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From the neo-Laser link provided:
"The neoV platform, launched in 2013, has achieved phenomenal growth and acceptance on a global scale. Today, it is the tool of choice in over 700 hospitals, surgical centers, and clinics, in over 40 countries, having been used in over 100,000 medical interventions to date with a growth rate of 35-40% every year. It has become a true sign of excellence in technology, product design, and clinical results."
I think it's reasonable to ask why the founder of a company that has a product used in over 700 hospitals and that has been used in over 100,000 procedures with a growth rate of 35-40% every year would come to IPIX for funding of a new project.
Why didn't Gil Shapira use his existing company to develop Sting Ray, after all "neoLaser is a world leader in design, engineering and manufacturing of medical and surgical laser systems".
"The powers to be in American health have known about Brilacidin and its effectiveness as an antibiotic since the mid teens. Yet not one dollar has been spent to advance it to commercial use though many thousands of patients in the US have died yearly from such infections."
This CEO had the ability and the financing to move to a Phase 3 trial. He worked out a path with the FDA and told everybody that he was going to follow it.
Why do you suppose he chose to drop the ball? Isn't he the one that you should blaming? If there was any truth to your assertion about Brilacidin and its effectiveness as an antibiotic wouldn't it have been sold already? Instead Prurisol and Kevetrin soaked up the funds and here you sit, brokenhearted (you know the rest).****
Will this bring yet one more chorus of "Leo hasn't had the right offer yet"? That just begs the question......."if not, why not"?
****From July of 2016, as voiced by the then new, now former Chief Medical Officer......
"I believe that it is best for us to focus on the other more cost-effective trials at present and wait for upcoming milestones that can assist in recovery of CTIX share value so as to minimize dilution when raising capital for the ABSSSI trial. We already know that Brilacidin compares favorably to daptomycin in treating ABSSSI and have two other trials, oral mucositis and ulcerative proctitis, ongoing with the compound to further prove its merit in treating other indications."
That decision wasn't made by "The powers to be in American health", was it?
Are you just ignoring this?
"Is the Kips Bay Capital of NY at your link the same as Kips Bay Select of Miami who made the 13G filings? "
You posted a link. I'm just asking if that link was to a Company that IPIX did business with. Please answer.
John Miler signed a filing or two. What else do you know about him? Which Kips Bay is he a General Partner of? He signed the initial filing as VP of Finance of Kips Bay Select.
You really want to bring up Todos and Kips? Kips Select acted as a toxic lender to Todos. They took convertible notes at a very steep discount, in one case giving Todos $3M in cash in return for $4.3M in notes.
Todos and IPIX have something in common other than taking funds at a discount from Kips, too....a stellar chart:
https://www.marketscreener.com/quote/stock/TODOS-MEDICAL-LTD-120796500/charts/
You may find this interesting:
"For a reporting person that has previously filed a Schedule 13G, if there has been any change to the information reported in such Schedule 13G as of the end of a calendar year, then an amendment to such Schedule 13G must be filed within 45 days of the calendar year end."
The fact that Kips Bay Select didn't make a filing on February 14th SHOULD mean that they had no change in their holdings between 7/5/22 (45,032,659 shares) and 12/31/22.
Let me know when you find the Kips Bay Select website or any related living beings other than the mystery man, John Miler. The SEC filer by that name (KBS) has never made a filing to report any holdings other than its IPIX shares.
Is the Kips Bay Capital of NY at your link the same as Kips Bay Select of Miami who made the 13G filings?
Are there people with names that you know at whichever Kips Bay who you believe took the plane ride with the CEO? The linked website doesn't identify ANYONE.
I don't know where to start.
"IPIX and BeaMed got together via a program set up by the governments of the USA and Israel "
There is a program...the Bird Foundation...that was set up to encourage synergistic commercial collaborations between US and Israeli companies.
Squalus and ForTec were paired up (in 2020), not IPIX and BeaMed. That is the "jest" of it. Neither Company is on the Approved Projects lists for 2021-2023.
IPIX "announced that the Company has acquired a minority stake in Israel-based Squalus Medical" in June of 2022 without addressing shazamm's question: "how the BT BeaMed Technologies / IPIX relationship evolved". Was there a previous relationship? Did Leo get a hot tip?
So the real answer for shazamm is that we don't know and Leo ain't sayin'.
As to your note (NOTE: YOU CAN ONLY BUY SHARES OF BEAMED BY INVESTING IN IPIX.), the recent release suggests otherwise and it too has not been addressed:
"The Company’s Chief Executive Officer and other financial stakeholders in BeaMed recently returned from a visit to Israel to see the StingRay System first-hand."
Has the IPIX position been diluted already? There's no hint of it in last week's 10Q.
Crunchbase's information in this case is false as is its information in general and your skepticism is justified. See for yourself....
From its IPIX coverage page:
Frequently Asked Questions
Where is Innovation Pharmaceuticals's headquarters? Innovation Pharmaceuticals is located in Beverly, Massachusetts, United States.
How much funding has Innovation Pharmaceuticals raised to date? Innovation Pharmaceuticals has raised $1M.
When was the last funding round for Innovation Pharmaceuticals? Innovation Pharmaceuticals closed its last funding round on May 10, 2012 from a Post-IPO Equity round.
Who are Innovation Pharmaceuticals's competitors? Alternatives and possible competitors to Innovation Pharmaceuticals may include GlycoMimetics, Anacor Pharmaceutical, and Marius Pharmaceuticals.
You should recognize that that's all a bunch of rubbish. Crunchbase subscribers should be asking for refunds.
Someone said "I am more interested in who the "other financial stakeholders" were" and it's a good question, because based on the financials presented by IPIX there aren't any.
That makes sense. Thanks for the reminder.
"We know that at least one insider has leaked inside information on social media quite recently."
Refresh a failing memory, please.
Of course the offeror would know.
As the initial question was posed it seemed to me to be questioning whether you or anyone HERE would know.
"Either he HASN'T received the offers you think he's received or he has put the Company at risk by turning them down."
"Do you know if any offers have been made in the past that were not up to par......I'll answer that for you.....you don't, I don't.......no one does other than Leo!!!!!!"
You're right. Only Leo knows if offers have been made.
But those who can read the Company's latest financial statement know that it has negative working capital. (He was a CPA, so he knows.)
He MAY have received offers that he doesn't find "up to par" but there are bills to be paid and he just gave away most of the Company's cash in return for a non-liquid position in a privately held Company with negligible revenues.
Either he HASN'T received the offers you think he's received or he has put the Company at risk by turning them down.
Is Krishna Menon really going to let this Company slide for salaries that Leo Ehrlich himself took? The liabilities to KM and KARD make up about 2/3 of the IPIX current liabilities.
"Dr. Menon, on behalf of himself and KARD, demanded payment of these amounts in October 2019; however, the Company disputes the underlying basis for these amounts and notified Dr. Menon in November 2019 of the Company’s intent not to pay them."
"Good to see more multinational studies."
Is that what that was?
"Brilacidin is among the top 4 promising molecules against dengue. "
April 20, 2020
Screening of 11,552 Compounds Identifies Innovation Pharmaceuticals’ Brilacidin as One of the Most Promising Potential Inhibitors of the Novel Coronavirus
Promising. We hear that a lot.
"Dengue" does not appear in a search of the IPIX website or SEC filings.
I expect you noticed that Delparantag also fell out of that statistical Dengue study.
"In the latter part of April 2016, the Company wrote off its patent rights to Delparantag. Delparantag was acquired by the Company in the purchase of assets from the Polymedix estate."
"Dengue fever is a mosquito-borne tropical disease caused by the dengue virus.[1] Symptoms typically begin three to fourteen days after infection.[2] These may include a high fever, headache, vomiting, muscle and joint pains, and a characteristic skin itching and skin rash.[1][2] Recovery generally takes two to seven days.[1] In a small proportion of cases, the disease develops into a more severe dengue hemorrhagic fever, resulting in bleeding, low levels of blood platelets and blood plasma leakage, or into dengue shock syndrome, where dangerously low blood pressure occurs.[1][2] "
https://en.wikipedia.org/wiki/Dengue_fever
ps. LE's former Company has been talking about using its technology against dengue since 2007 (still does in every filing) without conducting a trial.
"THIS MASTER REVENUE SHARING AGREEMENT (the “Agreement”) is made this 29th day of July, 2011."
"The term of this Agreement (the “Term”) shall commence on the Effective Date and shall continue for the longer of (i) a period of 10 years thereafter or (ii) the expiration of the last Agreement Addendum (the “Initial Term”), unless earlier terminated pursuant to this Section 4.6, 4.7, 4.8 or otherwise provided herein. Except as otherwise provided herein, this Agreement will renew automatically for additional five years (each, a “Renewal Term”) following the Initial Term and each subsequent Renewal Term."
REFUSE to read the whole thing, but it sounds like it extends automatically, like the Heddle note repayment schedule.
It's hard to be deader than this thing is.
Earlier this month? It's only hours old.
This is the guy you describe as "CEO of VERITAS, a guerilla journalist group started in 2010 with the intent on providing truthful news":
"James Edward O'Keefe III (born June 28, 1984) is an American political activist and provocateur who founded Project Veritas, a far-right[3] activist[2] group that uses deceptive editing techniques to attack mainstream media organizations and progressive groups. Both O'Keefe and Project Veritas have produced secretly recorded undercover audio and video encounters in academic, governmental, and social service organizations, purporting to show abusive or illegal behavior by representatives of those organizations; the recordings are often selectively edited to misrepresent the context of the conversations and the subjects' responses.[4]
O’Keefe first gained national attention for his selectively edited video recordings of workers at Association of Community Organizations for Reform Now (ACORN) offices in 2009, his arrest and misdemeanor guilty plea in 2010 for entering the federal office of then-U.S. Senator Mary Landrieu (D-LA) under false pretenses, and the release of misleading videos of conversations with two high-ranking, now former, NPR executives in 2011.
Two for a penny! Come and get em!!!
"What ever happened to KM-391?????"
That's the one that was so effective in treating some rats that had autism, right?
In December 2009, the Company was assigned all right, title and interest to a new compound, KM-391, which it intends to develop for the treatment of autism. In exchange for this compound, the Company agreed to pay the inventors $10,000 plus 4.5% of net sales of the compound in countries where a composition of matter patent has been issued and 3% of net sales in other countries.
In the 2013 10-K it said:
"Further experiments are planned but are presently delayed due to our focus on Kevetrin and Prurisol."
They stayed delayed.....
until this popped up in the 2020 10K:
"The Company previously had similar rights to seven other pharmaceutical compounds, KM 277, KM 278, KM 362, KM 3174, KM 732, and KM-391, but the Company abandoned the rights to those compounds."
Abandoned is what happened to KrishnaMenon-391.
Sound familiar?
"I expect more interesting new information about Ipix and the Ipix drugs I own next week."
You didn't get much in the way of more interesting new information, did you?
Drugs plural? It's down to one. You own one(1) drug.
The rest are in the Cemetery of Abandoned Compounds.
And Kevetrin and Prurisol have company in compound heaven. A significant piece of the genius Polymedix deal was something called Delparantag...3 years and it was out.. As are a bunch of compounds assigned to the Company by Krishna Menon (KM 277, KM 278, KM 362, KM 3174, KM 732, and KM-391). RIP. There may be more, but so much abandonment and so little time.
The one that's left has also had close brushes with the grim reaper, its latest being the Covid caper. Of course there's still life left in B-OM and B-ABSSSI, both of which live on in SEC filings and the website alone. When do you suppose B-Fungus will hit the clinic?
"more interesting new information"? I musta missed it.
https://www.sec.gov/Archives/edgar/data/1355250/000147793223001071/ipix_10q.htm
1.Yes.
2. Yes
3. No. All I know is that it has been approved for something.
It's pretty senseless to tout a drug that has shown some promise at ANY dosage but can't be marketed to one that's already on the market and treating people, but I've come to expect it.
Is this another one of those "just because we can't sell it doesn't mean it's not worth anything" type arguments?
"Basilea has not tested Brilacidin for fungus or bacteria."
I think that's right and am glad that you saw fit to bring it out.
But I do have a problem with this:
"From a new research report today"
It's a promotional piece. Did you miss this?
"This report has been commissioned by Basilea Pharmaceutica and prepared and issued by Edison, in consideration of a fee payable by Basilea Pharmaceutica."
It's the first sentence under "General disclaimer and copyright ", a section that should never be overlooked. Research reports are typically prepared by independent entities.
Did you notice this?
"Basilea plans to submit a new drug application (NDA) for Zevtera’s use in Staphylococcus aureus bacteraemia (SAB), acute bacterial skin and skin structure infection (ABSSI) and community-acquired pneumonia (CABP) in March/April 2023, after which management expects a decision from the regulators by end-2023. Top-line results from the Phase III ERADICATE trial in June 2022 showed that Zevtera met the primary endpoint of non-inferiority to standard-of-care daptomycin (with or without aztreonam) in the intent-to-treat population in patients with SAB."
What does Basilea need brilacidin for exactly?
Another piece of crapola research.
"The Leading Companies in the Oral Mucositis Therapeutics Market Include".
Do any of the listed companies market a drug that has been approved to treat oral mucositis other than Kepivance, which treats serious OM in patients with a very specific type of cancer (blood cancer)?
https://www.cancer.gov/research/progress/discovery/oral-mucositis
https://www.cancernetwork.com/view/fda-grants-priority-review-to-avasopasem-for-treatment-related-oral-mucositis
"What's the mark up/profit margin on that transaction Mr Loan?"
They didn't call it or book it as a sale. Ask Leo why he didn't file the exhibits to the AS agreement...we might get an idea from them. IPIX and AS likely intended to profit from the sale of the AS product once developed and I wouldn't be surprised if IPIX had agreed to provide B at cost.
"That means I'm not sure if the reimbursement is for supply to Alfasigma, but who else would be reimbursing IPIX for brilacidin, especially a reimbursement of this amount? "
It's too bad that we have to guess about that, even though it's a perfectly reasonable guess, when the insertion of just two words...."from AlfaSigma".... would eliminate all doubt:
"reimbursement for Brilacidin manufacturing expenses of $238,000 "xxx xxxx" for the six months ended December 31, 2022."
Your conclusion that such a reimbursement "would suggest that Alfasigma is moving forward with their clinical trial" is evidence that we shouldn't need if IPIX's filings can be relied upon.
The current filing says...
"Phase 1 studies in healthy volunteers using Brilacidin in a proprietary Alfasigma formulation have successfully completed."
The last 10Q and the current 10Q both said:
"In late September 2022, Alfasigma notified the Company that a revised clinical development plan for UP/UPS, incorporating regulatory authority feedback, is being enacted. Alteration to treatment duration requires further preclinical research, and the Company has been advised by Alfasigma that a Phase 2 multinational clinical trial conduct is estimated to start in 2H2023. Brilacidin drug substance is manufactured under direction of the Company as part of the licensing agreement with Alfasigma."
IPIX provides the B and AS mixes it in their own proprietary formula. We know nothing about the pricing of B to AS or the amount of B used in the dosage(s) or the number of trial participants in the trials so it's impossible to guess whether the B that may have been reimbursed for product supplied in Phase 1 or the as yet designed Phase 2 or whether it has been supplied or just manufactured. All we have to rely on is your logical indicator based on an unknown to make the connection:
"who else would be reimbursing IPIX for brilacidin, especially a reimbursement of this amount?"
Two more words and we'd know for sure.
FWIW the accounting for the $238K is interesting. It was treated as a reduction in R&D expenses and there's no indication that the original costs of manufacturing were charged to R&D, although I guess that can be assumed as well.. Do you remember seeing such an indication in a previous filing?
They probably stuck it in a money market fund for easy access.
I wanna know how they managed to generate "Net Sales and revenue" and "Other Income" (the latter may be interest from that Short Term Investment).
I'm afraid that you're compounding an error by noting that. 25M shares haven't been issued in either the last 3 months....or 6 months. The Basic and diluted weighted average number of common shares has remained basically unchanged.
There's plenty of cash in the till for LE's salary as long as he doesn't spend it on anything else.
"That's right, it will be interesting."
So how'd they do?
The first item is the patent of a K Menon invention that was applied for a few years ago.
The second item should have resulted in an 8K revealing specifics if it was a material agreement.
From the 10K:
"In September 2022, the Company, after a review of its assets and opportunities, discontinued its Kevetrin program in oncology due to reduced patent life and the added research and development costs for oral delivery of the compound."
That was the original announcement. It should have helped a little bit to "give the stockholders an idea why".
"Basic and diluted weighted average number of common shares 503,841,551"
That's true.
"Another 25 million give/take shares added to OS"
Not so sure about that.
When were the Basic and diluted weighted average number of common shares 478M?
I can see how one might make a mistake about this....
"they both have amazing track records with a history of success"
Isn't that the "continuing to stare at the rear view mirror" thing that you warned me against yesterday?
"We are working diligently towards the goal of filing an Investigational New Drug Application (IND) for NV-CoV-2 as soon as possible."
I heard Diwan's having t-shirts made that say that. And a rubber stamp for future filings.
"Primarily the salaries of Ehrlich and his stooge and administrative expenses?"
That's all there is to it. It has been described as a "a wee dead company that no one cares about except a few naive investors".
It will be interesting to see how the Laser guys did.
Same one since 2018.
"On December 17, 2018, the Company, at the direction of the Audit Committee, engaged Heaton & Company, PLLC (d/b/a Pinnacle Accountancy Group of Utah) (“Pinnacle”) as the Company’s independent registered public accounting firm."
Coincidence?
"On December 31, 2018, Mark R. Tobin resigned from his position as a director of Innovation Pharmaceuticals Inc. (the “Company”), effective immediately."
"Mr. Tobin serves as Chairman of the Audit Committee and is an “audit committee financial expert” as that term is defined by the applicable SEC rules."
A change of Audit firms is rarely seen as a good thing (although a growing company will often "upgrade" its firm to one with a larger, more experienced staff...not the case here). Simultaneous resignation of the Chairman of the Audit Committee should have raised some eyebrows...at least it would in some places.
This is a "wee dead company" for a number of reasons not the least of which is a disregard for the SEC filing requirements. This CEO is a scofflaw and there are many examples of that.
It had to be filed by 5:30Eastern to be considered to be on time. It is now late.
The EDGAR system hours of operation for submitting files are 6:00am to 10:00pm Eastern Time, weekdays, excluding Federal Holidays. EDGAR filings must occur by 5:30pm ET (when the SEC officially ends its business day) to receive the same-day filing date.
It's a filing deadline, not a carriage turning back into a pumpkin deadline :o)
So it is now late and the new requirement is to file a Notification of Late Filing by 5:30PM ET on Monday.
They needed 8.033M votes and they got 8.115M, which is less votes than were in favor of retaining the current accounting firm.