Replies to post #53133 on Innovation Pharmaceuticals Inc (IPIX)

[BenjaminN]

They constantly had financing problems and were in situations where trials were being delayed do to lack of funds. Many of the write ups talked highly about the successfully completed trials but would uneasily mention that they currently could not fund the next set of trials. They had some borderline unsuccessful trials that also caused issues. B however, was always deemed a huge success.

Still I'd like a better answer because its hard to believe they failed so miserably with a drug with such apparent potential.

What makes me sleep easy at night is CTIX has not had this situation, anytime Leo goes off looking for funds he is able to acquire a favorable financing deal. CTIX also is extremely tight with their burn rate.

[RJFL]

Pepsiman2001 - I think your recollection is pretty accurate from what I recall as well. The end of the company followed closely on the heals of the reverse split too. The research I did also revealed the former CEO (Nicholas Landekic) was not well liked in the industry and he might of alienated potential partners. His replacement, Edward F. Smith, inherited a mess he could not recover from in time. Make no mistake about it though, the purchase of the Polymedix assets including Brilicidin and the defensin-mimetics platform was the heist of all times in my opinion. We purchased a unique, first of it's kind antibiotic where bacterial resistance is unlikely to develop. Efficacy was established in the Phase 2a, the 2b is to further refine the optimal dosage (hopefully single dose). So we bought an antibiotic ready for the phase 2b and possible fast tracking that has a potential market in excess of 1 billion for a mear 5-million. Incredible in my mind and that does not include the other drugs in the Polymedix pipeline. Leo found a gem and got it for fire sale money. Gives me great comfort because it reduces the overall risk for Cellceutix as we wait for additional evidence of what Kevetrin is doing, and from all indications it's going stellar there as well.

[MrW]

Thanks, Pepsi. Maybe I'm just on a lot of ignore lists? Haha.

[petemantx]

I had gathered that the driving force behind PolyM was a genius but a horse's rear to work with and he pissed off every pharma company he worked with. Then they had the B Ph2 trial which, like you stated and I agree, mgt misinterpreted the results and didn't realize the full potential of B. But what is quirky is that they then presented the data in Germany that showed how robust were the results for B in the trials but it appears the big US pharmas somehow missed out on this presentation and outlook for B and that is why they didn't bid for it out of bankruptcy.

I think PolyM just panicked or the genius in charge, who must be a very rich man without PolyM, just said enough is enough and I am out of here and took his ball and went home. I concur fully w/ PepsiM that it was a classic case of PolyMedix management screwing up the business from start to finish and the science of the products had nothing to do with it.

If nothing else, they could have sold off packages of 5 of their 70 products in the pipeline in numerous sales (say 5 sales of 5 each and each packet costs $X MM to acquire) to some large pharma or other to get revenue to carry them thru any shortages. PolyM had the reputation as a great small molecule development company, someone would have paid for their products.