Innovation Pharmaceuticals Inc (IPIX)

[Chronic]

No it says: (1) US$ 1 million, upon Commencement of the First Phase III Clinical Trial; and
(2) US$ 1 million, upon the first filing of the Marketing Approval application to the US Regulatory Authority (“FDA”) or the EU Regulatory Authority (“EMA”), as applicable, without any duplication.

"initial payment in the amount set forth on Exhibit I..."

Of course there is no Exhibit I so we don't know what the initial payment is. However, it's safe to assume that is significantly less than $1million otherwise they would have told us the amount.