Shares of Innovation Pharmaceuticals Inc (OTCMKTS: IPIX) are skyrocketing on the company achieving significant milestones on the development of its pipeline of candidate drugs. The company has received Food and Drug Administration End-of-phase meeting minutes that set the stage for phase 3 trials of Brilacidin.
In addition, the company is fresh from receiving academic and pre-clinical research results supporting the therapeutic potential of its leukemia candidate drug Kevetrin or p53. The candidate drug has already generated positive trial results in Phase 1 trials as a novel treatment for solid tumors and in Phase 2a trials for late-stage ovarian cancer.
A string of positive clinical trial results is the latest catalysts fuelling Innovation Pharmaceuticals price action activity. With the stock resorting to trading in a steep uptrend, a spike to 52-week highs could be in the offing.
Since the start of the year, Innovation Pharmaceuticals has rallied by more than 200% having turned bullish after a rollercoaster first quarter. A spike past the $0.40 resistance level has opened the door for the stock to make a run for the $0.60 mark, the next substantial resistance level.
A takeout of the $0.60 resistance level could give bulls a reason to continue pushing the stock higher in continuation of the emerging uptrend.
What Does Innovation Pharmaceuticals Do?
Innovation Pharmaceuticals is a clinical stage biopharmaceutical company engaged in the development of small molecule therapies for the treatment of inflammatory diseases cancer and anti-ineffective. The company’s lead candidate drug is Brilacidin undergoing trials as a novel treatment for oral mucositis and inflammatory bowel disease.
IPIX Clinical Trial Milestones
Innovation Pharmaceuticals has taken off as a wave of positive clinical trial results continues to strengthen the stock’s sentiments in the market. In the recent past, the company has reached an agreement with the FDA on an acceptable Brilacidin Phase 3 development pathway. The breakthrough also helps frame ongoing discussion with the European Medicines Agency, which should make it easy for the company to meet regulatory requirements for the New Drug Application.
“Productive regulatory meetings for our Brilacidin SOM program with U.S. and European agencies are significant Company milestones. Brilacidin oral rinse, to decrease the incidence of SOM, represents a potential future regimen for millions of head and neck cancer patients where no approved drug is available today,” commented Arthur P. Bertolino Chief Medical Officer.
Innovative Pharmaceuticals has since implemented yield and purity enhancements in the manufacturing of Brilacidin for bulk production. The clinical stage biotechnology company is planning to position itself for further advancement of Brilacidin as part of a planned Phase 3 Oral Mucositis program as well as in mid-stage testing.
In Europe, Innovative Pharmaceuticals has secured meeting with the European Medicines Agency to discuss Phase 3 trials of Brilacidin as part of Oral Mucositis program. Securing scientific advice from such a body is an important step as it ensures health authority alignment regarding appropriate testing and eventual market authorization.
In addition to Brilacidin development, recent academic and pre-clinical research has proved the therapeutic potential of the Company’s p53 drug candidate in Leukemia. Recent trial results indicate that Kevetrin is a promising new drug in AML patient’s treatment.
“This research, including the independent Kevetrin paper on AML that is in submission for publication, expands what we’ve observed in the clinic among treated patients—Kevetrin’s potential benefit in treating solid tumors—and is helping further inform interactions that we’re having with interested pharmaceutical companies with oncology immunotherapy programs, and blood-based cancer programs,” stated Mr. Bertolino.
After a long period of consolidation following a plunge to all-time lows, Innovative Pharmaceuticals has started surging. The emerging uptrend is supported by improved underlying fundamentals key among them being milestones achieved on the development of the company’s pipeline of candidate drugs.
Once the pullback dust settles, the stock is likely to post another leg high with the next stop being 52-week highs. For investors eyeing opportunities in the stock, it may be wise to wait for pullbacks after the recent spike higher.
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Disclosure: We have no position in IPIX and have not been compensated for this article.