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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
hey I’m still here and we’re still alive!
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:
Through the date of this report, management has been unable to secure additional financing, and the ability of the Company to continue as a going concern is becoming increasingly unlikely.
What limited circumstances and restrictions do you think they're contemplating?
It sounds like an IPIX holder who wants out has until Tuesday to understand what they mean.
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:
Issuers of OTC equity securities that fail to make current financial and other information publicly available, are insolvent, are under regulatory investigation or suspension, or are otherwise not in compliance with public company reporting requirements may become restricted to the “Expert Market.” In the event an OTC equity security that you own or may own in the future is classified as an “Expert Market” security, you may be prevented from selling that OTC equity security and the value of your OTC equity security may be significantly negatively affected or eliminated entirely. Specifically, opening transactions in “Expert Market” securities are not permitted and closing transactions in “Expert Market” securities will only be permitted under limited circumstances, subject to certain qualifications and restrictions.
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).
“. . . anything positive in the works with the laser boys or companies interested in Brilacidin . . .”
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
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 31, 2024, Barry Schechter and Zorik Spektor each resigned from the Board of Directors of Innovation Pharmaceuticals Inc. (the “Company”), effective immediately. Their decisions to resign were not the result of any disagreement with the Company on any matter related to the Company’s operations, policies or practices.
Item 8.01 Other Events.
As previously disclosed, on January 22, 2020, the Company filed a complaint against Cummings Properties, LLC (“Cummings”) in the Superior Court of the Commonwealth of Massachusetts (C.A. No. 20-77CV00101), seeking, among other things, declaratory relief that the lease relating to the Company’s prior principal executive offices terminated in September 2018 rather than automatically extending for an additional five years. On August 29, 2023, the trial for this case commenced, and on January 18, 2024, the Court ruled in favor of Cummings, finding that Cummings is entitled to recover liquidated damages in the amount of $810,251.36, minus the Company’s $77,600 security deposit, plus eighteen percent per annum interest owing since January 17, 2020. The Company intends to appeal the decision.
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
Findings of Fact and Rulings of Law:
For the foregoing reasons, the court HEREBY DECLARES the following:
1. The operative Lease included the Extension Provision of Lease Extension #1 and the notice requirements of Section 21 of the Lease and was valid and enforceable. IPI failed to provide the requisite notice to Cummings of opting out of the automatic Extension Provision and, as result, the Lease automatically renewed when it failed to pay rent beginning in January 2020; Cummings is entitled to recover liquidated damages in the amount of $810,251.36, minus IPI's $77,600 security deposit, plus eighteen percent per annum interest owing since the date of default, January 17, 2020.
2. Counts 1-4 of IPI's Complaint are DISMISSED.
Judge: Howe, Hon. Janice W
Thanks for posting the link. One sentence from the abstract caught my attention:
The inhibitory potential of brilacidin against the viruses tested in this study was dependent on the dosing strategy which necessitated compound addition pre- and post-infection, with addition only at the post-infection stage not eliciting a robust inhibitory response.
As of September 30, 2023, we had approximately $0.9 million in cash compared to $1.5 million of cash as of June 30, 2023, and as of the date of this filing, we have approximately $0.6 million in cash. Contingent upon sufficient funding, we currently anticipate that future budget expenditures will be approximately $1.8 million for the next 12 months, including approximately $0.6 million for development activities, supportive research, and drug manufacturing.
As a result of our increasingly limited financial resources, we have stopped or limited discretionary spending in recent months, resulting in a significant decline in our research and development expenses, among other expenditures. In the event that we are unable to raise additional funds from others, we may be required to further delay, reduce or severely curtail our operations or otherwise impede our on-going business efforts, which could have a material adverse effect on our future business, operating results, financial condition and long-term prospects. There can be no assurance as to the availability or terms upon which such financing and capital might be available to us.
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:
As of June 30, 2023, the Company had 4 employees.
From today's 10-K:
We currently have an approximate $1.0 million cash balance as of the date of this filing, but that is insufficient to complete the development and commercialization of any of our proposed products. We expect to incur costs of approximately $1.8 million in the upcoming fiscal year ending June 30, 2024 to operate our business in accordance with our business plans and budgets.
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.
Here is a search for Brilacidin in Espacenet Patent Search from European Patent Office.
Brilacidin is mention or used in 147 world patents.
I sort with publication date. 18 patents are publish now in 2023.
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.
The Dr. Goldman Brilacidin presentation in the October TIMM congress is the only presentation on a particular anti-fungus drug for all of the congress.
The trial of IPIX vs. Cummings Properties, LLC. is taking place today. It is a jury waived trial.
You can read all the documents 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
The losing party will probably appeal.
Ipix owns Brilacidin for less than 10 years.
Ipix bought Brilacidin less than 10 years ago.
5.1 Term. This Agreement, unless sooner terminated as provided in this Agreement, shall expire upon the expiration of the last to expire or become abandoned of any issued Penn Patent Rights.
Is it possible that you're remembering the statement that was made on 9/9/13 when CTIX (now IPIX) acquired the Polymedix assets?
"This is a transformational development for our Company and shareholders; adding the assets of PolyMedix for a tiny fraction of what we believe the company is truly worth," said Leo Ehrlich, Chief Executive Officer at Cellceutix.
A couple things I noticed in the 10-Q
On January 18, 2023, the Company was notified by FCCDC that its third-party license with Basilea Pharmaceutica for development of broad-spectrum antifungals was terminated by the licensee.
The Company and Fox Chase Chemical Diversity Center, Inc. (“FCCDC”) have a collaborative research agreement related to an antifungal drug discovery program. In exchange for a six percent fee tied to all potential future proceeds, the Company granted FCCDC all discovery, intellectual property and commercialization rights related to its share of this joint antifungal drug program which is for a compound other than Brilacidin. On May 3, 2022, the Company received payment of $18,000 from FCCDC based on FCCDC’s third-party license of this compound. Subsequently, this third party license was terminated in January 2023.
At ASV 2021, GMU presented a slide of their proof of concept testing of the inhibitory potential of brilacidin on the Venezuelan Equine Encephalitis Virus (VEEV). It’s slide 17 in the PDF at the link below.
GMU presentation at ASV 2021
Final Trial Conference today — IPIX vs. Cummings Properties, LLC.
You can read all the documents 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
The trial is scheduled for 1/3/23 and will be a jury waived trial. The losing party will probably appeal.