Innovus Completes Reverse Merger Agreement With North Horizon
Innovus Pharmaceuticals, Inc., recently announced that FasTrack Pharmaceuticals, Inc. completed its previously announced merger agreement with North Horizon Inc., subsequent to which FasTrack was acquired by, and has become a wholly owned subsidiary of North Horizon. Effective December 2011, the combined entity began operating under the name of Innovus Pharma. Its common stock will continue to be quoted on the OTC Bulletin Board under the ticker NORHD until January 2012, after which time it will trade under the ticker INNV.
Pursuant to the terms of the merger agreement, the company also effected a 10:1 reverse split of its common stock outstanding, thereby bringing the total to 16,564,063 shares on a fully diluted basis. The FasTrack shareholders, convertible note holder and warrant holder, received approximately 15,238,938 shares or approximately 92% of the fully diluted shares outstanding.
“The closing of this transaction completes the first phase of the company’s overall growth strategy,” said Vivian Liu, President and CEO of FasTrack. “Our name change and listing as a publicly traded company will provide Innovus Pharma with increased visibility and greater access to the financial markets as we continue to build our pipeline going forward.”
Innovus Pharmaceuticals, Inc. is focused on developing and in-licensing revenue-generating therapeutic drug candidates. The company has the right to develop a number of therapeutic compounds utilizing Apricus Bioscience’s NexACT transdermal drug delivery technology. Initially, Innovus Pharma is concentrating on compounds requiring relatively short development timelines and minimal R&D investment, such as a potential NexACT-based topical treatment for male hair loss. Innovus Pharma also holds 50% of the net commercial rights to Apricus Bio’s PrevOnco, a lansoprazole-based Phase II/III Orphan Drug candidate for liver cancer. Additionally, Innovus Pharma’s proprietary OTC pipeline, consisting of therapies aimed at pain relief and bleeding of the gums, may offer near-term revenue opportunities.
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