Innovus Pharmaceuticals Inc (OTCMKTS:INNV) has provided an update to shareholders, about the 1Q2016. The main highlight of the company was its plan to get up-listed to the NYSE-MKT. It should be noted here that INNV had acquired Beyond Human in March, but it has not yet been included in the financial statements. The company reported a 15% increase in revenues during the quarter. Revenues are further expected to increase, as the company starts to include revenues from Beyond Human in the upcoming quarters.
Unfortunately, Innovus was still unable to report a net profit for the quarter and instead had a net loss of $0.02 per share. During the quarter, the company met with the representatives from the NYSE-MKT, to discuss the planned up-listing and obtain a list of requirements to be fulfilled, prior to the filing of the application.
During the quarter the company also started making preparations for the launch of FlutiCare, which is pending FDA approval. It is expected that the product would be commercially available by the start of 2017. INNV spent a total of $630,000 from its cash reserves, to acquire Beyond Human. The new company provided Innovus with a portfolio of natural testosterone booster supplement and entry into a market valued at $3 billion.
Statistics, from the National Institute of Health, show that a total of 5 million males experience testosterone deficiency. Furthermore, that number is constantly increasing as men in the US experience a sharp decline in testosterone levels after the age of 30. However, large multinationals, such as AbbVie Inc (NYSE:ABBV) and Eli Lilly & Co. (NYSE:LLY), already dominate this sector. Given that Beyond Human was already generating revenues through its portfolio, it should not be too difficult for INNV to gain a significant share of the rapidly growing market.
Innovus Pharmaceuticals Inc (OTCMKTS:INNV) gained 14.58% in terms of share value, during the May 24 trading session, to reach a close at $0.26, after having a trade volume of 4.88 million.