Innovation Pharmaceuticals Inc (IPIX)

[Lemoncat]

I don't think we can draw any conclusions regarding term sheet. The last update in the 10K, as you pointed out, was that monetary elements of the contract needed to be negotiated.

Many incremental improvements to the pipeline on offer in the term sheet have occurred that may be checkbox items or value-builders:

Additional Brilacidin patents acquired
High-dose Cisplatin confirmed to remain a primary treatment
Successful Brilicidin gastric fluid resilience testing
^ Allows for oral clinical trials to begin
Successful EoP2 Meeting
EU subsidiary established

An EU subsidiary would fall in line with a global partner. As the PR said today, the holiday season is over and discussions are back in full swing. I expect the team is shopping around for the best option forward. It may or may not include the counter party of the original term sheet. We just don't know. I think they're still in the game.