Innovation Pharmaceuticals Inc (IPIX)

[loanranger]

Piffle. It was a non-binding term sheet.

"The Company signed a non-binding term sheet in August 2018 with a global pharmaceutical company for the licensing/rights to Brilacidin for treating oral mucositis and inflammatory bowel diseases. Initial payments, milestone payments and royalties are being negotiated in accordance with the non-binding term sheet. The pharmaceutical company is now engaged in further due diligence. Management can offer no assurances that the parties will enter into a binding definitive agreement."

The only obligation to provide an update is via the kind of non-regulatory duty of transparency that this Company SHOULD exhibit but doesn't always seem to think is necessary.

"If it failed or was withdrawn Leo is obligated to report that in a quarterly filing."
Would that apply to the B-OM BTD as well? Or a SPA submission?