There has not been a lot of news about Innovation Pharmaceuticals (OTCMKTS:IPIX) in recent days but it may just be the right time for investors to perhaps consider taking a closer look at the announcement from August 5. At the time the company made an announcement with regards to its defensing-mimetic medicine named Brilacidin which also demonstrated the ability to tackle a range of viruses.
Trading Data
On Friday, IPIX stock slumped 2.97% to $0.0392 with more than 356.82K shares, compared to volume of 882.50K shares. The stock moved within a range of $0.0390 – 0.0425 after opening trade at $0.0390.
Innovation Pharmaceuticals Announces NIH/NIAID-Affiliated Researchers to Evaluate Brilacidin’s Treatment Potential Against Monkeypox
The company announced that Brilacidin was going to be evaluated so as to check if it could be used to tackle the monkeypox virus. That was a significant announcement from the company considering the fact that monkeypox has been spreading fast and a potential treatment could well prove to be a boost for Innovation Pharmaceuticals.
The whole thing is going to be conducted through a collaboration with scientists from the National Institute of Allergy and Infectious Diseases and the National Institute of Health. Considering the fact that the medicine has already displayed the ability to tackle a range of viruses, it came as a source of considerable excitement that the medicine was going to be tested for tackling the monkeypox virus. It may be a good time to keep an eye on further developments.
Key Quote
“On the heels of the COVID-19 pandemic, which shows few signs of ending, the world is facing another viral outbreak in monkeypox,” said Leo Ehrlich, Chief Executive Officer at Innovation Pharmaceuticals. “Unfortunately, there are no approved or authorized treatments in the U.S. for monkeypox, with, for the most part, only one drug — TPOXX™ — made available to clinicians under compassionate use requests. TPOXX™ was approved by the FDA in 2018 for the treatment of smallpox based on in vivo studies in related poxviruses. Should Brilacidin data in poxviruses be positive, we plan to take aggressive steps to pursue an abbreviated FDA pathway in a bid to provide an alternative treatment to help combat monkeypox.”
Technical Data
IPIX stock is trading above the 20-Day and 50-Day Moving averages of $0.0419 and $0.0419 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0415. The company has a total market capitalization of $18.50 million. The stock is up 31% over the past three months.
