06 February 2017 | News | By BioSpectrum Bureau
South Korea approves commercialization of Zestra
Singapore: San Diego Based Innovus Pharmaceuticals has announced that its partner J&H Co. LTD, a South Korean company ("J&H"), received approval to commercialize Zestra from the Korean Government. Innovus is an emerging over-the-counter ("OTC") consumer goods and specialty pharmaceutical company engaged in the commercialization, licensing and development of safe and effective non-prescription medicine and consumer care products to improve men's and women's health and vitality and respiratory diseases.
Innovus Pharma announced had earlier announced the signing of an exclusive license and distribution agreement with J&H for the commercialization of Zestra in South Korea. The exclusive ten-year agreement includes a minimum of $2 million per year in sales of Zestra to the Company for a total of $20 million over the life of the ten-year term of the agreement.
Zestra is currently approved to be marketed and sold in Canada, India, Hong Kong, the United Arab Emirates ("UAE"), the United Kingdom, Morocco and South Korea. In addition to the United States, the largest market for Zestra, Innovus Pharma currently generates Zestra revenues from the following markets: Canada, Morocco, certain European countries and Hong Kong.
Innovus Pharma CEO, Dr. Bassam Damaj, said, "We are pleased with the expedited process taken by our partner to secure approval to import and commercialize Zestra in South Korea and we look forward to shipping our first product to that country this month."
Currently Zestra is exclusively partnered with Orimed Pharma in Canada, DanaLife in select European markets, Sothema Labs for the Middle East and North Africa, Elis Pharma in Turkey and certain select markets, Oz Biogenics for Myanmar and Vietnam, Biotask in Malaysia, J&H in South Korea and non-exclusively to PT Laras Bumi Resources, LTD in Hong Kong.