The Innovation Pharmaceuticals (OTCMKTS:IPIX) stock ran into a bit of trouble on Tuesday as it suffered from a strong selloff and ended the day with losses of as much as 14.50%. In this regard, it should be noted that there was no news at all about the clinical stage biopharmaceutical firm on Tuesday and the selloff in the stock appears fairly random.
However, investors still need to get an idea about the situation at the company and the best way of doing so is by looking into the last news that emerged about Innovation Pharmaceuticals.
Earlier on in the month on August 2 the company provided updates with regards to the current antiviral research on Brilacidin. Brilacidin is one of the most important products that are being worked upon by Innovation Pharmaceuticals at this point in time.
The product in question is meant for the treatment of COVID 19 patients and at this point it is being developed under Fast Track Designation by the United States Food and Drug Administration. The company provided a series of updates about the research and it provided vital guidance to both investors as well as market analysts alike.
