TABUK PHARMACEUTICALS SIGNS EXCLUSIVE LICENSE AND DISTRIBUTION AGREEMENT WITH INNOVUS PHARMACEUTICALS FOR EJECTDELAY®, SENSUM+® AND VESELE®
Tabuk Pharmaceuticals Signs Exclusive License and Distribution Agreement with Innovus Pharmaceuticals for EjectDelay®, Sensum+® and Vesele®
Tabuk Pharmaceutical Manufacturing Company (“Tabuk”), one of the leading pharmaceutical companies in the Middle East and North Africa region (MENA) region, has entered into an exclusive license and distribution agreement with Innovus Pharmaceuticals, Inc., (“Innovus Pharma”), under which Innovus Pharma granted to Tabuk an exclusive license to market and sell Innovus Pharma’s topical treatment for premature ejaculation EjectDelay®, its product Sensum+® to increase penile sensitivity and Vesele® to increase sexual and cognitive health in Saudi Arabia, the Gulf Countries, North Africa, and the Middle East.
This project is aligned with one of Tabuk Pharmaceuticals’ main strategic objectives: to expand its offering of innovative medicines in Saudi Arabia & MENA, by strengthening its position in its domestic market through partnerships with multinational companies. In so doing, Tabuk Pharmaceuticals continues to deliver on its mission to help improve the lives of patients.
EjectDelay® for premature ejaculation is currently commercialized in the US and expected to be launched in Canada during the first half of 2015. Sensum+® for increasing penile sensitivity is currently commercial in the US, the UK, and Morocco. Vesele® for increasing sexual and cognitive health is currently commercialized in the US and the UK.
“This partnership illustrates our commitment to leverage our MENA-wide footprint and to serve multinational partners looking to maximize their potential in the region”. “It further enhances Tabuk Pharmaceuticals’ ability to maintain its momentum in MENA, in line with its growth strategy” said Mr. Ismail Bel-Bachir, CEO of Tabuk Pharmaceuticals.
Dr. Rana Azzam, Senior VP of Business Development added, “We are pleased to add Innovus’ unique products to our growing portfolio, and help address a large unmet medical need in the region. We look forward to start building market share and revenues from these products.”
Bassam Damaj, President and Chief Executive Officer of Innovus Pharma commented, "We are very excited about this major commercial partnership collaboration with Tabuk for our products. This type of product is in very high demand in the region and would is expected to be first in class in the region. Saudi Arabia is the largest market in the region and we expect significant potential revenue from this region. This partnership the sixth of many partnerships the Company is expected to announce in the near future and is yet another milestone in the Company’s execution of its international growth and making our products commercially available in a minimum of 40 countries by the end of 2015. "