Penny stock Innovus Pharmaceuticals Inc. announced plans Wednesday to uplist to the NYSE MKT, formerly known as the American Stock Exchange.
The San Diego pharma company, currently valued at only $11 million, said in a statement that the move is intended to boost visibility and liquidity of the company.
The company is relying on Bassam Damaj, president and CEO of Innovus, to lead the firm through the process. Damaj, previously president and CEO of Apricus Biosciences Inc., has experience transitioning companies onto higher exchanges. At Apricus, he progressed the company from being deficient in every Nasdaq listing requirement to being fully compliant in less than a year, according to an Innovus news release. Under his leadership, Apricus went from $0.17 per share to over $5 per share and was named one of the most liquid companies on the Nasdaq.
In a recent news release, Innovus outlined its growth potential and future outlook, an important factor when uplisting to the NYSE MKT.
“Innovus has created a solid growth model and its management is executing on its plans on a daily basis," the release stated. "The company has a robust product pipeline in multiple markets. It expects an Abbreviated New Drug Application action from the FDA during the summer for FlutiCare, for allergic rhinitis, one of the largest markets in the US.”
Since January 2016, the company's share price has gained 107 percent and it volume increased by 1,100 percent, the company said. Keep in mind, however, that Innovus’ stock is currently trading for pennies on the OTC MKTS at $0.15 per share.
The company did not state exactly when Innovus would make the move.