Innovus Pharmaceuticals Inc., a La Jolla-based commercial-stage pharmaceutical company that makes over-the-counter medicine, announced Thursday that it has signed an exclusive license and distribution agreement with Bio Task for the sale of its products in Malaysia.
Under the agreement, Innovus (OTCQB: INNV) will receive an undisclosed upfront payment and is eligible to receive up to $34 million in sales milestone payments, according to an Innovus news release.
This agreement grants Bio Task an exclusive license to market and sell the following Innovus products in Malaysia: Zestra, Zestra Glide, EjectDelay, Sensum and Vesele.
“We believe that these types of products are in high demand in Malaysia, and are expected by Bio Task to be very competitive as the “first-in-class” product in their fields in Malaysia,” said Bassam Damaj, president and CEO of Innovus, in a statement.
This agreement marks the 11th commercial partnership for the sale of Innovus’ products abroad. The company has signed partnerships in 61 countries so far, Damaj said.