DAVID SOLOMON
David Solomon is President and CEO of Innovative. As President of Prime Pharmaceutical Corporation he successfully developed, marketed and licensed an OTC treatment for psoriasis, named Relieva®. See www.relieva.ca. Relieva® is based on an enhanced proprietary plant extract; it is far superior to Dovonex®, a prescription drug and the world's leading psoriasis treatment. Dovonex® has estimated sales of $1 billion a year and estimated gross margins of 70%.
Prime licensed Relieva® and its enhanced extract for future minimum contractual royalties of $1.8 million annually. The potential for CinnicelonTM and CM-XTM are many time greater than Relieva®.
Mr. Solomon has provided financial consulting services, through Allegiance Equity Corporation, as well as independently, for the past 15 years. He has participated in and initiated the funding of several high-tech computer software corporations, a biotech company, and various real-estate limited partnerships.
Innovative Life Sciences Corporation and its partners have developed a model based on the experience with Relieva® for the treatment of psoriasis to develop other medical treatments. The first such treatment is CinnicelonTM, for the treatment of diabetes and cholesterol.