FasTrack Pharmaceuticals Inc., North Horizon Inc. deal
FasTrack reverse-merged with shell company North Horizon to form Innovus Pharmaceuticals Inc., which is headquartered in Sierra Madre, Calif. Innovus implemented a 1-for-10 reverse stock split and will begin trading on the OTC Bulletin Board under the symbol "INNV," effective Jan. 18, 2012. FasTrack shareholders received 15.2 million Innovus shares, which represents about 92% of Innovus' 16.6 million shares outstanding after the split.
Innovus has rights to develop two undisclosed compounds using the NexACT transdermal delivery technology from Apricus Biosciences Inc. (NASDAQ:APRI, San Diego, Calif.). Innovus will initially focus on developing compounds requiring minimal R&D investment, including a NexACT-based topical treatment for male hair loss. Innovus will also develop FasTrack's pipeline of OTC products, including Apeaz for pain and Regia for bleeding of the gums. ...