Innovation Pharmaceuticals Inc (IPIX)

[DaubersUP]

Here is something interesting. So in the PR Agreement with Aspire:

· $2 million upon announcement of the Company entering into a licensing arrangement with a pharmaceutical company for any of the Company’s clinical assets that will include an initial payment to the Company of an amount in the double-digits millions of dollars.

http://www.ipharminc.com/press-release/2018/6/28/innovation-pharmaceuticals-announces-7-million-milestone-funding-agreement-with-aspire-capital


Here is from the Purchase Agreement

Provided that on or before September 30, 2018, the Company announces the BD Agreement, and provided that the closing price of the Common Stock on such Date of Announcement was equal to or greater than $0.50, then, on or before the second Business Day after the Company announces the BD Agreement, the Company shall sell to the Buyer, and the Buyer shall purchase from the Company, the Fourth Purchase Shares and the Buyer shall pay to the Company as the purchase price therefor, via wire transfer, Two Million Dollars ($2,000,000) (the “Fourth Purchase Shares Purchase Price”). At the Buyer’s discretion, in lieu of purchasing the Fourth Purchase Shares or part thereof, the Buyer may elect to purchase Pre-Funded Warrants. The price for each Pre-Funded Warrant purchased in lieu of Fourth Purchase Shares will be the result of multiplying (x) the number of warrant shares that the Buyer may purchase under such Pre-Funded Warrant by (y) a number equal to the Fourth Purchase Price reduced by $0.01. The exercise price for each warrant share will be $0.01, and the Fourth Purchase Shares Purchase Price shall be reduced by the aggregate exercise price for the Pre-Funded Warrants purchased in lieu of Fourth Purchase Shares.


(c) “BD Agreement” means a significant licensing arrangement with a pharmaceutical company that will include an initial (“up-front”) payment to the Company in an amount in the double-digits millions of dollars and will arrange for such pharmaceutical company to undertake the continuing development of the Company’s Brilacidin compound in the indication of Oral Mucositis, including the conducting and funding of clinical trials aiming towards the filing of an NDA.
https://www.bamsec.com/filing/147793218003269/4?cik=1355250






So to me ----- I think B-OM will be our first license deal!!! At first based on the PR and 8-K it makes it sound like any of the company's assets with a double digit million upfront could be in the works, but when you hammer it out into the details of the "BD" (Business Development) details it clearly states OM.

Interesting.