Over the past months, many pharmaceutical and biotech companies have seen their stocks perform quite impressively and every other day, some new stock is thrown up. One of the latest such stocks to have gained momentum is that of the clinical-stage biopharmaceutical company Innovation Pharmaceuticals Inc (OTCMKTS:IPIX).

Some Positive Developments

There have been some positive developments at Innovation in recent times and hence, it could be worthwhile for investors to take a look at these a bit more closely. Once they do so, it will perhaps be easier for them to make up their minds with regards to any kind of investment in the stock.

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Many companies have come up with potential coronavirus treatments in recent time and Innovation has done so as well. The company has developed a product called Brilacidin to treat patients suffering from COVID 19 and earlier this month, Innovation provided a positive update with regards to its efficacy. The company announced on August 4 that it had received an update from the United States Regional Biocontainment Laboratory with regards to the in vitro testing of Brilacidin.

As per the update, the testing supported Brilacidin as a potential treatment for those suffering from COVID 19. In the experiment, the product was tested on human lung epithelial cell and the live virus was used in order to determine the efficacy of Brilacidin. During the said experiment, it was observed that Brilacidin was capable of stopping COVID 19 after the cells had been infected. It is a major development for the company and the positivity around the stock was perfectly understandable.

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The company believes that since medicine has managed to show the capability of inhibiting COVID 19, it could be used as a potential treatment for patients who have been infected. Alternatively, Innovation also claimed that Brilacidin could also be used to prevent infection. However, there have been other major developments as well that ought to be looked into.

Earlier on in July, the company announced that an earlier agreement with the Company and Fox Chase Chemical Diversity Center (FCCDC) regarding joint research on antifungal drug discovery has been amended. The amendment in question was done by FCCDC. As per the new agreement, Innovation decided to grant FCCDC all intellectual property, discovery, and commercialization rights in exchange for 6% of all future proceeds.

According to the press release from Innovation, both entities believe that the deal is beneficial to their own interests. The antifungal work has also enjoyed government backing and to date, the collaboration from the two companies was helped by $5 million in grants. In the second week of July, the company had announced that Brilacidin inhibits COVID 19 by as much as 90%.

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