Date: 2018-06-28
Type of information: Private placement
Company: Innovation Pharmaceuticals (USA - MA)
Investors: Aspire Capital (USA - IL)
Amount: $7 million
Funding type: private placement
Planned used:
- This investment will enable the company to fund its efforts for clinical and regulatory progress.
Others:
- • On June 28, 2018, Innovation Pharmaceuticals announced that it has entered into a securities purchase agreement with Aspire Capital Fund. The company received $2 million on signing the agreement selling 5,263,158 shares at price per share of $0.38 which was the closing price of the company’s common stock on June 26, 2018. Under the agreement the company can receive an additional $5 million based on clinical, regulatory and business development milestones to be reached prior to September 30, 2018.
- The specific milestone payments are:
- · $1 million upon announcement of Breakthrough Therapy Designation from the FDA for brilacidin as a potential treatment for oral mucositis.
- · $2 million upon announcement of results from the recently completed Phase 2b trial of prurisol as a potential treatment for moderate to severe chronic plaque psoriasis showing that the trial has met its primary endpoint.
- · $2 million upon announcement of the company entering into a licensing arrangement with a pharmaceutical company for any of the company’s clinical assets that will include an initial payment to the company of an amount in the double-digits millions of dollars.
- Each of the milestone payments will be made at a purchase price based on the five-day average of the closing prices of company’s common stock at the time of each announcement without any discount to such five-day average.
Therapeutic area: Cancer - Oncology - Infectious diseases
Is general: Yes