Innovation Pharmaceuticals Provides Update on U.S. Patent Applications Covering Use of Brilacidin in Inflammatory Bowel Diseases, Coronaviruses and Fungal Diseases

WAKEFIELD, MA, June 21, 2023 (GLOBE NEWSWIRE) -- via – Innovation Pharmaceuticals (OTCQB:IPIX) (“the Company”), a clinical stage biopharmaceutical company, today announced the United States Patent and Trade Office (USPTO), on June 6, 2023, granted a patent, “Host Defense Protein (HDP) Mimetics for Prophylaxis and/or Treatment of Inflammatory Diseases of the Gastrointestinal Tract,” and also recently issued a Notice of Allowance for the patent application, “Arylamide Compounds For Treatment Of Viral Infections.”

These allowed patents, which encompass Brilacidin protections through 2036 and 2041, respectively, further strengthen Brilacidin intellectual property rights previously granted in the U.S. and other regions. Brilacidin is a Host Defense Protein-mimetic drug candidate with broad-spectrum immunomodulatory and antimicrobial properties.

Related to the claims of these newly allowed patents, Brilacidin has been tested in Ulcerative Proctitis/Ulcerative Proctosigmoiditis (UP/UPS) (by rectal enema administration), where most patients achieved clinical remission, with further progress made in the development of an oral Brilacidin formulation for treatment of Ulcerative Colitis and Crohn’s Disease. The Company out-licensed Brilacidin in UP/UPS to Alfasigma S.p.A. Brilacidin has also been evaluated in Phase 2 testing in moderate-to-severe hospitalized cases of COVID-19 (by intravenous delivery), with beneficial treatment effects observed in patient subgroups. Biomarker-based trial design (enrollment tied to specific subgroups) has been by Biomedical Advanced Research and Development Authority (BARDA) scientists as a critical step to increase the likelihood of achieving clinical efficacy of investigational drugs in COVID-19 and Acute Lung Injury (ALI)/Acute Respiratory Distress Syndrome (ARDS).

A separate patent application has been submitted to the USPTO for use of Brilacidin in fungal diseases. Encouraging Brilacidin pre-clinical results (in vitro and in vivo) against multiple fungal infections have been achieved, as recently in an article in Nature Communications, and based on in vitro screening studies conducted by independent researchers. Additional in vivo testing in efficacy models against two hard-to-treat fungal pathogens is scheduled for 3Q2023.

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About Innovation Pharmaceuticals

Innovation Pharmaceuticals Inc. (IPIX) is a clinical stage biopharmaceutical company developing a portfolio of innovative therapies addressing multiple areas of unmet medical need, including inflammatory diseases, cancer, and infectious diseases. The Company is also active in evaluating other potential investment opportunities that can add value and diversify its portfolio.

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, without limitation, statements concerning future product development plans, including with respect to specific indications; statements regarding the therapeutic potential and capabilities of the StingRay System; future regulatory developments; and any other statements which are other than statements of historical fact. These statements involve risks, uncertainties and assumptions that could cause 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 risks related to conducting pre-clinical studies and clinical trials and seeking regulatory and licensing approvals in the United States and other jurisdictions, including without limitation that compounds and devices 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; prior test results may not be replicated in future studies and trials; 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; and the Company’s licensee(s) may not successfully complete pre-clinical or clinical testing and the Company will not receive milestone payments. A more complete description of these and other risk factors is included in the Company’s filings with the Securities and Exchange Commission. Many of these risks, uncertainties and assumptions are beyond the Company’s ability to control or predict. You should not place undue reliance on any forward-looking statements. The forward-looking statements speak only as of the information currently available to the Company on the date they are made, and 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.

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