INNOVUS PHARMACEUTICALS (INNV) saw its loss widen to $4.43 million, or $0.04 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $0.86 million, or $0.02 a share. Revenue during the quarter surged 947.12 percent to $1.88 million from $0.18 million in the previous year period.
Operating loss for the quarter was $2.24 million, compared with an operating loss of $0.65 million in the previous year period.
"Our increase in revenues for the third quarter is a testament to our Beyond Human marketing platform we acquired in March 2016 and to the high value products we commercialize," stated Bassam Damaj, president and chief executive officer of Innovus Pharma. "During the third quarter we strengthened our balance sheet by raising $3.0 million from institutional investors, in-licensed and launched additional products under our Beyond Human Sales and Marketing Platform, and strengthened our senior management team. We are on track to meet our 2016 revenue guidance of $5.0 million and we continue to be focused on executing on our goals of expanding our product line, making our products commercially available, and achieving our projected 2017 goals of profitability and $15 million in revenues."
Debt increases substantially
INNOVUS PHARMACEUTICALS has witnessed an increase in total debt over the last one year. It stood at $0.82 million as on Sep. 30, 2016, up 83.52 percent or $0.37 million from $0.45 million on Sep. 30, 2015. Total debt was 9.03 percent of total assets as on Sep. 30, 2016, compared with 6.57 percent on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
