Innovation Pharma Announces Brilacidin Abstract Accepted for Oral Presentation at the American Society for Virology’s Annual Meeting

Growing body of in vitro data support Brilacidin’s potential as a broad-spectrum inhibitor of virusesBrilacidin is currently undergoing Phase 2 clinical testing against COVID-19 in hospitalized patients WAKEFIELD, Mass., April 07, 2021 (GLOBE NEWSWIRE) — Innovation Pharmaceuticals (OTCQB:IPIX) (“the Company”), a clinical stage biopharmaceutical company, today announced that antiviral data related to Brilacidin, the Company’s defensin-mimetic drug candidate, has been accepted for an Oral Presentation at the American Society of Virology’s 40th Annual Meeting (ASV 2021), taking place July 19-23, 2021. The presentation—“Brilacidin, a Host Defense Protein/Peptide Mimetic, Shows Potential as Broad Spectrum Inhibitor of Acutely Infectious Viruses”—is based on ongoing independent laboratory research being conducted by scientists at George Mason University (GMU)/National Center for Biodefense and Infectious Diseases (NCBID). Brilacidin was shown to exhibit a potent inhibitory effect on SARS-CoV-2, the novel coronavirus responsible for COVID-19, as well as different types of alphaviruses, in cell culture. Further details on the Brilacidin ASV 2021 presentation will be forthcoming. Most experts are of the opinion that, at best, COVID-19 is going to be endemic for years to come as SARS-CoV-2 continues to mutate and circulate in different pockets around the world, effectively joining a growing list of viruses that remain a costly bane on society globally, both in lives and dollars lost. “An effective broad-spectrum antiviral is largely absent in medicine today,” commented Leo Ehrlich, Chief Executive Officer at Innovation Pharmaceuticals. “So it is extremely rewarding to see Brilacidin exhibit consistent in vitro inhibition against coronaviruses and alphaviruses. These current research findings have us believe Brilacidin’s broad spectrum potential may even go farther, extending into other virus families, due to its unique properties as a defensin-mimetic. The ASV 2021 presentation provides an ideal forum for us to showcase the pre-clinical antiviral activity of Brilacidin, which we hope to see duplicated in our ongoing Phase 2 clinical trial of Brilacidin in hospitalized COVID-19 patients. If Brilacidin goes on to realize its promise as a broad spectrum antiviral, the potential benefits to patients and shareholders for this drug would likely be greater than I or anyone could have ever imagined.” About Brilacidin and COVID-19 Innovation Pharma is developing Brilacidin for COVID-19 under Fast Track designation from the U.S. Food and Drug Administration (FDA), and currently is enrolling patients in a Phase 2 clinical trial of Brilacidin for treatment of moderate-to-severe COVID-19 in hospitalized patients (see NCT04784897). Upon recently completing a scheduled review of interim safety data from the trial, an independent Data Monitoring Committee (DMC) recommended increasing the dosing regimen of Brilacidin from 3 days to 5 days of treatment, which may maximize therapeutic benefits and provide a comparison with 5-day remdesivir (Veklury™), currently the only FDA-approved treatment for COVID-19. 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/v13020271https://www.mdpi.com/1999-4915/13/2/271 Alerts Sign-up for Innovation Pharmaceuticals email alerts is available at: http://www.ipharminc.com/email-alerts/ 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 [email protected]