The value of Innovus Pharmaceuticals, Inc (OTCMKTS:INNV) almost doubled on Wednesday after the specialty pharma group got the go-ahead to commercialise its Zestra sexual arousal disorder treatment in the European Union.
After getting the go ahead from regulators, Innovus will be able to sell the drug in all 28 member countries of the EU.
Shares closed more than 80% higher on Wednesday at 0.28p.
“We are pleased to expand the commercialization market for Zestra to the second largest market in the world and believe this will enhance our partnering discussions in EU member countries and eventually expand our sales into this region,” said chief executive Bassam Damaj.
In clinical trials, Zestra – a patented blend of natural oils – demonstrated a ‘statistically significant’ increase in arousal, desire and sexual satisfaction in women with arousal disorder and/ or sexual dysfunction.
The drug is currently approved to be marketed and sold in 34 countries around the world, including the US, Canada, Hong Kong, India and South Korea.
The US is its biggest market, but Innovus also generates Zestra revenues from Canada, Morocco, certain European countries and Hong Kong.
According to Innovus, around 43% of women aged 18 to 59 experience some form of female sexual dysfunction, while the worldwide market for the disorder is estimated to be worth more than US$500mln.
Story by ProactiveInvestors