Innovation Pharmaceuticals Inc (IPIX)

[sox040713]

Raising capital is part of management's job. I hope we can at least agree on that. Every CEO knows how to raise capital via dilution. Non-dilutive capital such as upfront and milestone payment from a BP requires both good science and good management IMO.

As you know I followed the science for many years. My mistake was to overlook management. I thought good science will lead to non-dilutive capital. B-ABSSSI and B-OM have been waiting for a total of eight years after Phase 2 was completed. In B-OM's case, Leo even hired Locust Walk to help.

Had Leo secured tens or hundreds of millions for either B-ABSSSI or B-OM, we would be all praising management for doing a good job. On the contrary, management should be criticized for no non-dilutive capital to date. Maybe this will be change for B-COVID. Good luck!