Innovus Pharma (INNV) Adds Former Arena Pharma Exec as CFO

August 29, 2016 6:23 AM EDT
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Innovus Pharmaceuticals, Inc. (OTC: INNV) announced today that Mr. Robert Hoffman will join the management team as Executive Vice President and Chief Financial Officer effective September 6, 2016. A biopharmaceutical veteran with decades of experience, Hoffman joins Innovus at a time of rapid growth, with revenues and cash flow exceeding expectations, and will work to up-list the company from the OTCQB Venture Market to a higher national exchange.

“With products like Vesele®, BTH® testosterone booster and Zestra® for female arousal already successful in the marketplace, we are growing faster than expected,” said Dr. Bassam Damaj, Innovus’ Chief Executive Officer. “Hoffman’s expertise and experience will help us to continue and manage that growth, to make additional acquisitions and forge new partnerships, and to move Innovus to a higher national exchange.”

“This is an exciting time to be joining Innovus,” said Hoffman. “I look forward to working with the rest of the management team to accelerate the up-listing plans and to continue the company’s rapid growth.”

Hoffman will also oversee finance, accounting, human resources, information technology, and investor relations at Innovus.

Most recently, Mr. Hoffman was Chief Financial Officer of AnaptysBio, Inc., a clinical stage biopharmaceutical company. He was part of the founding management team of Arena Pharmaceuticals, Inc. (Nasdaq: ARNA), a biopharmaceutical company, in 1997, serving as Senior Vice President, Finance and Chief Financial Officer until 2015. He also served as Chief Financial Officer for Polaris Group, a biopharmaceutical drug company, from March 2011 to August 2011.

Mr. Hoffman is a member of the board of directors of CombiMatrix Corporation (Nasdaq: CBMX), a molecular diagnostics company, Kura Oncology, Inc. (NASDAQ: KURA), a biotechnology company, and MabVax Therapeutics Holdings, Inc. (Nasdaq: MBVX), a biopharmaceutical company. He also was a member of the Financial Accounting Standards Board’s Small Business Advisory Committee until 2015 and is a member of the steering committee of the Association of Bioscience Financial Officers. Mr. Hoffman received his B.B.A. from St. Bonaventure University, and is licensed as a C.P.A. (inactive) in the State of California.

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