Innovus Pharmaceuticals, Inc., an emerging pharmaceuticals company, has entered into a license and distribution agreement with Ovation Pharma SARL under which, Innovus Pharma has granted an exclusive license to market and sell its topical treatment for reduced penile sensitivity, CIRCUMserum, to Ovation Pharma in Morocco. Ovation Pharma may pay Innovus Pharma up to approximately $11.25 million for commercial milestones.
In addition, Ovation Pharma has agreed to certain upfront minimum purchases of CIRCUMserum based upon an agreed upon transfer price and yearly minimum purchases.
Bassam Damaj, president and chief executive officer of Innovus Pharma commented, "We are very excited about this major North African collaboration with Ovation Pharma and we look forward to expanding the reach of our CIRCUMserum product for reduced penile sensitivity in Morocco. This is an important milestone in our strategy to make CIRCUMserum available worldwide and the successful continuation of the execution of our commercialization strategy of the Company."
CIRCUMserum is a proprietary daily-use topical cream specifically designed for circumcised men. CIRCUMserum is a blend of essential botanical oils and other FDA-GRAS (generally recognized as safe) ingredients and is intended to be part of a man's daily grooming regimen. CIRCUMserum works by making the skin more sensitive with the continuous use of the products and it is packaged in a proprietary 10ml airless metered dosing pen for ease and accuracy of dosing.
Reduced Penile Sensitivity (RPS) results from a gradual loss of penile sensitivity over time. As a person ages, the dulling effect can increase. RPS can happen at any age and its prevalence is consistent across all ages. According to the CIA's World Factbook, over 98 per cent of Moroccan men are circumcised, representing a group of approximately 15 million individuals. Recent medical studies identify a correlation between circumcision and reduced sensation. The British Journal of Urology International reports that circumcised men can experience up to a 75 per cent reduction in sensitivity compared to men who are not circumcised. In a user survey conducted by Centric Research Institute, 75 per cent of circumcised participants reported an increase in sensation and greater sexual satisfaction after regular use of the product and 80 per cent reported feeling results after just 14 days of using CIRCUMserum.
Ovation Pharma is a fast growing specialty pharmaceutical company that in-licenses, promotes and markets prescriptions and OTC products.
Innovus Pharma is an emerging pharmaceuticals company that delivers innovative and uniquely presented and packaged health solutions through its over-the-counter medicines and consumer and health products.