Innovation Pharmaceuticals (OTCMKTS:IPIX) Witnesses A Bullish Move: But Why? 

Many pharmaceutical stocks have managed to go on strong rallies in recent weeks, and one of the notable stocks over the past few trading session is Innovation Pharmaceuticals Inc (OTCMKTS:IPIX). It is a clinical-stage biopharmaceutical company and has developed an enviable portfolio of medicines meant for a wide range of still unmet medical needs. 

Reported “Positive” Covid-Related Brilacidin Data

At this point, Innovation is still a nano-cap, but over the course of the past week, the stock skyrocketed by more than 200% and has clearly attracted the attention of investors. Hence, it could be worthwhile on the part of investors to take a closer look at the company. 

Innovation Pharmaceuticals is best known for product Brilacidin, which is a compound that can be used to treat a wide range of medical conditions. Last week, the company announced further positive data from the results of the laboratory tests of Brilacidin and its effect on the COVID 19 virus.

According to the data, the product managed to reduce the viral load by 95% and 97%, respectively, in a human lung epithelial cell line. The data is, in fact, consistent with a previous test, which showed that Brilacidin could inhibit the COVID 19 virus by as much as 75%. 

The demand for medicine for the condition is at an overwhelming level at this point in time, and hence, it is not a surprise that the latest data from Innovation was welcomed with great eagerness by the market. The company is currently trying to manufacture Brilacidin for intravenous dosing, but it is going to seek advice from the United States Food and Drug Administration with regards to a clinical trial-specific to COVID 19. The latest rally in Innovation stock is a further indication that there is a lot of interest for a medicine that can tackle the coronavirus. 

That being said, investors need to keep in mind that at this point, there are many companies that are working on a cure for the deadly disease. The Chief Executive Officer of the company Leo Ehrlich stated that Brilacidin has demonstrated that it can be a highly effective inhibitor for the COVID 19 virus and went on to add that Innovation Pharmaceuticals is looking forward to eventually starting a clinical study into it. 

Earlier this month, the company announced that it got into a collaborative effort with U.S. Regional Biocontainment Laboratory for a grant from the federal government. The potential research to be undertaken by the two entities is going to be focussed on making Brilacidin the pan-coronavirus therapeutic. It goes without saying that it is a highly ambitious project and one that could propel Innovation Pharmaceuticals to new heights. Investors could consider keeping an eye on the developments.

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