Zestra is a topical treatment for female sexual desire disorder (FSDD), EjectDelay is indicated for premature ejaculation, Sensum+ is used to increase penile sensitivity, while Zestra Glide is Innovus’ high viscosity water based lubricant.
As part of the deal, Innovus will receive an upfront payment and is eligible to receive up to about $94.5m upon and subject to the achievement of sales milestones based on cumulative gross sales in Canada by Orimed.
Innovus will also receive certain double-digit tiered royalties based on Orimed’s cumulative net sales in Canada.
Zestra is already available on the Canadian market and Health Canada has approved EjectDelay in late December 2013 to treat premature ejaculation.
Currently, Innovus is in the process of securing regulatory approval for Sensum+ and Zestra Glide in Canada.
Innovus Pharma president and chief executive officer Bassam Damaj said the company is happy about this major Canadian collaboration with Orimed and is seeking to expand the reach of its products in Canada.
"This is an important milestone in our strategy to find international partners with expert sales forces that will promote and detail our product to the specialty physicians treating our target patient populations, namely gynecologists and urologists," Damaj said.
"This partnership, the third partnership the Company has announced, is yet another milestone in the Company’s execution of its international growth strategy to make our products commercially available in a minimum of 40 countries by the end of 2015."