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Innovus Pharmaceuticals Closes Acquisition of All of Beyond Human, LLCs Products
Mar. 01, 2016 09:16AM PST
Life Science Investing
Innovus Pharmaceuticals, Inc., (OTCQB:INNV) announced today the closing of the acquisition for substantially all of the assets of Beyond Human, for a cash purchase price of $630,000.
Innovus Pharmaceuticals, Inc., (OTCQB:INNV) announced today the closing of the acquisition for substantially all of the assets of Beyond Human, for a cash purchase price of $630,000.
According to the news:
In order to finance the acquisition, the Company entered into a secured promissory note (the “Note”) with SBI Investments, LLC 2014-1 (“SBI”) for $550,000. Pursuant to the Note, the Company agreed to repay SBI in 24 equal monthly payments from the gross revenues that the Company receives from the Beyond Human products. The Note is secured by a first priority lien in favor of SBI on the Company’s Beyond Human assets.
Dr. Bassam Damaj, President and Chief Executive Officer of Innovus Pharma said:
The closing of the acquisition of the Beyond Human assets marks a turning point in Innovus Pharma revenue scale-up and we believe it should help the Company move into a cash flow positive situation followed by profitability very quickly.