Innovation Pharmaceuticals Announces New In Vitro Data Supporting Brilacidin’s Broad-Spectrum Antiviral Potential Presented at the American Society of Virology’s Annual Meeting

• Brilacidin showed potent inhibition in multiple human cell lines and in different strains of alphaviruses and bunyaviruses, building on earlier antiviral work in coronaviruses
• These data collectively support Brilacidin’s broad-spectrum antiviral potential, leveraging Brilacidin’s ability to disrupt viral integrity and block viral entry

WAKEFIELD, Mass., July 22, 2021 (GLOBE NEWSWIRE) — Innovation Pharmaceuticals (OTCQB:IPIX) (“the Company”), a clinical stage biopharmaceutical company, today announced that new Brilacidin antiviral data, based on research conducted by George Mason University (GMU)/National Center for Biodefense and Infectious Diseases researchers, was presented yesterday, July 21, 2021, at the American Society of Virology’s 40^th Annual Meeting (ASV 2021).

New antiviral data included Brilacidin’s inhibition of SARS-CoV-2 in additional cell lines (Caco-2, primary lung fibroblasts), and Brilacidin’s inhibition of alphaviruses—Venezuelan Equine Encephalitis Virus, Eastern Equine Encephalitis Virus—and Rift Valley Fever Virus, a bunyavirus. A copy of the presentation is available for download (pdf) at the link below.

• “Brilacidin, a Host Defense Protein/Peptide Mimetic, Shows Potential as a Broad Spectrum Inhibitor of Acutely Infectious Viruses” (ASV 2021 Annual Conference, Oral Presentation)
  https://www.ipharminc.com/new-events-and-presentations/2021/7/21-american-society-of-virology-annual-meeting

“Brilacidin continues to show a consistent ability in the laboratory to inhibit different contagious viruses, regardless of viral strain and in a cell type-independent manner,” said Aarthi Narayanan, PhD, Primary Investigator of Brilacidin at GMU. “Our scientific team looks forward to exploring Brilacidin further as we investigate the breadth of its antiviral profile.”

“The COVID-19 pandemic, with infections, hospitalizations and deaths once again spiking, is a stark reminder that the world is in need of effective broad-spectrum antiviral countermeasures that can be readily deployed to help mitigate viral outbreaks,” commented Leo Ehrlich, Chief Executive Officer at Innovation Pharmaceuticals. “Our Phase 2 Brilacidin clinical trial in hospitalized COVID-19 patients was fully enrolled. We remain eager to learn about Brilacidin’s treatment effect in COVID-19 patients, a possible gateway indication toward evaluating Brilacidin in other acutely infectious viral diseases, building on the type of promising pre-clinical data presented at ASV 2021 by GMU scientists.”

About Brilacidin and COVID-19

Brilacidin is the only non-peptidic defensin-mimetic drug candidate currently in a clinical trial as a treatment for SARS-CoV-2, the coronavirus responsible for COVID-19 (see NCT04784897). Innovation Pharma is developing Brilacidin for treatment of COVID-19 under U.S. FDA Fast Track designation. Brilacidin has shown potent and consistent inhibition in vitro against coronaviruses, alphaviruses and bunyaviruses (with laboratory testing against other viruses also underway), supporting Brilacidin’s potential to be developed as a broad-spectrum antiviral. The annual global antiviral drug market is estimated to reach $44 billion by 2026.

A peer-reviewed article in Viruses supporting Brilacidin’s COVID-19 treatment potential can be accessed at the link below.

• Bakovic, A.; Risner, K.; Bhalla, N. (et al). Brilacidin Demonstrates Inhibition of SARS-CoV-2 in Cell Culture. Viruses 2021, 13, 271; https://doi.org/10.3390/v13020271 
  https://www.mdpi.com/1999-4915/13/2/271/

Two independent Machine Learning studies identified Brilacidin as one of the most promising inhibitors of SARS-CoV-2, the virus responsible for COVID-19, based on Brilacidin’s molecular properties. Click here to learn more.

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About Innovation Pharmaceuticals
Innovation Pharmaceuticals Inc. (IPIX) is a clinical stage biopharmaceutical company developing a world-class portfolio of innovative therapies addressing multiple areas of unmet medical need, including inflammatory diseases, cancer, infectious diseases, and dermatologic diseases.

Forward-Looking Statements: This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements concerning future drug development plans, statements regarding the antiviral capabilities and therapeutic potential of Brilacidin and its impact on SARS-CoV-2 (COVID-19) and other viruses, as well as obtaining government regulatory approvals to commence clinical testing. Other statements regarding future product developments, and markets, including with respect to specific indications, and any other statements which are other than statements of historical fact. These statements involve risks but not limited to risks related to conducting pre-clinical studies and clinical trials and seeking regulatory and licensing approvals for Brilacidin and Kevetrin in the US and other jurisdictions; that prior test results may not be replicated in future studies and trials, uncertainties and assumptions that could cause the Company’s actual results and experience to differ materially from anticipated results and expectations expressed in these forward-looking statements. The Company has in some cases identified forward-looking statements by using words such as “anticipates,” “believes,” “hopes,” “estimates,” “looks,” “expects,” “plans,” “intends,” “goal,” “potential,” “may,” “suggest,” and similar expressions. Among other factors that could cause actual results to differ materially from those expressed in forward-looking statements are the Company’s need for, and the availability of, substantial capital in the future to fund its operations and research and development; including the amount and timing of the sale of shares of common stock under securities purchase agreements; the fact that the Company’s licensee(s) may not successfully complete pre-clinical or clinical testing and the Company will not receive milestone payments, or the fact that the Company’s compounds may not successfully complete pre-clinical or clinical testing, or be granted regulatory approval to be sold and marketed in the United States or elsewhere. A more complete description of these risk factors is included in the Company’s filings with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements. The Company undertakes no obligation to release publicly the results of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by applicable law or regulation.

INVESTOR AND MEDIA CONTACTS 
Innovation Pharmaceuticals Inc. 
Leo Ehrlich 
info@ipharminc.com