Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Update on the IPIX appeal. Below is from the Appeals Court website:
09/06/2024 #9 Appellant brief filed for Innovation Pharmaceuticals Inc. by Attorney Daniel Dwyer.
09/06/2024 #10 Appendix (Vol I of VI) filed for Innovation Pharmaceuticals Inc. by Attorney Daniel Dwyer.
09/06/2024 #11 Appendix (Vol II of VI) filed for Innovation Pharmaceuticals Inc. by Attorney Daniel Dwyer.
09/06/2024 #12 Appendix (Vol III of VI) filed for Innovation Pharmaceuticals Inc. by Attorney Daniel Dwyer.
09/06/2024 #13 Appendix (Vol IV of VI) filed for Innovation Pharmaceuticals Inc. by Attorney Daniel Dwyer.
09/06/2024 #14 Appendix (Vol V of VI) filed for Innovation Pharmaceuticals Inc. by Attorney Daniel Dwyer.
09/06/2024 #15 Appendix (Vol VI of VI) filed for Innovation Pharmaceuticals Inc. by Attorney Daniel Dwyer.
Here's the ORDER OF POSTJUDGMENT SECURITY.
I uploaded images by following these instructions:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=133901585#google_vignette
Thanks for posting. I was focused on the shiny object in the Appeals Court while the real action was taking place in the original Superior Court docket.
Update on the IPIX appeal. Below is from the court website:
08/22/2024 RE#6: Allowed to 09/05/2024. No further enlargement should be anticipated. Notice sent.
The Appeals Court is a different website. Try this:
https://www.ma-appellatecourts.org/
In the section for "Docket Number", enter
2024-p-0638
Credit for the link and "Docket Number" goes elsewhere. I think it was loanranger who posted it.
Update on the IPIX appeal. Below is from the court website:
08/21/2024 #6 Motion of Appellant to extend date for filing brief and appendix filed for Innovation Pharmaceuticals Inc. by Attorney Daniel Dwyer.
08/21/2024 #7 RESPONSE to Paper # 6, filed for Cummings Properties, LLC by Attorney Michael Barker.
08/21/2024 #8 RESPONSE to Paper #7, filed for Innovation Pharmaceuticals Inc. by Attorney Daniel Dwyer.
Update on the IPIX appeal. Below is from the court website:
08/12/2024 #5 Motion of Appellant to extend date for filing brief and appendix filed for Innovation Pharmaceuticals Inc. by Attorney Daniel Dwyer.
08/13/2024 RE#5: Allowed to 08/21/2024. Notice sent.
Update on the IPIX appeal. Below is from the court website:
07/09/2024 #4 Motion of Appellant to extend date for filing brief and appendix filed for Innovation Pharmaceuticals Inc. by Attorney Daniel Dwyer.
07/10/2024 RE#4: Allowed to 08/14/2024. The due date for the appellee's brief will be established upon the filing of the appellant's brief. Notice sent.
The IPIX appeal is moving forward. Below is from the court website:
06/07/2024 Appeal entered in Appeals Court on 06/05/2024 docket number 2024-P-0638
I don't think a "Trigger Event" has happened. IMO it's possible that the Patent License Agreement will expire before a "Trigger Event" happens.
I expect that the CEO of IPIX will seek to distance himself from potential SEC enforcement actions. I don't think he wants to appear on the "Division of Enforcement" section of the SEC website (https://www.sec.gov/page/enforcement-section-landing). I expect he will have more filings with the SEC.
I don't think he is worried about shareholder lawsuits.
I don't know about the other guys, but here are my thoughts.
A. "burn the shorts"
OTCMarkets lists short interest at 18,008 shares on 3/28/24. There are no shorts to be burned.
In the scenario other posters have put forward in the past (maybe you put it forward too), the shorts are not only naked, but invisible. They exist in a dark alternative trading universe. I don't buy that.
B. "merging into a public company"
Why not look at what the majority owners of BeaMedical have done with their previous company, neoLaser? neoLaser was founded over 10 years ago. Did Shapiro and Eshkol take neoLaser public? No. Why do you think they want to take this one public?
If BeaMedical wants to merge, why not merge in Israel?
C. "people in the know can still buy", "that is who is buying"
There are 514,013,755 shares outstanding (per 10-Q for period ended Sept 30, 2023). Trading 500,000 shares per day represents 0.1% of the shares outstanding. At a share price of $0.015 it represents $7,500 per day. It’s peanuts.
Why are the people in the know not buying buckets of this undervalued stock? If the stock should be valued at $1.00/sh what difference does it make if you pay $0.02, or $0.03, or $0.05/share? The demand isn't there.
IPIX had a string of bad events and their response was to go silent. Their silence resulted in their stock being restricted. I can't spin that into a positive. I don't understand how you're able to do it.
What caught my eye in the last 10-Q (filed Nov 14, 2023) was the following:
People need to understand how their trading platform will handle OTC stocks that are restricted to the Expert Market. I posted earlier this week about e-Trade's policy. Other platforms may have different policies.
My post: https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174204017
People should investigate how their trading platform will handle trading in IPIX shares if they are restricted to the Expert Market. Below is from e-Trade:
LR: I go to the court website. I have a reminder on my calendar.
IPIX filed a notice of appeal of the MA Superior Court judgment against them. The appeal was filed on March 7.
You can read the full document on the court website. The instructions to access the court website can be found here (credit to loanranger for providing the original link):
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=164059214
OTCMarkets has changed IPIX’s designation to be “Pink Limited Information”. It had been “Pink Current”. They have also added a bullet that reads “Delinquent SEC Reporting”.
https://www.otcmarkets.com/stock/IPIX/overview
I expect IPIX to file 12b-25 and get an extra 5 calendar days for the 10-Q. This would be reasonable since they have until next week to appeal the court judgment. I expect any appeal to be filed on the last day allowed.
I expect them to reference the judgment in the “Subsequent Events” section of the 10-Q (along with the departure of Directors).
That's my understanding as well.
A brief clarification of the case. Cummings is the defendant. IPIX sued them. The judge dismissed all 4 counts of IPIX's suit and found that the lease was valid and enforceable and that IPIX failed to provide the required notice to opt out of the lease extension. As a consequence, Cummings was entitled to recover the liquidated damages agreed to in the lease.
IPIX has 30 days from the date of the judgment to file an appeal. I'm nearly 100% certain of that, but I'm not a lawyer either.
IPIX filed an 8-K with the SEC:
https://www.sec.gov/ixviewer/ix.html?doc=/Archives/edgar/data/0001355250/000147793224000494/ipix_8k.htm
From the Condensed Consolidated Balance Sheets included in the 10-Q filed by IPIX for the 3 months ended Sept 30, 2023:
Total Assets: $6,667,000
Total Liabilities: $5,505,000
Technically, IPIX is not insolvent. They have some time to work out payment with Cummings (I think it’s 30 days from date of judgment). How do they come up with $1.4 million? Can the BeaMed stock be sold? What about patents? Brilacidin is off the table since IPIX doesn’t own the patent. They’re in a tough spot.
I’m wondering when Menon will show up to try to collect the money owed to him? IPIX has been carrying accrued wages ($1,443,000) and the Kard Scientific research and development expenses ($1,486,000) since November 2019.
The figure of 18% per annum was in the original lease (Section 20).
Page 11 of the judgment includes the section “Changes to the Co-Lessees”. The change in co-lessees took place in June 2016 when IMR was “involuntarily dissolved by the Secretary of the Commonwealth of Massachusetts”. Harness testified that IMR never operated as a business. She testified that it was “more of an idea generator.”.
As to collecting the judgment
Pretty sure the responsibility for collecting the judgment is on Cummings. If IPIX refuses to pay, Cummings would likely go back to the Court to put liens on IPIX assets. Cummings can read a balance sheet and see that IPIX has insufficient cash or other liquid assets. The equity investment in BeaMed is the logical asset to put a lien on. I don’t think Cummings will sit idle as the remaining funds are drained.
IPIX needs to file Form 8-K (I think they have 4 business days to do that). That filing should include some indication as to future plans.
Jan 18, 2024, Findings of Fact, Rulings of Law and Order for Judgment
Innovation Pharmaceuticals Inc. vs. Cummings Properties, LLC
Thanks for posting the link. One sentence from the abstract caught my attention:
I think the Dr. Goldman presentation at TIMM went as planned.
The TIMM "X" feed for 10/23 ("Last Day of #TIMM2023 kicking off! Let's go!") shows a photo of a woman and man at podiums with a slide projected between them that reads, "A host defense peptide mimetic, brilacidin, potentiates caspofungin antifungal activity against human pathogenic fungi". The name at the top of the slide is Universidade de Sao Paula. The name at the bottom of the slide is Gustavo H. Goldman.
The "X" link can be found here (thanks to op):
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173068052
From today's 10-K:
From today's 10-K:
It’s from pg 3 of the Cummings proposed Findings of Fact.
It’s identified as the trial testimony of Jane Harness which would have been given between 8/29 and 9/5 of this year.
The trial of IPIX vs. Cummings Properties, LLC.
The post-trial proposed Findings of Fact and Rulings of Law have been posted to the Mass Trial Court website. The Findings of Fact are an interesting read.
The instructions to access the court website can be found here (credit to loanranger for providing the original link): https://investorshub.advfn.com/boards/read_msg.aspx?message_id=164059214
Fun fact . . . how many employees does IPIX have? 2? 3? more? . . . It's 4, per Jane Harness: Leo Ehrlich, Elliot Ehrlich (Leo Ehrlich's son), Jane Harness, Kyle Weston.
The point of investing is to make money. Take profits when you can, cut losses when you must. Keep your emotions out of it.
I did make money on IPIX and I sometimes posted when I sold stock (https://investorshub.advfn.com/boards/read_msg.aspx?message_id=161522356).
I started selling more aggressively when IPIX announced that the safety committee for the COVID trial approved increasing the number of days of treatment from 3 to 5 days without regard to efficacy. This was the signal to me that the dosing levels being used were lower than this of previous trials. Based up the GMU data, a dose that was tolerable for 5 days would have very limited antiviral effect.
I sold nearly all of my shares before the release of the trial results.
I’m one of those people who read the source documents. I read the GMU paper (and posted numerous times about it), I read the IPIX trial details on clinicaltrial.gov, I read the CTIX letter to the SEC about their purchase of Polymedix and the UPenn license (and posted numerous time about it), I read the Aspire preferred stock agreement (and posted numerous time about it). Things look different to me when I read the source documents and get the facts.