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Innovation Pharmaceuticals COVID-19 Clinical Trial to Support Additional Development of Brilacidin as a "Pan-Coronavirus" Therapeutic
WAKEFIELD, Mass., Nov. 30, 2020 (GLOBE NEWSWIRE) -- Innovation Pharmaceuticals (OTCQB:IPIX) (“the Company”), a clinical stage biopharmaceutical company, today announces additional independent preliminary laboratory research suggests Brilacidin, the Company’s flagship defensin mimetic, has the potential to treat other endemic human coronaviruses (H-CoVs), such as those causing common colds, and not just SARS-CoV-2, the novel coronavirus responsible for the ongoing global COVID-19 pandemic. In related news, requisite documentation has been filed with the appropriate regulatory agencies, including an Investigational New Drug application (IND) with the FDA, for conduct of a multinational Phase 2 clinical trial of Brilacidin in patients hospitalized with COVID-19. Innovation Pharmaceuticals believes Brilacidin is a clearly differentiated leading antiviral drug candidate backstopped by a growing library of laboratory data documenting Brilacidin’s potent ability to inhibit coronaviruses, primarily by disrupting viral integrity and blocking viral entry. The Company is planning to conduct additional in vitro and in vivo Brilacidin studies on multiple coronaviruses, to further inform the drug’s anti-coronavirus properties and prepare for potential future clinical testing. “Given the alarming recent global spike in COVID-19 cases, coupled with a long-term perspective around the possibility of future pandemics, the appetite for novel anti-coronavirus therapeutics remains strong, as evidenced by Merck paying $425 million in cash last week to acquire OncoImmune to bolster its COVID-19 pipeline,” commented Leo Ehrlich, Chief Executive Officer at Innovation Pharmaceuticals. “Early data on vaccines are an encouraging development in combatting the virus. But vaccines have their own challenges—notably, reticence among the public to get vaccinated, combined with delivery obstacles and potential resistance developing due to mutations. Vaccines offer only a partial solution. Major pharma understands this and it is why they are making significant investments in promising COVID-19 therapeutics. The clinical trial of Brilacidin for COVID-19 will be instrumental in taking the first step to develop Brilacidin as a ‘pan-coronavirus’ drug, benefiting patients with illnesses ranging from variants of the common cold to the most serious coronavirus infections.” Brilacidin and COVID-19
Global COVID-19 Cases and Mortality Alerts About Innovation Pharmaceuticals 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 future drug development plans, statements regarding the antiviral capabilities and therapeutic potential of Brilacidin and its impact on SARS-CoV-2 (COVID-19) and other coronaviruses, as well as obtaining government regulatory approvals to commence clinical testing. 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 but not limited to risks related to conducting pre-clinical studies and clinical trials and seeking IND regulatory approval for Brilacidin and Kevetrin; that prior test results may not be replicated in future studies and trials, 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 CONTACTS |