Innovation Pharma’s Broad Spectrum Antiviral Drug Candidate Brilacidin Highlighted in Biodefense and Infectious Diseases COVID-19 Presentation

WAKEFIELD, Mass., April 14, 2021 (GLOBE NEWSWIRE) — Innovation Pharmaceuticals (OTCQB:IPIX) (“the Company”), a clinical stage biopharmaceutical company, today announced that Brilacidin, the Company’s defensin-mimetic drug candidate, was featured in the “Mason Science Series: Rising to the National and International COVID-19 Challenge,” a presentation of George Mason University. The presentation covers the latest research of Dr. Aarthi Narayanan, a faculty member in George Mason’s National Center for Biodefense and Infectious Diseases, and her team’s (and associated teams) efforts, which are geared towards the development of therapeutics and vaccines against SARS-CoV-2, including Brilacidin. A video of Dr. Narayanan’s presentation can be accessed at the link below. Discussion of Brilacidin begins at approximately the 40-minute mark. Mason Science Series: Rising to the National and International COVID-19 Challenge – YouTube Dr. Narayanan has been leading ongoing research assessing Brilacidin’s broad spectrum antiviral potential, with preliminary in vitro data showing Brilacidin potently inhibits both coronaviruses and alphaviruses. As previously released, these data will serve as the basis for an Oral Presentation on Brilacidin’s antiviral properties to be delivered at the American Society of Virology’s 40th Annual Meeting (ASV 2021), taking place July 19-23, 2021. Variants of the SARS-CoV-2 virus continue to pose a significant challenge in the COVID-19 pandemic. Today, the B.1.1.7 variant, first discovered in the United Kingdom, is the most common variant in the U.S., according to Centers for Disease Control and Prevention (CDC) Director, Dr. Rochelle Walensky. Due to a potential lessened therapeutic effect against variants, monoclonal antibody treatments have been called into question. Eli Lilly, for example, recently stopped supplying bamlanivimab as a solo therapy for treatment of COVID-19. Variants are showing a similar ability to reduce the effectiveness of COVID-19 vaccines, with safety concerns associated with vector-based vaccines surfacing. To help satisfy a large unmet need in the antiviral therapeutics area, the Company is developing Brilacidin as a potential novel broad spectrum antiviral drug. 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 AlertsSign-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]