WAKEFIELD, MA, Feb. 23, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Innovation Pharmaceuticals (OTCQB:IPIX) ("the Company"), a clinical stage biopharmaceutical company and minority stakeholder in BT BeaMed Technologies ("BeaMed"), is pleased to inform shareholders that development of the BeaMed StingRay Laser System (the "StingRay System") is progressing smoothly and ahead of estimated schedule. The Company's Chief Executive Officer and other financial stakeholders in BeaMed recently returned from a visit to Israel to see the StingRay System first-hand.

The StingRay System is a novel laser-based thermal ablation technology designed for treatment of previously inoperable cases of epilepsy, and for improvement of outcomes and minimally invasive surgical options for brain tumors. The first-in-class system is a comprehensive design, with planned robust safety features to constantly monitor thermal energy to minimize risk to healthy tissue. These unique features differentiate the StingRay System from other laser-based surgical technologies. 

Epilepsy is the most prevalent serious neurologic condition in the world, affecting about 70 million people. Unfortunately, 30%-40% of those patients are afflicted with drug resistant epilepsy, meaning they receive no relief from medication. BeaMed aims to offer new hope for this core group of patients, in addition to providing better surgical options for brain tumors.

During the visit, BeaMed founders Moshe Eshkol and Gil Shapira provided updates on recent BeaMed progress, including a demonstration of data integration software, as well as a review of different fiberoptics undergoing rigorous testing in advance of final selection and planned submission to the U.S. FDA for marketing clearance. A tour of an onsite FDA-approved facility where the StingRay System is being manufactured was also conducted.

"BeaMed is on the leading edge of developing a laser technology platform that we believe could redefine standard of care for hard-to-treat, and even previously impossible-to-treat, cases of epilepsy and brain cancer," said Leo Ehrlich, Chief Executive Officer at Innovation Pharmaceuticals. "I can say with confidence that everyone in attendance at the BeaMed facilities were thoroughly impressed with the StingRay System and excited about its potential. BeaMed has in place a U.S. distribution partnership with ForTec Medical, a mobilizer of surgical laser technology with access to over 2,200 hospitals in the U.S. This means BeaMed is in the enviable position for an immediate market launch upon FDA clearance, which we are optimistic is attainable in 2024."

Having already obtained FDA clearance for the laser component of the StingRay System, BeaMed expects soon to make additional requisite submissions to the FDA for clearance of its fiber optics and its software integration package with Siemens and GE imaging systems.

In other news, the Company wishes to inform shareholders that it was notified by the United States Patent and Trademark Office (USPTO) that US Patent Application 16/991812 – Host Defense Protein (HDP) Mimetics for Prophylaxis And/Or Treatment of Inflammatory Bowel Diseases of the Gastrointestinal Tract – was allowed for issuance as a patent. The claims allowed include Brilacidin treatment of Ulcerative Proctitis/Ulcerative Proctosigmoiditis (UP/UPS) and Ulcerative Colitis.

Additionally, the Company and University of São Paulo (USP), Brazil, have entered into a collaborative research agreement to investigate the broad-spectrum activity and treatment potential of Brilacidin in fungal diseases. Under terms of the agreement, USP researchers are to conduct pre-clinical efficacy, mechanism, resistance and immunological studies of Brilacidin against Aspergillosis, Cryptococcus and Candida. Separate in vitro testing of Brilacidin's antifungal properties is underway by NIH/NIAID-affiliated researchers, with potential to bridge into in vivo models, formulation development support and clinical testing.

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About Innovation Pharmaceuticals

Innovation Pharmaceuticals Inc. (IPIX) is a clinical stage biopharmaceutical company developing a portfolio of innovative therapies addressing multiple areas of unmet medical need, including inflammatory diseases, cancer, and infectious diseases. The Company is also active in evaluating other potential investment opportunities that can add value and diversify its portfolio.

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, without limitation, statements concerning future product development plans, including with respect to specific indications; statements regarding the therapeutic potential and capabilities of the StingRay System; future regulatory developments; and any other statements which are other than statements of historical fact. These statements involve risks, uncertainties and assumptions that could cause 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 risks related to conducting pre-clinical studies and clinical trials and seeking regulatory and licensing approvals in the United States and other jurisdictions, including without limitation that compounds and devices 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; prior test results may not be replicated in future studies and trials; 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; and the Company's licensee(s) may not successfully complete pre-clinical or clinical testing and the Company will not receive milestone payments. A more complete description of these and other risk factors is included in the Company's filings with the Securities and Exchange Commission. Many of these risks, uncertainties and assumptions are beyond the Company's ability to control or predict. You should not place undue reliance on any forward-looking statements. The forward-looking statements speak only as of the information currently available to the Company on the date they are made, and 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 
info@ipharminc.com