Innovus negotiates additional $500,000 financing commitment with CEO

Bassam Damaj commits $1 million for company to meet its obligations

By Devika Patel

Knoxville, Tenn., May 6 - Innovus Pharmaceuticals, Inc. said it secured an additional $500,000 financing commitment from its president and chief executive officer Bassam Damaj.

The agreement takes the form of an amendment to the convertible debenture previously negotiated with Damaj. Under the amendment, Damaj agrees to provide up to $1 million to the company if Innovus has insufficient liquidity from other sources to meet its obligations. The commitment terminates on the earlier of July 1, 2014 or when the company raises net proceeds of at least $1 million.

The pharmaceutical company is based in Sierra Madre, Calif.

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