmaceutical company focused on the commercialization and development of innovative prescription products that improve patient experience, with a primary focus in the field of men’s health. The Company commercializes its products via its own salesforce in Canada, and through a global network of licensed distributors in the U.S. and other territories.
Notice regarding forward-looking statements
Information in this press release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Implicit in this information are assumptions regarding our future operational results. These assumptions, although considered reasonable by the company at the time of preparation, may prove to be incorrect. Readers are cautioned that actual performance of the company is subject to a number of risks and uncertainties, and could differ materially from what is currently expected as set out above. For more exhaustive information on these risks and uncertainties you should refer to our annual information form dated March 4, 2019 that is available at www.sedar.com. Forward-looking information contained in this press release is based on our current estimates, expectations and projections, which we believe are reasonable as of the current date. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.