Innovation Pharmaceuticals Inc. (OTCMKTS:IPIX), formerly known as Cellceutix Corp (CTIX), changed its name effective today. The company will now trade under IPIX and bills itself as a clinical stage biopharmaceutical company that develops small molecule therapies to treat cancer, antibiotics, and inflammatory disease. IPIX is carrying a marketcap of 119.67M with 1131.38M shares outstanding.
IPIX focuses on the development of compounds, including Kevetrin, an anti-cancer compound that has completed Phase I clinical trial; and Prurisol, an anti-psoriasis drug candidate that is in Phase II clinical trial. It also focuses on the development of Brilacidin, an antibiotic candidate for the treatment of acute bacterial skin and skin structure infection, oral mucositis, and inflammatory bowel disease, and ulcerative proctitis/colitis; and defensin-mimetics for otic infections, diabetic foot infections, and hidradenitis suppurativa indications.
Innovation Pharmaceuticals Inc. (OTCMKTS:IPIX), before the name change, was fighting back against short-sellers and was experiencing a bout of lows. However, the company had a spike late last month from news on results from its Acute Myeloid Leukemia (AML), Kevetrin (mentioned above).
Find out when $IPIX stock reaches critical levels. Subscribe to OracleDispatch.com Right Now by entering your Email in the box below.
A poster presentation was given to the press and the conclusion was as follows:
Our results suggest Kevetrin is a promising new drug in AML patients treatment, both in wild type and, even more, in TP53 mutated tumors, through different molecular mechanisms, giving more therapeutic alternatives in the treatment of this disease.
“We are extremely pleased to see these pre-clinical results of Kevetrin in AML, particularly as the work was initiated independently by academic researchers intrigued by our novel compound,” commented Leo Ehrlich, Chief Executive Officer at Cellceutix. “The findings bolster ongoing research, such as investigations regarding Kevetrin in Ovarian Cancer presented at the 2017 AACR meeting, further informing how Kevetrin modulates p53. Given dysfunctional p53 is implicated in at least one-half of all cancers, Kevetrin has the potential to become a truly special anti-cancer drug.”
In a completed Phase 1 trial in solid tumors conducted at Dana-Farber Cancer Institute and Beth Israel Deaconess Medical Centers, Kevetrin was well-tolerated, with minimal adverse effects. A Phase 2a trial in Ovarian Cancer is currently ongoing, in which similar analyses of pathway modulations by Kevetrin are being explored directly using tumor biopsies before and after treatment. Running in parallel, Cellceutix continues to make strides toward developing Kevetrin as an oral formulation.
Innovation Pharmaceuticals Inc. (OTCMKTS:IPIX) anticipates that future budget expenditures will be approximately $14 million over the next 12 months, including approximately $10 million for clinical trials. Management believes that financing available from Aspire Capital will be sufficient to fund the Company’s operations for the next 12 months.
The company gave a corporate update prior to the name and gave investors some important information going forward (Stock symbol has been edited to reflect the change in the quote below).
“We are extremely proud of our accomplishments to date and are thrilled at the company’s prospects going forward into the latter half of 2017,” said Leo Ehrlich, Chief Executive Officer of IPIX. “Within a matter of months, we anticipate completing multiple mid-phase clinical trials for indications in areas with serious unmet medical needs. Based on highly encouraging clinical data received so far, we look forward to sharing complete clinical results with shareholders, members of the pharmaceutical industry interested in our drug candidates, and the public at large, to further establish the true potential of our clinical pipeline.”
Innovation Pharmaceuticals Inc. (OTCMKTS:IPIX) is a company to watch as the drug trials rollout and results are digested by the market. Biotech stocks are risky, but, as we have seen, rewards can be big. IPIX laid out a timeline and we shall see if they can stick to it (they certainly have enough cash on hand to seemingly keep operations going). IPIX is pre-revenue and investors will have to be patient with the company’s drug candidates and watch the results. We will certainly be updating you. For continuing coverage on shares of $IPIX stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!