Innovation Pharmaceuticals Inc (IPIX)

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Innovation Pharmaceuticals Announces Non-Binding Term Sheet Signed with Global Pharmaceutical Company to Develop and Commercialize Brilacidin for the Treatment of Ulcerative Proctitis/Ulcerative Proctosigmoiditis

BEVERLY, MA – May 16, 2019 (GLOBE NEWSWIRE) Innovation Pharmaceuticals (OTCQB:IPIX) (“the Company”), a clinical stage biopharmaceutical company, is pleased to report that the Company has signed a non-binding term sheet with a global pharmaceutical company to develop and commercialize locally-administered Brilacidin (e.g., foam, enema, gel), on a worldwide basis, for the treatment of Ulcerative Proctitis/Ulcerative Proctosigmoiditis.

The non-binding term sheet also includes a Right of First Refusal for rights to Brilacidin for the treatment of more extensive forms of Inflammatory Bowel Disease, such as Ulcerative Colitis and Crohn’s Disease, and a Right of First Negotiation for rights to Brilacidin in other Gastrointestinal (GI) indications.

Completion of the transaction, as specified in the non-binding term sheet, is subject to further negotiation and execution of a definitive agreement. If the definitive agreement is reached and signed, the Company anticipates that it would receive an upfront payment, plus potential additional regulatory and commercial milestone payments, as well as royalties.