On May 27, 2021, Innovation Pharma announced that patient enrollment in the Company’s 120-patient, Phase 2 clinical trial of Brilacidin for COVID-19 had reached 90 percent and that the Company anticipated full enrollment to be completed in approximately two weeks.

Innovation Pharma is developing Brilacidin for treatment of moderate-to-severe COVID-19 in hospitalized patients under U.S. FDA Fast Track designation. The Phase 2 study is a randomized, double-blind, placebo-controlled clinical trial evaluating Brilacidin, a synthetic, non-peptidic small molecule drug candidate in a new class of compounds called defensin-mimetics, at domestic and international sites.

The Company intends to provide an update to shareholders upon the final patients entering the trial.

Brilacidin is the only non-peptidic defensin-mimetic drug candidate currently in a clinical trial as a treatment for SARS-CoV-2, the coronavirus responsible for COVID-19. Additionally, Brilacidin has shown potent and consistent inhibition in vitro against coronaviruses, alphaviruses and bunyaviruses (with lab testing against other viruses also underway), supporting Brilacidin’s potential to be developed as a broad spectrum antiviral. The annual global antiviral drug market is estimated to reach $44 billion by 2026.

Two independent Machine Learning studies identified Brilacidin as one of the most promising inhibitors of SARS-CoV-2, the virus responsible for COVID-19, based on Brilacidin’s molecular properties.