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BEVERLY, Mass., Sept. 30, 2019 (GLOBE NEWSWIRE) -- Innovation Pharmaceuticals (OTCQB:IPIX) (“the Company”), a clinical stage biopharmaceutical company, is pleased to inform shareholders that the Company has engaged Locust Walk, a leading global life sciences transaction firm. Locust Walk will seek to assist the Company in maximizing the value of its assets.
“It is an exciting time at Innovation,” commented Leo Ehrlich, Chief Executive Officer at Innovation Pharmaceuticals. “Our pipeline is innovative, mature, and diversified, targeting therapeutic areas encompassing significant market opportunities—namely, in Inflammatory Bowel Disease, Dermatology, Cancer, and Infectious Disease. With our first global licensing agreement executed in July with Italy’s Alfasigma in Ulcerative Proctitis/Ulcerative Proctosigmoiditis, we continue to diligently work toward completing other transactions that would unlock additional shareholder value. As such, we are thrilled to engage Locust Walk—with their proven track record and global footprint.”
“We are very selective in deciding which companies to work with,” said Chris Ehrlich, Managing Director and Global Head of Biopharma at Locust Walk. “We look forward to working with Innovation Pharmaceuticals to help them determine the market potential and the best path forward to create value.”
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About Locust Walk
Locust Walk is a leading life sciences transaction advisory firm focused on biopharmaceutical and medical technology companies. Its team of experienced professionals fuels the growth of promising companies at every stage by connecting the right products, the right partners and the most attractive sources of capital—driving innovation for growth and transformative results. Locust Walk was founded in 2009 and currently has offices in Boston; San Francisco; London; and Tokyo. For further information, including recent transactions and engagements, please visit: http://www.locustwalk.com.
About Innovation Pharmaceuticals
Innovation Pharmaceuticals Inc. (IPIX) is a clinical stage biopharmaceutical company developing a world-class portfolio of innovative therapies addressing multiple areas of unmet medical need, including inflammatory diseases, cancer, infectious disease, and dermatologic diseases. Brilacidin, a versatile compound with broad therapeutic potential, is in a new chemical class called defensin-mimetics. A Phase 2 trial of Brilacidin as an oral rinse for the prevention of Severe Oral Mucositis (SOM) in patients with Head and Neck Cancer, met its primary and secondary endpoints, including reducing the incidence of SOM. The Company plans to advance Brilacidin oral rinse into Phase 3 development, subject to available financial resources. Positive results were also observed in a Phase 2 Proof-of-Concept trial treating patients locally with Brilacidin for Ulcerative Proctitis/Ulcerative Proctosigmoiditis (UP/UPS). Brilacidin for UP/UPS was licensed to Alfasigma S.p.A. in July 2019. A Phase 2b trial of Brilacidin showed a single intravenous dose of the drug delivered comparable outcomes to a seven-day dosing regimen of the FDA-approved blockbuster daptomycin in treating Acute Bacterial Skin and Skin Structure Infection. Kevetrin is a novel anti-cancer drug shown to modulate p53, often referred to as the “Guardian Angel Gene” due to its crucial role in controlling cell mutations and has successfully completed a Phase 2 trial in Ovarian Cancer. More information is available on the Company website at www.IPharmInc.com.
Forward-Looking Statements : This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements concerning the future execution of a definitive agreement with a global pharmaceutical company and the anticipated terms thereof, our future drug development plans, other statements regarding future product developments, and markets, including with respect to specific indications, and any other statements which are other than statements of historical fact. These statements involve risks, uncertainties and assumptions that could cause the Company’s actual results and experience to differ materially from anticipated results and expectations expressed in these forward-looking statements. The Company has in some cases identified forward-looking statements by using words such as “anticipates,” “believes,” “hopes,” “estimates,” “looks,” “expects,” “plans,” “intends,” “goal,” “potential,” “may,” “suggest,” and similar expressions. Among other factors that could cause actual results to differ materially from those expressed in forward-looking statements are the Company’s need for, and the availability of, substantial capital in the future to fund its operations and research and development; including the amount and timing of the sale of shares of common stock under securities purchase agreements; the fact that the Company’s licensee(s) may not successfully complete pre-clinical or clinical testing and the Company will not receive milestone payments, or the fact that the Company’s compounds may not successfully complete pre-clinical or clinical testing, or be granted regulatory approval to be sold and marketed in the United States or elsewhere. A more complete description of these risk factors is included in the Company’s filings with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements. The Company undertakes no obligation to release publicly the results of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by applicable law or regulation.
INVESTOR AND MEDIA CONTACT Innovation Pharmaceuticals Inc. Leo Ehrlich firstname.lastname@example.org