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Innovation Pharmaceuticals Provides Update on Clinical Trials and Revenue Potential of Brilacidin in Inflammatory Bowel Diseases

Targeting mid-year 2020 to commence clinical trials of Brilacidin for UP/UPS indicationRegulatory documents submitted to health authorities for planned Ulcerative Colitis studyBEVERLY, Mass., Dec. 10, 2019 (GLOBE NEWSWIRE) — Innovation Pharmaceuticals (OTCQB:IPIX) (“the Company”), a clinical stage pharmaceutical company, is pleased to inform shareholders that Alfasigma S.p.A (“Alfasigma”), the licensee of Brilacidin for the treatment of Ulcerative Proctitis/Ulcerative Proctosigmoiditis (UP/UPS), is targeting mid-year 2020 to commence clinical trials of Brilacidin for the UP/UPS indication.The Company is encouraged by the pace in which Alfasigma is moving expeditiously forward with clinical development of Brilacidin for UP/UPS. This is important to the Company on multiple levels.Innovation Pharmaceuticals is eligible for up to $24 million in milestone-based payments.Innovation Pharmaceuticals has the potential to receive millions of dollars in revenue annually should Brilacidin reach commercialization.Clinical data from the UP/UPS indication will be added to the growing library of information supportive of Brilacidin as a promising new class of medicine for the treatment of IBD.As previously disclosed, based upon promising data from the Phase 2 study, the Company licensed rights to develop and commercialize locally-administered Brilacidin (e.g., foam, enema, gel) to Alfasigma, on a worldwide basis, for the treatment of UP/UPS, a clinical manifestation of ulcerative colitis (UC, a type of IBD) affecting the last part of the gastro-intestinal tract, namely the sigmoid and the rectum. The licensing agreement includes upfront cash (received), milestone-based payments and future royalties should the drug be commercialized.There is a clinical need for a new class of medicine for treating UP/UPS as alternatives to 5-aminosalicyclic acid (5-ASA) and steroid treatments that are commonly used today. The Company believes Brilacidin, the first in a new class of medicine called defensin mimetics, has the potential to fill this need and greatly looks forward to the planned clinical work being conducted by Alfasigma—toward potentially delivering novel UP/UPS treatments to patients and building durable shareholder value.Update on Ulcerative Colitis Program
Separately, management would like to provide a brief update on the planned independently-sponsored clinical study of Brilacidin for Ulcerative Colitis, a common type of IBD. Last month, Brilacidin was shipped from the drug manufacturer to the Company’s partner, BDD Pharma, for human testing using the delayed-release tablet formulation. Furthermore, the required regulatory paperwork has been submitted to the health authorities for the upcoming study. The Company plans to provide future updates on this trial as appropriate.
About Brilacidin for IBD
Inflammatory Bowel Disease (IBD) is a hard-to-treat, chronic, autoimmune condition that affects approximately 10 million people worldwide, including 3 million people in the U.S., with 70,000 newly diagnosed cases each year. The overall GI market sector is estimated to grow from $35.7 billion in 2015 to $48.4 billion by 2022. Brilacidin is being developed as a novel, non-corticosteroid, non-biologic treatment, with formulation plans including oral tablets for Ulcerative Colitis and Crohn’s Disease, and enema, foam and/or gel for mild-to-moderate Ulcerative Proctitis/Ulcerative Proctosigmoiditis (UP/UPS), two types of IBD. As released previously, a majority of patients treated with Brilacidin administered via retention enema achieved Clinical Remission (Modified Mayo scoring) in a Phase 2, open-label, clinical trial evaluating Brilacidin for UP/UPS. In addition, mucosal healing was evidenced by endoscopic review, an increasingly important measure toward establishing a drug’s efficacy. In late 2018, the Company presented a scientific poster—Brilacidin for Inflammatory Bowel Disease (available for download here, pdf)—at the inaugural “IBD Innovate 2018” conference, hosted by the Crohn’s & Colitis Foundation. Brilacidin may be particularly beneficial in treating IBD due to: 1) its ability to inhibit Phosphodiesterase 4 (PDE4), which is being pursued as a novel therapeutic avenue in IBD; and 2) its potential to compensate for defensin deficiencies that might be implicated in the pathogenesis of IBD, particularly in Crohn’s disease.
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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 disease, and dermatologic diseases. Brilacidin, a versatile compound with broad therapeutic potential, is in a new chemical class called defensin-mimetics. A Phase 2 trial of Brilacidin as an oral rinse for the prevention of Severe Oral Mucositis (SOM) in patients with Head and Neck Cancer, met its primary and secondary endpoints, including reducing the incidence of SOM. The Company plans to advance Brilacidin oral rinse into Phase 3 development, subject to available financial resources. Encouraging results were also observed in an open-label, uncontrolled Phase 2a trial treating patients locally with Brilacidin for Ulcerative Proctitis/Ulcerative Proctosigmoiditis (UP/UPS). Brilacidin for UP/UPS was licensed to Alfasigma S.p.A. in July 2019. A Phase 2b trial of Brilacidin showed a single intravenous dose of the drug delivered comparable outcomes to a seven-day dosing regimen of the FDA-approved blockbuster daptomycin in treating Acute Bacterial Skin and Skin Structure Infection. Kevetrin is a novel anti-cancer drug shown to modulate p53, often referred to as the “Guardian Angel Gene” due to its crucial role in controlling cell mutations and has successfully completed a Phase 2 trial in Ovarian Cancer. More information is available on the Company website at www.IPharmInc.com.
About Alfasigma
Alfasigma is a leading Italian pharmaceutical company, present in more than 90 countries, with a workforce of more than 3,000 people and 5 manufacturing plants around the world. More than 44% of Alfasigma turnover comes from internally developed proprietary products, one of which is XIFAXAN. Alfasigma USA Inc., the American branch of the group, distributes a portfolio of prescription products to help individuals who are suffering from GI disorders (VSL#3®), major depressive disorder (DEPLIN®), diabetic peripheral neuropathy (METANX®), and mild cognitive impairment (CerefolinNAC®). Alfasigma recently acquired ZELNORM™ for the American market of IBS-C. More information is available at the Alfasigma website at: http://www.alfasigma.com/en
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 the future execution of a definitive agreement with a global pharmaceutical company and the anticipated terms thereof, our future drug development plans, 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, 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 CONTACT
Innovation Pharmaceuticals Inc.
Leo Ehrlich

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