interesting .. the news came from Fido via an alert .. not via my email from Innovation Pharma .. (as is usually the case) .. just read the PR from Fido ..
from 4:30PM yesterday ..
just re-checked my email and still nothing in from Innovation
Innovation Pharmaceuticals Announces $7 million Milestone Funding Agreement with Aspire Capital
Corporate
$2 million Received on Signing the Agreement
BEVERLY, MA – June 28, 2018 (GLOBE NEWSWIRE) Innovation Pharmaceuticals (OTCQB:IPIX) (“the Company”), a clinical stage biopharmaceutical company, today announced that it has entered into a Securities Purchase Agreement (the “Agreement”) with Aspire Capital Fund, LLC (“Aspire”). The Company received $2 million on signing the agreement selling 5,263,158 shares at price per share of $0.38 which was the closing price of the Company’s common stock on June 26, 2018. Under the Agreement the Company can receive an additional $5 million based on clinical, regulatory and business development milestones to be reached prior to September 30, 2018. The specific milestone payments are:
· $1 million upon announcement of Breakthrough Therapy Designation from the FDA for Brilacidin as a potential treatment for oral mucositis (OM).
· $2 million upon announcement of results from the recently completed Phase 2b trial of Prurisol as a potential treatment for moderate to severe chronic plaque psoriasis showing that the trial has met its primary endpoint.
· $2 million upon announcement of the Company entering into a licensing arrangement with a pharmaceutical company for any of the Company’s clinical assets that will include an initial payment to the Company of an amount in the double-digits millions of dollars.
Each of the milestone payments will be made at a purchase price based on the five-day average of the closing prices of Company’s common stock at the time of each announcement without any discount to such five-day average.
“This investment from Aspire will enable us to fund our efforts for important clinical and regulatory progress. The near-term milestones to trigger funding under the Agreement have been an ongoing main focus for the Company. Based on the previously announced Phase 2 results in oral mucositis, we feel that the meaningful reduction in the incidence of severe OM and other favorable endpoints observed in the trial provide strong support for the potential granting of Breakthrough Therapy Designation. Thus, we continue to believe Brilacidin may represent a very promising treatment option for patients subject to this debilitating and painful disease. Additionally, we eagerly await pending results from the statistical analysis of the completed Prurisol Phase 2b trial and look forward to progress in shifting to oral dosing of Kevetrin since demonstrating positive modulation of p53 directly in ovarian cancer,” said Arthur P. Bertolino, MD, PhD, MBA, President and Chief Medical Officer of Innovation Pharmaceuticals.
“Aspire Capital has been a longtime shareholder and supporter of Innovation Pharmaceuticals. We are very pleased to provide the Company with additional financial support and flexibility as they approach several potentially transformational, near-term milestones,” said Steven G. Martin, Managing Member of Aspire Capital. “We believe the Company has a significant chance to achieve each of these milestones.”
Under the Agreement, the Company has also issued to Aspire Capital 2,736,842 shares and warrants to purchase an additional 8 million shares of the Company’s common stock at a price of $0.38 as fee for its commitment to make the additional milestone payments.
For additional information about the Milestone Based Purchase Agreement with Aspire Capital, refer to the current report on Form 8-K filed on June 28, 2018 with the Securities and Exchange Commission.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
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http://www.ipharminc.com/press-release/2018/6...re-capital
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http://www.ipharminc.com/financials/
$5,000,000 of Class A Common Stock and Warrants
plus 8,000,000 shares of Class A Common Stock and Warrants to purchase 8,000,000 shares of Class A Common Stock
_________________________
Pursuant to this prospectus supplement and the accompanying prospectus, we are offering 5,263,158 shares of our A common stock, which we refer to as our common stock, at $0.38 per share (the “initial purchase shares”), and up to an additional $5.0 million aggregate amount of our securities, consisting of common stock or five-year warrants to purchase shares of our common stock at an exercise price of $0.01 per share (the “pre-funded warrants”), directly to Aspire Capital Fund, LLC (“Aspire Capital”) under a Securities Purchase Agreement entered into on June 28, 2018 (the “Purchase Agreement”). The purchase prices for the additional $5.0 million of securities will be based upon formulas set forth in the Purchase Agreement, and the sale of such securities is subject to the terms and conditions set forth in the Purchase Agreement. The securities offered also include 2,736,842 shares of common stock to be issued to Aspire Capital in consideration for entering into the Purchase Agreement (the “commitment shares”) and five-year warrants to purchase 8,000,000 shares of our common stock for $0.38 per share (the “commitment warrants” and together with the pre-funded warrants, the “warrants”). This prospectus supplement also relates to the offering of the shares of common stock issuable upon exercise of the warrants. We are not paying underwriting discounts or commissions. We estimate that our total expenses of this offering will be approximately $25,000.
Our common stock is traded in the over-the-counter market and is currently quoted on the OTCQB under the symbol “IPIX.” On June 26, 2018, the last reported sale price of our common stock was $0.38 per share. The warrants will not be listed on any national securities exchange or automated quotation system.
_________________________
Investing in our securities involves a high degree of risk. You should read “Risk Factors” beginning on page S-3 of this prospectus supplement and the reports we file with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended, incorporated by reference in this prospectus supplement, to read about factors to consider before purchasing our securities.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The date of this prospectus supplement is June 28, 2018.
http://www.edgarmaster.com/Inet/main/DataFeedHtml1.jsp
from 4:30PM yesterday ..
just re-checked my email and still nothing in from Innovation
Innovation Pharmaceuticals Announces $7 million Milestone Funding Agreement with Aspire Capital
Corporate
$2 million Received on Signing the Agreement
BEVERLY, MA – June 28, 2018 (GLOBE NEWSWIRE) Innovation Pharmaceuticals (OTCQB:IPIX) (“the Company”), a clinical stage biopharmaceutical company, today announced that it has entered into a Securities Purchase Agreement (the “Agreement”) with Aspire Capital Fund, LLC (“Aspire”). The Company received $2 million on signing the agreement selling 5,263,158 shares at price per share of $0.38 which was the closing price of the Company’s common stock on June 26, 2018. Under the Agreement the Company can receive an additional $5 million based on clinical, regulatory and business development milestones to be reached prior to September 30, 2018. The specific milestone payments are:
· $1 million upon announcement of Breakthrough Therapy Designation from the FDA for Brilacidin as a potential treatment for oral mucositis (OM).
· $2 million upon announcement of results from the recently completed Phase 2b trial of Prurisol as a potential treatment for moderate to severe chronic plaque psoriasis showing that the trial has met its primary endpoint.
· $2 million upon announcement of the Company entering into a licensing arrangement with a pharmaceutical company for any of the Company’s clinical assets that will include an initial payment to the Company of an amount in the double-digits millions of dollars.
Each of the milestone payments will be made at a purchase price based on the five-day average of the closing prices of Company’s common stock at the time of each announcement without any discount to such five-day average.
“This investment from Aspire will enable us to fund our efforts for important clinical and regulatory progress. The near-term milestones to trigger funding under the Agreement have been an ongoing main focus for the Company. Based on the previously announced Phase 2 results in oral mucositis, we feel that the meaningful reduction in the incidence of severe OM and other favorable endpoints observed in the trial provide strong support for the potential granting of Breakthrough Therapy Designation. Thus, we continue to believe Brilacidin may represent a very promising treatment option for patients subject to this debilitating and painful disease. Additionally, we eagerly await pending results from the statistical analysis of the completed Prurisol Phase 2b trial and look forward to progress in shifting to oral dosing of Kevetrin since demonstrating positive modulation of p53 directly in ovarian cancer,” said Arthur P. Bertolino, MD, PhD, MBA, President and Chief Medical Officer of Innovation Pharmaceuticals.
“Aspire Capital has been a longtime shareholder and supporter of Innovation Pharmaceuticals. We are very pleased to provide the Company with additional financial support and flexibility as they approach several potentially transformational, near-term milestones,” said Steven G. Martin, Managing Member of Aspire Capital. “We believe the Company has a significant chance to achieve each of these milestones.”
Under the Agreement, the Company has also issued to Aspire Capital 2,736,842 shares and warrants to purchase an additional 8 million shares of the Company’s common stock at a price of $0.38 as fee for its commitment to make the additional milestone payments.
For additional information about the Milestone Based Purchase Agreement with Aspire Capital, refer to the current report on Form 8-K filed on June 28, 2018 with the Securities and Exchange Commission.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
=========
http://www.ipharminc.com/press-release/2018/6...re-capital
=========
http://www.ipharminc.com/financials/
$5,000,000 of Class A Common Stock and Warrants
plus 8,000,000 shares of Class A Common Stock and Warrants to purchase 8,000,000 shares of Class A Common Stock
_________________________
Pursuant to this prospectus supplement and the accompanying prospectus, we are offering 5,263,158 shares of our A common stock, which we refer to as our common stock, at $0.38 per share (the “initial purchase shares”), and up to an additional $5.0 million aggregate amount of our securities, consisting of common stock or five-year warrants to purchase shares of our common stock at an exercise price of $0.01 per share (the “pre-funded warrants”), directly to Aspire Capital Fund, LLC (“Aspire Capital”) under a Securities Purchase Agreement entered into on June 28, 2018 (the “Purchase Agreement”). The purchase prices for the additional $5.0 million of securities will be based upon formulas set forth in the Purchase Agreement, and the sale of such securities is subject to the terms and conditions set forth in the Purchase Agreement. The securities offered also include 2,736,842 shares of common stock to be issued to Aspire Capital in consideration for entering into the Purchase Agreement (the “commitment shares”) and five-year warrants to purchase 8,000,000 shares of our common stock for $0.38 per share (the “commitment warrants” and together with the pre-funded warrants, the “warrants”). This prospectus supplement also relates to the offering of the shares of common stock issuable upon exercise of the warrants. We are not paying underwriting discounts or commissions. We estimate that our total expenses of this offering will be approximately $25,000.
Our common stock is traded in the over-the-counter market and is currently quoted on the OTCQB under the symbol “IPIX.” On June 26, 2018, the last reported sale price of our common stock was $0.38 per share. The warrants will not be listed on any national securities exchange or automated quotation system.
_________________________
Investing in our securities involves a high degree of risk. You should read “Risk Factors” beginning on page S-3 of this prospectus supplement and the reports we file with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended, incorporated by reference in this prospectus supplement, to read about factors to consider before purchasing our securities.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The date of this prospectus supplement is June 28, 2018.
http://www.edgarmaster.com/Inet/main/DataFeedHtml1.jsp
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