Acerus Pharmaceuticals has reached a mutual agreement with Innovus Pharmaceuticals to terminate the exclusive distributor and license agreement granting Acerus the rights to commercialize UriVarx® in Canada.
“The termination of this license agreement with Innovus is consistent with our renewed strategic focus on prescription products and men’s health,” said Ed Gudaitis, President and Chief Executive Officer of Acerus. “Acerus is pleased that we were able to work with Innovus Pharma to find a solution that enabled us to exit the license agreement immediately without penalties. This will allow us to focus our efforts behind our core global prescription business driven by Natesto®.”
“Innovus Pharma is pleased to take over the product in Canada and integrate it under our own sales and marketing platform to continue and grow that already strong sales of the product and without any disruption in the current sales”, said Dr. Bassam Damaj, President and Chief Executive Officer of Innovus Pharma.