Innovus Pharmaceuticals Announces $3.17 Million Private Placement

Innovus Pharmaceuticals (OTCQB:INNV) an emerging commercial-stage pharmaceutical company that delivers safe, innovative and effective over-the-counter medicine and consumer care products to improve men’s and women’s health and respiratory diseases, today announced that it has entered into a definitive agreement with a healthcare-dedicated institutional investor for the sale of 45,306,347 shares of common stock (or common stock equivalents), series A warrants to purchase up to 45,306,347 shares of common stock and series B warrants to purchase up to 45,306,347 shares of common stock in a private placement at a price of $0.07 per share and associated warrants for gross proceeds of approximately $3.17 million.

As quoted in the press release:

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The series A warrants are exercisable immediately with a term of 18 months following the effectuation of a reverse stock split by the Company and an exercise price of $0.07 and the series B warrants are exercisable immediately with a term of 5½ years following the effectuation of a reverse stock split by the Company and an exercise price of $0.08 per share.

The net proceeds from the offering are anticipated to be approximately $2.765 million. The Company intends to use the net proceeds for working capital and general corporate purposes. The Company has agreed to file a resale registration statement for the shares of common stock and the shares of common stock underlying the warrants issued in the offering within 30 days pursuant to a registration rights agreement.

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