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Replies to post #54273 on Innovation Pharmaceuticals Inc (IPIX)
02/13/14 9:17 AM
02/13/14 9:37 AM
02/13/14 12:04 PM
However the company is entirely in the control of 2 individuals who are still able to reward themselves lavishly from the company's assets, as evident from having given themselves a very significant portion of the company after having sold it to the public by going public.
It really matters if the 60+M shares owned by the public is something like 50% of the company or will end up being 10% of the company.
Prurisol is our anti-psoriasis drug candidate. It is a small molecule with a molecular weight of less than 500 MW. It is synthesized through a multi-step process using commercially available starting materials. Prurisol acts through immune modulation and PRINS reduction.
In January 2014, the Company submitted an application to the Institutional Review Board ("IRB") responsible for the planned clinical study of the Company's psoriasis drug Prurisol at a Florida phase 1 unit. The phase 1 trial is a short crossover study being conducted at the request of the U.S. Food and Drug Administration ("FDA") with the purpose of demonstrating that Prurisol, an ester of abacavir, converts into abacavir in humans, just as it did in animal models. Once IRB approval is received, Cellceutix will file an Investigational New Drug application with the FDA. The trial is expected to take approximately one and a half months to complete, at which time the Company will move forward with initiation of a larger Phase 2/3 trial under the guidance from the FDA that a 505(b)(2) designation is an appropriate developmental pathway for Prurisol.
AI
