San Diego-based over-the-counter consumer goods and specialty pharmaceutical company Innovus Pharmaceuticals Inc. said it secured a $3.2 million investment from a healthcare-focused institutional investor.

The company will sell 45,306,347 shares to the undisclosed investor, complete with two separate warrants to buy an equal number of shares in the future, for 7 cents each.

The transaction is expected to close by Jan. 3, 2019, with H.C. Wainwright & Co. acting as the exclusive placement agent.

Innovus Pharmaceuticals intends to use the net proceeds for working capital and general corporate purposes.