Just learned of a new PR complements of pyriet:
https://globenewswire.com/news-release/2017/0...ement.html
[url=BEVERLY, Mass., Sept. 11, 2017 (GLOBE NEWSWIRE) -- Innovation Pharmaceuticals Inc., (OTCQB:IPIX) (“the Company”), a clinical stage biopharmaceutical company, today announces that the Company has entered into a new $30 million common stock purchase agreement with Aspire Capital Fund, LLC (“Aspire”). Under the agreement, Aspire has committed to purchase over the next three years up to an additional $30 million of IPIX common stock based on the prevailing market prices at the time of each sale. The timing of the purchases will be at the sole discretion of Innovation Pharmaceuticals.
“We are thrilled to again extend our long-term funding relationship with Innovation Pharmaceuticals,” said Steven G. Martin, Managing Member of Aspire Capital. “We have invested $50 million in the Company in previous transactions. In that time, the Company has made tremendous progress, growing from a single drug candidate in one early clinical trial at the start of our relationship to now three drug candidates in mid- or late-stage development. Aspire Capital is extremely confident in this Company and its management team. We are very excited about the additional funding we can provide the Company under the new transaction. We believe that this additional funding will help the Company unlock tremendous value in its programs in the coming months and years.”
“For many years now, Aspire has been a tremendous institutional investor and financial partner to our Company and many of our successes to date are underscored by their unwavering support,” commented Leo Ehrlich, Chief Executive Officer at Innovation Pharmaceuticals. “Aspire’s new $30 million commitment combined with our cash on hand puts us in a strong financial position to continue our aggressive drug development strategies.”
Separately, the Company has filed all requisite documentation with the U.S. Securities and Exchange Commission (“SEC”) as part of a $75 million shelf registration. Additional information on the equity agreement with Aspire and the shelf registration is available in the Company’s filings with the SEC.
Management intends to use any future capital raised through these mediums for advancing the Company’s pipeline of clinical stage drugs and for general corporate expenses.
“While we work towards partnering, we intend to maintain the momentum of our clinical trials for all of our drug candidates. No assurances of trial outcomes can ever be made, but we must be financially aligned for Phase 3 studies of Prurisol for psoriasis and Brilacidin-OM for oral mucositis should the data be appropriately supportive, given the fact that the mid-stage trials are expected to be completed next quarter,” commented Arthur P. Bertolino, MD, PhD, MBA, President and Chief Medical Officer at Innovation Pharmaceuticals.
Dr. Bertolino continued, “Furthermore, we are receiving significant interest in Brilacidin for inflammatory bowel disease following the successful completion of the Phase 2 proof-of concept study of Brilacidin for ulcerative proctitis/ulcerative proctosigmoiditis. Ongoing dialogue under confidentiality agreements has us planning for additional studies on that front. In addition, our ongoing Phase 2a study of Kevetrin for ovarian cancer should produce the first interim data during the fourth quarter as well. In aggregate and individually, we are addressing massive market opportunities and are committed to our vision to develop new medications for those in need.”
https://globenewswire.com/news-release/2017/0...ement.html
[url=BEVERLY, Mass., Sept. 11, 2017 (GLOBE NEWSWIRE) -- Innovation Pharmaceuticals Inc., (OTCQB:IPIX) (“the Company”), a clinical stage biopharmaceutical company, today announces that the Company has entered into a new $30 million common stock purchase agreement with Aspire Capital Fund, LLC (“Aspire”). Under the agreement, Aspire has committed to purchase over the next three years up to an additional $30 million of IPIX common stock based on the prevailing market prices at the time of each sale. The timing of the purchases will be at the sole discretion of Innovation Pharmaceuticals.
“We are thrilled to again extend our long-term funding relationship with Innovation Pharmaceuticals,” said Steven G. Martin, Managing Member of Aspire Capital. “We have invested $50 million in the Company in previous transactions. In that time, the Company has made tremendous progress, growing from a single drug candidate in one early clinical trial at the start of our relationship to now three drug candidates in mid- or late-stage development. Aspire Capital is extremely confident in this Company and its management team. We are very excited about the additional funding we can provide the Company under the new transaction. We believe that this additional funding will help the Company unlock tremendous value in its programs in the coming months and years.”
“For many years now, Aspire has been a tremendous institutional investor and financial partner to our Company and many of our successes to date are underscored by their unwavering support,” commented Leo Ehrlich, Chief Executive Officer at Innovation Pharmaceuticals. “Aspire’s new $30 million commitment combined with our cash on hand puts us in a strong financial position to continue our aggressive drug development strategies.”
Separately, the Company has filed all requisite documentation with the U.S. Securities and Exchange Commission (“SEC”) as part of a $75 million shelf registration. Additional information on the equity agreement with Aspire and the shelf registration is available in the Company’s filings with the SEC.
Management intends to use any future capital raised through these mediums for advancing the Company’s pipeline of clinical stage drugs and for general corporate expenses.
“While we work towards partnering, we intend to maintain the momentum of our clinical trials for all of our drug candidates. No assurances of trial outcomes can ever be made, but we must be financially aligned for Phase 3 studies of Prurisol for psoriasis and Brilacidin-OM for oral mucositis should the data be appropriately supportive, given the fact that the mid-stage trials are expected to be completed next quarter,” commented Arthur P. Bertolino, MD, PhD, MBA, President and Chief Medical Officer at Innovation Pharmaceuticals.
Dr. Bertolino continued, “Furthermore, we are receiving significant interest in Brilacidin for inflammatory bowel disease following the successful completion of the Phase 2 proof-of concept study of Brilacidin for ulcerative proctitis/ulcerative proctosigmoiditis. Ongoing dialogue under confidentiality agreements has us planning for additional studies on that front. In addition, our ongoing Phase 2a study of Kevetrin for ovarian cancer should produce the first interim data during the fourth quarter as well. In aggregate and individually, we are addressing massive market opportunities and are committed to our vision to develop new medications for those in need.”
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