Innovation Pharmaceuticals Inc (IPIX)

[damnthetorpedoes]

I honestly don't know the answer to that. I believe they did but towards the end, the science took a back seat to their money problems. By late-2012, it became painfully obvious that something was seriously wrong with management and the BOD. In December of 2012, all appeared to be great - the company stated that PMX-60056 (Delparantag) trials were proceeding as planned and that PMX-30063 (Brilacidin) trials were completed and preliminary results were excellent.

At a (December, 2012?) press conference discussing the Brilacidin preliminary results, questions about Delparantag were deflected with "we're here to talk about Brilacidin". In hindsight, I am fairly certain the hypotension issues were known at that time. Their (April? - I have trouble remembering exact dates) conference reporting the full results of Phase 2a of Brilacidin likewise had no mention of Delparantag, nor was it mentioned at their Shareholders meeting in May. A number of investors confronted Nic at the SH meeting and his expression was described by one as "a deer in the headlights".

The final straw was when they defaulted on a $6.8M payment to MidCap Financial but by that time, the BOD had finally (too late) ousted Nic and replaced him with the CFO, Edward F. Smith - another great piece of work.