SeeThruEquity Issues Update on Innovus Pharmaceuticals (INNV) with Target Price of $0.70
NEW YORK, NY / ACCESSWIRE / February 13, 2018 / SeeThruEquity, a leading independent equity research and corporate access firm focused on smallcap and microcap public companies, today announced it has issued an update on Innovus Pharmaceuticals, Inc. with a target price of $0.70.
The report is available here: February 2018 Update Note.
Innovus Pharmaceuticals, Inc. (OTCQB: INNV, "Innovus") is a fast-growing commercial-stage pharmaceutical company that delivers safe, innovative and effective over-the-counter (OTC) medicine and consumer care products to improve men and women's health, respiratory disease and vitality. Led by CEO Dr. Bassam Damaj, Innovus is based in San Diego, CA and has demonstrated robust growth in its product offerings and annual revenues since we initiated coverage on the company in September 2014, with revenues growing from approximately $1.0mn in 2014 to $4.8mn in 2016 and an estimated $10.3mn in revenues in 2017.
Innovus has announced several material updates to its commercial strategy and clinical progress since our last update on the company in November 2017, which increase our confidence that the company can continue to grow aggressively in 2018. Highlights include:
Positive data published on UriVarx®. INNV announced significant positive results from a clinical study of 150 patients receiving UriVarx®, which showed notable reductions in urinary frequency during the day and overnight versus a control group, with no significant side effects.
Expanded online distribution with launch of Amazon, Ebay, Sears, Wish, and Walmart online stores. Innovus announced that it has expanded online sales channels, which already represent a significant portion of sales, with the addition of online stores on the Walmart, Amazon, Ebay, Sears, and Wish platforms. INNV's presence on these platforms now includes 116 SKUs, and management indicated that it has already seen a significant increase in month over month sales.
Regulatory approval for two new OTC products in Canada. Innovus received approval from Health Canada to market two of its US products as over-the-counter products in Canada. These include Apeaz™ for arthritis and joint pain, already a core INNV product in the US, and lidocaine-based cream Xyralid™ for relief from pain and symptoms caused by hemorrhoids.
New products to include Can-C™ and Melatonin (MZS™). Innovus continues to expand its OTC product portfolio, which should help support growth in 2018. The company announced that it had secured worldwide rights to sell Can-C™ eye drops for cataract eye sensitivity and Melatonin (MZS™) from Antiaging Systems, Ltd. The products already have a significant online presence, with Can-C alone generating over $1mn in sales on Amazon in 2017.
Price target of $0.70 for Innovus
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