Innovation Pharmaceuticals Inc (IPIX)

[TheHound]

“Lease Extension. In September 2013, the Company signed a five-year lease agreement with Cummings Properties for the Company's offices and laboratories at 100 Cummings Center, Suite 151-B Beverly, MA 01915. The lease included an automatic renewal provision for a term of five years from September 30, 2018 to September 30, 2023, and requires monthly payments of approximately $19,000. The total square footage of the space is substantially more than what is currently needed for our operations; the majority of the space is a laboratory. The Company believes, however, that if we are successful with advancing our Brilacidin Oral Mucositis and/or Prurisol Psoriasis programs into confirmatory studies, we will need all, or most of, the space as we could save substantial monies by doing in house functions that would otherwise be outsourced to contract research organizations. In the interim, we are planning to sublet laboratory space as we are now focused on conducting clinical studies.”

https://www.marketwatch.com/press-release/10-q-innovation-pharmaceuticals-inc-2018-11-08

copy of referenced 2013 extension.

https://www.sec.gov/Archives/edgar/data/1355250/000147793214002418/ctix_ex1039.htm