Innovation Pharmaceuticals Inc (IPIX)

[petemantx]

Polymedix was formed by the U of Penn and the doctors/scientists that came up with the idea for Brilacidin. The doctors/scientists provided the genius and the U of P provided the money (mainly supercomputer time).

When Polymedix went bankrupt, the doctors/scientists lost everything (just like all other stockholders lost everything) as there was no value left in P after the Cellceutix money was distributed to debtors. The buyout contained a clause that the U of P would retain a 5% royalty on any revenues generating from the Polymedix stable of products.

Nobody really knows if U of P is going to give any royalty money to the doctors/scientists or if they signed anything that legally makes it mandatory for them to pay these folks. IMO the U of P will keep all funds for themselves as payment for the costs owed them for computer time. Bottom line: developers of Brilacidin sadly get nothing.