Innovation Pharmaceuticals Inc (IPIX)

[FlashingLeather]

a one quarter slip is negligible

Because the P trial is the fastest and most likely route to the elimination of the persistent dilution via Aspire, release of the P interim data is the predominate focus of the market currently. A one quarter slip is not negligible to a very short-term oriented market.

It's been clear from the past 6 months that the market is not paying for asset value creation, rather is desiring visibility on how CTIX's 3 assets are going to be monetized.

we have since been told it will have no impact on the timeline as far as trial completion and top line results.

The target for completion is and has been 2H17, a rather wide interval. Certainly a delay from 1H to 3Q for the interim data can have no effect on the 2H estimate, but pushing back the interim results will push back the top line ones within the 2H period.

If the interim results are indeed 189 patients at 6 weeks, then regardless of when they are released, the entire trial will be just about over when we see the data. A 2Q data release would almost assuredly have meant a 3Q top line release. Now we're not really sure when the results will manifest. It could be early 3Q or late 4Q; the point being we just don't know now. With news of the delay, there is additional uncertainty added to the market...and markets don't like that.