·         BARDA prioritizing the development of host-targeting and pathogen-agnostic therapeutics for treatment of hospitalized COVID-19 and other serious diseases of the lung

Wakefield, MA - (NewMediaWire) - November 15, 2022 - Innovation Pharmaceuticals (OTCQB: IPIX) (“the Company”), a clinical stage biopharmaceutical company, today announced Brilacidin antiviral and anti-inflammatory data has been accepted for a scientific poster presentation at the 2022 Chemical and Biological Defense Science & Technology Conference (CBD S&T), December 6-9, 2022, based on research conducted at George Mason University’s Center for Infectious Disease Research.

The CBD S&T is sponsored by the U.S. government’s Defense Threat Reduction Agency’s (DTRA) and provides an interactive forum for chemical and biological defense community members from around the world to discuss pressing chem-bio threats. The Brilacidin research has been included as part of the “Broad-Spectrum Therapeutics For Viral Diseases: A Medical Countermeasure Platform For Emerging Threats” session. Data generated in alphaviruses and bunyaviruses showed that Brilacidin possesses both antiviral and anti-inflammatory properties, reinforcing its potential as a broad-spectrum antiviral. The conference abstract can be accessed here.

In related news, results from the Company’s Phase 2 study of Brilacidin in hospitalized cases of moderate-to-severe COVID-19 (NCT04784897) are being prepared for publication and will initially be made available as a preprint. Among the study’s findings, beneficial treatment effects were observed in subgroups of patients with the highest baseline values for key COVID-19 biomarkers, e.g., SARS-CoV-2 viral load, C-Reactive Protein (CRP), and IL-6. Under compassionate use of Brilacidin in critical cases of COVID-19, investigators observed more stable disease with improvements evident on chest x-rays and in disease biomarkers, such as CRP and ferritin.

Biomedical Advanced Research and Development Authority (BARDA) scientists recently published a paper on lessons learned from COVID-19 trials assessing immunomodulatory drugs in patients with severe forms of the disease, Acute Lung Injury (ALI) and Acute Respiratory Distress Syndrome (ARDS). With emerging SARS-CoV-2 variants (and sub-variants) increasingly able to evade monoclonal antibody treatments, as well as COVID-19 vaccines, BARDA has identified an unmet clinical need for developing host-targeting and pathogen-agnostic -- traits Brilacidin is exhibiting -- therapeutics for treatment of hospitalized cases of COVID-19 and other serious diseases of the lungs. Biomarker-based trial design (enrollment restricted to specific subgroups) was highlighted by BARDA as a critical step to increase the likelihood of achieving clinical efficacy of investigational drugs:

“Identifying distinct patient subgroups based on immune profiles across the disease trajectory, regardless of the causative pathogen, may accelerate evaluating host-directed therapeutics in trials of ALI/ARDS and related conditions (e.g., sepsis).”

The Company believes the promising results achieved in Phase 2 testing and based on compassionate use of Brilacidin in COVID-19 are supportive of additional testing in lung diseases, to further characterize Brilacidin’s clinical benefit. A future update is planned providing new data and insights on Brilacidin’s potential as a novel antifungal agent.

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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.

INVESTOR AND MEDIA CONTACTS 
Innovation Pharmaceuticals Inc. 
Leo Ehrlich 
info@ipharminc.com

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