Innovation Pharmaceuticals Surges 23% After Updating the Planned Clinical Trial Testing Of Brilacidin
Many pharmaceutical and biotech companies have been in the news over the past few months, primarily because of their work towards tackling the deadly coronavirus pandemic. One such company is Innovation Pharmaceuticals Inc (OTCMKTS:IPIX), which came up with the product Brilacidin for the treatment of patients suffering from the coronavirus.
Earlier this week, the company made a major announcement with regard to the upcoming clinical testing of Brilacidin. In this regard, it should be noted that in addition to potentially treating coronavirus patients, the product can be put to treat other medical conditions as well, and hence, there is a degree of excitement about the stock.
Considering the fact that the coronavirus pandemic seems to be far from over, Innovation is working hard to advance the progress of its product and aims to have human trials at some point in the fourth quarter of 2020. The announcements from the company proved to be a significant boost for its stock, and it rallied by as much as 23%.
Considering the gains made by the stock on the back of the announcement, it could be worthwhile for investors to keep a close eye on the developments with regards to Brilacidin. In this regard, it is also necessary to point out that Innovation has also created a protocol meant for the Phase 2 clinical trial of the product. It is also believed that the company assumes that by the time it starts its human trials in Q4 2020, the New Drug Application to the United States Food and Drug Administration will have been completed.
However, that is not the only reason why the Innovation stock has garnered this sort of attention among investors. Back in June, the company released highly encouraging data from a laboratory testing of Brilacidin at the U.S. Regional Biocontainment Laboratory (RBL). According to the findings of the test, Brilacidin had a statistically significant effect on COVID 19.
The medicine managed to reduce the viral loads by as much as 95% and 97% at two different therapeutic concentrations. At the time, the company stated that furtherdetails from the test were going to be published later on. It goes without saying that it was a significant development for Innovation, and the buzz around the stock rose further as investors started taking notice of the results from the test.
This was one of the most significant reports with regards to the potency of the product, and it remains to be seen how investors react to further updates from the company regarding Brilacidin. The developments of this week also proved to be a major boost for the stock, and investors could do well to keep a close eye on the developments over the course of the coming weeks.
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