Innovus Pharma Reports Record Quarterly Revenues For The Third Quarter Of 2016, Increasing 947% To $1.9 Million, And Record Nine Months Ended September 2016 Revenues, Increasing 463% To $3.1 Million
11/11/2016 12:59:42 PM
SAN DIEGO--(BUSINESS WIRE)--Innovus Pharmaceuticals, Inc. (“Innovus Pharma”) (OTCQB: INNV), today announced a 947% increase in third quarter of 2016 revenues to a record $1.9 million, compared to $0.2 million in revenues for the same period in 2015, and a 463% increase in the nine months ended September 30, 2016 revenues to $3.1 million, compared to $0.6 million in revenue for the same period in 2015.
“Our increase in revenues for the third quarter is a testament to our Beyond Human marketing platform we acquired in March 2016 and to the high value products we commercialize,” stated Bassam Damaj, President and Chief Executive Officer of Innovus Pharma. “During the third quarter we strengthened our balance sheet by raising $3.0 million from institutional investors, in-licensed and launched additional products under our Beyond Human Sales and Marketing Platform, and strengthened our senior management team. We are on track to meet our 2016 revenue guidance of $5.0 million and we continue to be focused on executing on our goals of expanding our product line, making our products commercially available, and achieving our projected 2017 goals of profitability and $15 million in revenues.”
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