Innovation Pharmaceuticals Inc (IPIX)

[sox040713]

The Sled didn't have any clinical trials and still don't. IPIX has run eight trials in nine years with six successful. Now they have two drug candidates to partner in B-UP and B-OM, and two more in P and K-OC pending trial results. From today’s letter to shareholders,

“To advance our pipeline in an expeditious manner, this year we placed an emphasis on partnering—actively engaging global and regional pharmaceutical companies interested in licensing our novel drug candidates. These efforts have led to highly productive, mature (late-phase, ongoing) discussions, with multiple pharmaceutical companies, which we hope will bear fruit in the coming year.”

Leo and Dr. Menon deferred their salaries for four years from 2010-2013. Try to tell a thief not to steal money for four years if he knows he can get away with it. To minimize dilutions, management funded the company internally to transition from preclinical to clinical. Leo must be the dumbest CEO to ‘scam’ investors in the most difficult way which involved the FDA instead of the easiest way like the Sled.