BEVERLY, Mass., April 23, 2018 (GLOBE NEWSWIRE)—Innovation Pharmaceuticals (OTCQB:IPIX) (“the Company”), a clinical stage biopharmaceutical company, is pleased to report the Company has signed a drug supply contract with Evonik Corporation, a world leader in specialty chemicals, for the bulk production of commercial-grade Brilacidin to prepare for, as well as expedite, its continued clinical development.
Brilacidin is a versatile compound exhibiting broad therapeutic potential in a new chemical class called defensin-mimetics. The drug candidate, with unique and robust immunomodulatory, anti-inflammatory, and antibacterial properties, has successfully been tested in clinical trials in oral mucositis, ulcerative proctitis/ulcerative proctosigmoiditis, and serious skin infections.
“We are delighted to have been selected by Innovation Pharmaceuticals to scale up and industrialize the production of Brilacidin, a phase 3 drug compound advancing in multiple development programs under Fast Track designations and look forward to contribute to the success of this franchise,” said Dr. Andreas Meudt, Vice President, Product Line Exclusive Synthesis at Evonik’s Health Care Business Line.
Securing a commercial-grade drug supply of Brilacidin with a leading Contract Development and Manufacturing Organization (CDMO), such as Evonik, is an important and necessary step that will enable Innovation Pharmaceuticals to more rapidly advance the Brilacidin Franchise, toward getting much-needed treatments to patients.
“We are pleased to have Evonik’s expertise applied to the CMC efforts integral to moving our Brilacidin programs toward the finish line,” commented Arthur P. Bertolino, MD, PhD, MBA, President and Chief Medical Officer at Innovation Pharmaceuticals. “We anticipate this drug substance, to be manufactured to the high standards and philosophy of Quality by Design (QbD), will provide for our long-term needs across multiple anchored clinical indications in the Brilacidin Franchise.”
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-OM, 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. Positive results were also observed in a Phase 2 Proof-of-Concept trial treating patients locally with Brilacidin for Ulcerative Proctitis/Ulcerative Proctosigmoiditis. 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 Infections. 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. Prurisol, an oral psoriasis drug candidate acting through immune modulation and PRINS reduction, completed a Phase 2b trial with topline results expected in 2Q2018. 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 projected timelines for the initiation and completion of clinical trials, our future drug development plans, other statements regarding future product developments, 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 to Aspire Capital; 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.
info@ipharminc.com
