Innovation Pharmaceuticals grants intellectual property and commercialization rights to Fox Chase Chemical Diversity for antifungal technology

Innovation Pharmaceuticals, a clinical stage biopharmaceutical company, announces today that the Company and Fox Chase Chemical Diversity Center, Inc. have amended an earlier collaborative research agreement related to antifungal drug discovery work.

Under the amended terms, and in exchange for a six (6) percent fee tied to all potential future proceeds—including upfront payments, milestone payments and royalties—the Company is granting FCCDC all discovery, intellectual property and commercialization rights related to its share of their joint antifungal drug program. Both parties believe the new agreement is favorable to each, with FCCDC continuing to advance discovery and drug development, and Innovation Pharmaceuticals benefiting from potential future commercialization. Over $5 million in government grants have helped fund antifungal work conducted to date.