Innovation Pharmaceuticals Inc (IPIX)

[frrol]

No one should be "certain" of the term sheet. That ship sailed and we are trying to catch another one. The Q's no longer mention it since it was dropped when we were denied BTD in November. It's why we also lost Aspire funding. Thank goodness for the MFO, though the price we're paying for it is quite dilutive. We're at around 250MM effective shares now and it will grow.

The company is determined to press on, and we have to hope that the short term nature of the latest share sale is because it has got some partner prospect ready to negotiate, and not because that's all we could squeeze out of a reticent MFO. It must be pointed out that it this point, the prospect of a partner for OM phase 3 looks thin, unfortunately, and we won't have capital to do anything else affordably. We bought some more time though. Let's see.