Innovation Pharmaceuticals Inc (IPIX)

[MinnieM]

It's not a concern to me since it involves a patent we haven't been actively working on. It was low priority. Look at the last 10-k and you'll see the patent it refers to:

https://www.sec.gov/Archives/edgar/data/1355250/000147793216012448/ctix_10k.htm

Impairment of Patents

In the latter part of April 2016, the Company wrote off its patent rights to Delparantag. Delparantag was acquired by Cellceutix in the purchase of assets from the Polymedix Estate. The Company believes the compound which had clinical activity but also safety concerns in a prior clinical trial by Polymedix, is now a low priority compound for further development among the compounds in the Company’s portfolio. The decision by management was made after factoring in today’s regulatory and litigious climate. The Company recorded impairment loss on the patent costs of Delparantag and for various patents totaling approximately of $648,000 (i.e. the cost of $782,000 less $134,000 of accumulated amortization) in the fourth quarter of its fiscal year end June 30, 2016.

In Reply to 'F1ash'
I would certainly like to know more about this statement.




". . . and was required to give up potentially valuable patents to help fund operations and defense costs;
and . . . "

http://ia801507.us.archive.org/4/items/gov.uscourts.nysd.447344/gov.uscourts.nysd.447344.69.0.pdf