Wakefield, MA - (NewMediaWire) - April 17, 2023 - Innovation Pharmaceuticals (OTCQB:IPIX) (“the Company”), a clinical stage biopharmaceutical company, today announced publication of Brilacidin antifungal research in Nature Communications, a leading peer-reviewed scientific journal. The paper, discussing combinations of Brilacidin and other antifungal drugs toward improving treatment outcomes in fungal infections, is available at the link below:

dos Reis, T.F., de Castro, P.A., Bastos, R.W. et al. A host defense peptide mimetic, brilacidin, potentiates caspofungin antifungal activity against human pathogenic fungi. Nat Commun 14, 2052 (2023). https://doi.org/10.1038/s41467-023-37573-y

To date, Brilacidin has demonstrated varying degrees of antifungal activity, both in vitro and in vivo, in 14 of 19 “priority” fungal pathogens identified by the World Health Organization, with research ongoing in collaboration with NIH/NIAID-affiliated researchers and other academic groups.

“There is a critical need for new antifungal agents,” commented Gustavo H. Goldman, Professor of Molecular Biology, at the University of São Paulo (USP), Brazil, and a Chief Editor for Frontiers in Fungal Biology. “The clinical utility of currently available antifungal treatments is limited due to emerging drug resistance, toxicity, fungistatic and not fungicidal properties, as well as drug interaction concerns. Brilacidin’s ability to potentiate marketed antifungals, such as caspofungin, in multiple human pathogenic fungi, while showing strong stand-alone potency against the hard-to-treat fungal pathogen, C. neoformans, clearly supports Brilacidin’s potential to be developed as a novel antifungal. Myself, along with team members, are looking forward to exploring Brilacidin’s direct antifungal activity and possible favorable modulation of the host response following infection.”

Dr. Goldman, a co-author of the Nature Communications paper, has now agreed to join the Company as a Scientific Advisor, helping guide the study of Brilacidin in the area of mycology and fungal diseases. He is an expert in fungal genetics and antifungal resistance and his laboratory at USP focuses on the molecular biology of human fungal pathogens. Among his scientific achievements, Dr. Goldman has authored over 300 publications, is a member of the Brazilian Academy of Sciences, and a fellow of the American Academy of Microbiology and European Confederation of Medical Mycology.

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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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