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Weekly Market Pulse: The Cure For High Prices

There’s an old Wall Street maxim that the cure for high commodity prices is high commodity prices. As prices rise two things will generally limit the scope…

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There’s an old Wall Street maxim that the cure for high commodity prices is high commodity prices. As prices rise two things will generally limit the scope of the increase. Demand will wane as consumers just use less or find substitutes. Supply will also increase as the companies that extract these raw materials open new mines, grow more crops or drill new wells. The combination of those two will act to bring prices back down until the process reverses. As prices fall, demand rises and supply is constrained until prices start to rise again. We’ve seen this cycle many times throughout history so we know the sequence of events. What we don’t know is the time within which these things will occur. How high do prices have to go before we get demand destruction? How long does it take to bring a new mine into production and increase supply?

We can see the same supply/demand dynamic across the entire economy. Prices rise until, at some point we see a drop in demand, inventories build up and production has to be scaled back; we get a recession. We also face the same time issue across the entire economy as we do with the commodity markets. How high do prices have to rise before demand wanes? How much does demand have to drop before inventory build up requires producers to scale back production? How much will they have to scale back and how many people will have to be laid off in the process? The cycle this time around is more complicated than normal I suppose, by a pandemic and now a war, but I don’t have much doubt that the process will play out as it has in the past. But when? I don’t know obviously, but I do know that we are stress testing the economy with prices right now.

The economy right this minute is not in danger of recession, at least based on the indicators we follow. We have seen some early warnings such as the inversion of the 10/7 year Treasury yields but that is generally a very early warning of recession. Of course, at the rate prices and interest rates are rising recently, that may not prove true this time but we would still expect to see other indicators turn negative prior to the onset of recession. Other parts of the curve would still invert and credit spreads would still widen. And right before recession, the yield curve would probably steepen as short term rates fall rapidly; the market will not wait for the Fed to start lowering rates before rendering its own verdict on the economy.

But the price hikes may be reaching a tipping point. The Chicago Fed tracks weekly credit and debit card activity, mobility (gas consumption and retail foot traffic) and consumer sentiment to project monthly retail sales ex-autos. The latest readings are showing a sizable drop off from February to March; their current projection is for March retail sales to fall over 3% and over 4% adjusted for inflation. I don’t think we should make too much of this yet since we knew that the previous pace of retail sales was not sustainable; retail sales were well above the pre-COVID trend. We also don’t know yet how much, if any, service spending has picked up although there are some indications that it has. This may be nothing more than a reallocation of spending rather than a big slowdown but it merits watching closely.

We certainly don’t see any indication that bond traders are concerned about recession yet. The 10 year Treasury yield rose 34 basis points last week to end right near 2.5% and the entire curve basically shifted up; the 10/2 year spread widened – a whole basis point – to 18. Bonds are now down more than stocks YTD, on pace for their worst quarter since 1980. The Aggregate bond ETF (AGG) is down nearly 7% this quarter.

The S&P 500 is still down on the year too even after a decent – and confounding I might add – rally last week. But more interesting is that in a down year, the standard 60/40 allocation of stocks and bonds has done worse than just owning the S&P 500. Owning bonds as a diversifier, as a hedge against a bad stock market, has not worked out this year.

What has worked is owning commodities and gold, both of which are up on the year. What has also worked is to own value and dividend stocks; this has very much been a correction of growth stocks.

We have maintained a short duration bond portfolio this year because we expected rates to continue rising, if not quite this rapidly. But this bond bear market – and yes I think that is the appropriate term here – won’t last forever. Neither, by the way, will the bull market in commodities. At some point the demand destruction I talked about above will happen and we know generally what will happen when it does. Commodity prices will fall, the economy will slow and the bond market will start to price in fewer rates hikes. If it goes past some point, the bond market will start to price in rate cuts (which forward curves are already doing in late 2023). An investor is faced with two competing desires at this point. Let momentum work and keep our current allocations to commodities (which have risen due to gains) intact or rebalance to restore our bond allocations (which have fallen due to losses)? Considering investor sentiment regarding both assets, I’d suggest that rebalancing probably makes some sense right now. Investors seem too eager to buy commodities and too reluctant to buy bonds. If nothing else, it is the conservative choice.

Investors can also start to consider some tactical choices. Once rates have hit a peak (so easy to write, so hard to see), an investor who has held short and intermediate term bonds can start to extend maturities in anticipation of a declining rate environment. Way back when this recovery started I looked at the long term trends and decided that somewhere around 2.5% would be the top in the 10 year Treasury rate for this cycle. That was based on nothing more than extrapolating the long term trend and assuming that the long term downtrend in rates would stay intact. It is far from scientific but I think it helps to have an idea of where the long term trends are headed. Anyway, the pace of rising rates has surprised me so we’ve arrived at my target before I expected. And I don’t know for sure that the long term rate downtrend will stay intact. But if it does, the time for extending duration and positioning for capital gains in bonds is probably near.

Once recession looks inevitable, there will be an opportunity for another tactical change. As we near recession, as those other indicators start to send warnings, an investor could decide to make a short term change in their strategic allocation. If your strategic allocation is to hold 30% in bonds, you might choose to shift to a 40% bond allocation or if you have a lot of conviction, 50% bonds. Changes to your strategic allocation should be rare though because they tend to be hard to reverse. If you shift to a more conservative allocation and there is no recession, you should shift back to your original strategic allocation. But that is very hard to do; we humans aren’t great at admitting our mistakes.

One last thing to consider is that this doesn’t have to unfold this way. Commodity prices and inflation more generally, could fall before demand destruction sets in. The rise in prices has been driven by multiple factors, some of them on the supply side, some on the demand side. The Ukraine war has added an element of uncertainty that could be relieved – to some degree – by a sudden resolution. The anticipated drop in goods demand may not precipitate an inventory correction; inventory to sales ratios remain quite low. The future of high prices inducing demand destruction and a recession fairly soon is just one potential future. Unfortunately, our crystal balls are all cracked so we’ll just have to wait and see how things unfold.


Environment

The environment continues to be marked by a rising dollar and rising rates. The dollar remains in its long term range and isn’t worrisome right now. Rates, on the other hand, are rising rapidly and seem likely to have an impact on the housing market, where mortgage rates have risen dramatically recently. I saw 30 year mortgages being quoted at 5% last week, up from an average of 3.3% a year ago. And rates were under 3% at one point in this cycle. Some home buyers are going to have to shift to a lower price point. Still, housing inventory is quite low and a lot of buyers – especially new home buyers – have locked in lower rates so this might take some time to have a big impact. And for those with existing mortgages, we seem to have learned our lesson about variable rates; over 95% of outstanding mortgages are fixed rate.

Markets Review

Commodities resumed their run last week after a brief pause. That was driven mainly by energy with natural gas and crude oil up 15.4% and 10.5% respectively. Natural gas prices rose on news that the US agreed to supply an additional 15 billion cubic feet of LNG to Europe this year. Nat gas prices have been on the rise for some time but I don’t think this deal changes the overall supply/demand picture. We have a finite amount of LNG capacity and we’re using it all right now so any shift to Europe will just be a reallocation of what we were sending to Asia. Not bad news for producers maybe since they’ll likely get a better price but the amount of gas being exported isn’t going to change much.

Agricultural commodities have also risen strongly this year. That isn’t just due to the potential disruption of supply from Russian and Ukraine but also due to problems with fertilizer supply. The problem there has as much to do with high natural gas as the war. Russia is an exporter of fertilizer but the US is a larger producer. US farmers are seeing higher fertilizer bills but the impact will be felt much more acutely in other countries. To add one more element of uncertainty, there is also a shortage of glycophosate, a widely used week killer. It’s tough being a farmer these days. Okay, it’s always been tough to be a farmer but this year is turning out to be a special kind of tough.

There wasn’t much difference in returns for large cap growth and value last week but value continued to lead in small and mid-cap.

Energy and materials were the big winners last week but most sectors were up last week, healthcare the exception.

Credit spreads have narrowed over the last two weeks and the volatility index has fallen to the low 20s. The volatility index is in an uptrend that started in November. After falling from the high 30s, it may be ready for another run higher. I still don’t think sentiment got negative enough at the recent low to make this a reliable bottom. We may need to revisit the lows before we can put this correction behind us and that would likely push the VIX higher again.

We can’t know how the future will unfold but we should know history and basic economics. Real commodity prices have been falling for decades through a series of booms and busts. We are obviously in one of those boom periods right now but how long it will last is something we can’t know in advance. But we know that the bust will come, it is only a matter of time. We can also look at historical bond returns and know that down periods like we’re in now are inevitably followed by up periods. Seems like a great time to rebalance your portfolio back to its strategic, long term allocation. It may not be the top for commodities or the bottom for bonds but we’re a lot closer now than we were just at the beginning of this year.

Joe Calhoun

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Government

40,000 National Guard Troops Face Unemployment As Vaccine Deadline Imminent

40,000 National Guard Troops Face Unemployment As Vaccine Deadline Imminent

Up to 40,000 Army National Guard troops – around 13% of the force…

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40,000 National Guard Troops Face Unemployment As Vaccine Deadline Imminent

Up to 40,000 Army National Guard troops - around 13% of the force - could be fired for not getting the mandated COVID-19 vaccine (which has limited efficacy against Omicron, doesn't stop transmission, has been linked to elevated heart problems, and has been mandated for a healthy demographic that rarely dies of the disease).

Michigan Army National Guard Sgt. Mark Abbott administers a COVID-19 vaccine

Guard soldiers have until Thursday to get the jab, according to the Associated Press, which notes that between 20% and 30% of Guard soldiers in six states remain unvaccinated.

"We’re going to give every soldier every opportunity to get vaccinated and continue their military career. Every soldier that is pending an exemption, we will continue to support them through their process," Lt. Gen. Jon Jensen, director of the Army National Guard, told AP. "We’re not giving up on anybody until the separation paperwork is signed and completed. There’s still time."

Last year, Defense Secretary Lloyd Austin ordered all service members to get the vaccine, with different branches maintaining different deadlines for the jab. The Army National Guard was given the maximum amount of time, largely because its roughly 330,000 soldiers are scattered throughout the country, including remote locations.

The Army Guard’s vaccine percentage is the lowest among the U.S. military — with all the active-duty Army, Navy, Air Force and Marine Corps at 97% or greater and the Air Guard at about 94%. The Army reported Friday that 90% of Army Reserve forces were partially or completely vaccinated.

The Pentagon has said that after June 30, Guard members won’t be paid by the federal government when they are activated on federal status, which includes their monthly drill weekends and their two-week annual training period. Guard troops mobilized on federal status and assigned to the southern border or on COVID-19 missions in various states also would have to be vaccinated or they would not be allowed to participate or be paid. -AP

Complicating matters is a rule that Guard soldiers deployed on state active duty may not require a vaccination, depending on state-level mandates. 

According to the report, at least seven governors have asked Austin to reconsider, or drop, the vaccine mandate for National Guard members - with some having filed or joined lawsuits to that end.

Austin, apparently following his own special brand of science, told them to pound sand, saying that Covid-19 "takes our service members out of the fight, temporarily or permanently, and jeopardizes our ability to meet mission requirements," adding that troops will either need to get vaccinated or lose their Guard status.

"When you’re looking at, 40,000 soldiers that potentially are in that unvaccinated category, absolutely there’s readiness implications on that and concerns associated with that," said Jenson, adding "That's a significant chunk." 

AP reports that around 85% of Army Guard soldiers are fully vaccinated, while 87% are at least partially vaccinated.

Tyler Durden Sun, 06/26/2022 - 18:00

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Government

CDC Confirmed Post-Vaxx Death From Blood-Clotting Two Weeks Before Alerting Public: Emails

CDC Confirmed Post-Vaxx Death From Blood-Clotting Two Weeks Before Alerting Public: Emails

Authored by Zachary Stieber via The Epoch Times…

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CDC Confirmed Post-Vaxx Death From Blood-Clotting Two Weeks Before Alerting Public: Emails

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The Centers for Disease Control and Prevention (CDC) confirmed in late 2021 that a person died from blood clotting after receiving a COVID-19 vaccine that had been linked with an increased risk of blood clotting, but did not alert the public for two weeks, newly obtained emails show.

A general view of the Centers for Disease Control headquarters in Atlanta, Ga., on April 23, 2020. (Tami Chappell/AFP via Getty Images)

Dr. Tom Shimabukuro, a CDC official, told colleagues at the CDC and the Food and Drug Administration (FDA) on Dec. 2, 2021, “We have confirmed a 9th TTS death following Janssen vaccination,” according to emails obtained by The Epoch Times through a Freedom of Information Act request.

TTS refers to thrombosis with thrombocytopenia syndrome, a condition that features low platelet levels combined with blood clots.

Officials had recommended a nationwide pause on the administration of the vaccine, produced by Johnson & Johnson (J&J) subsidiary Janssen, in April 2021 after six women experienced TTS after J&J vaccination and three died. But they lifted the pause after determining the vaccine remained safe and effective.

The condition was not discussed much in the ensuing months, despite the CDC later reporting that five additional deaths occurred before Aug. 31, 2021. Shimabukuro gave a single update, in mid-October 2021, saying five total deaths had been reported.

That was until December 2021. Twelve days after Shimabukuro alerted colleagues of the ninth death, the FDA urged healthcare workers not to administer the vaccine to people with certain conditions because of the TTS risk. Two days after that, Dr. Isaac See, another CDC official, informed the public during a meeting that nine deaths had occurred post-vaccination.

It’s unclear when the CDC learned of the sixth, seventh, and eighth deaths.

The CDC takes reports made to the Vaccine Adverse Event Reporting System and attempts to confirm the reports, including post-vaccination deaths. A higher number of post-vaccination TTS deaths have been reported to the system than the number the CDC has verified.

One day after Shimabukuro confirmed the ninth death, his message was forwarded by Dr. Amanda Cohn, another CDC official, to CDC Director Dr. Rochelle Walensky.

“See below, information on a 9th completely tragic death from TTS,” Cohn wrote.

Many thanks for letting us know … any tragic case,” Walensky responded.

The emails were partially redacted; one was fully redacted.

Read more here...

Tyler Durden Sun, 06/26/2022 - 15:30

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Innovation Pharmaceuticals Inc (OTCMKTS: IPIX) Breaking Out as Biotech Reports Brilacidin Inhibits Omicron, Delta, Gamma and Alpha SARS-CoV-2 Variants Based on In Vitro Testing

Innovation Pharmaceuticals Inc (OTCMKTS: IPIX) is moving steadily northbound with power after the Company reported Brilacidin, its defensin-mimetic drug…

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Innovation Pharmaceuticals Inc (OTCMKTS: IPIX) is moving steadily northbound with power after the Company reported Brilacidin, its defensin-mimetic drug candidate exhibiting broad-spectrum antiviral activity, inhibited the Omicron and Delta variants of SARS-CoV-2 based on in vitro testing conducted in collaboration with (NIH) and (NIAID) scientists. Researchers at Rutgers University have also shown Brilacidin inhibited in vitro the Gamma and Alpha variants of SARS-CoV-2. Brilacidin has now been tested in vitro in seven SARS-CoV-2 strains (Omicron, Delta, Gamma, Alpha, Italian, Washington, Wuhan) and three human coronavirus (H-CoV) strains (OC43, 229E, and NL63), in addition to MERS-CoV and SARS-CoV-1. Brilacidin has consistently inhibited all coronaviruses tested, independent of cell type, at generally attainable systemic concentrations (based on established human pharmacokinetics of IV-administered Brilacidin).  

Emerging SARS-CoV-2 variants, and increasingly their sub-variants, contain immunity-evading mutations. These mutations alter key parts of the SARS-CoV-2 spike protein that attach to human cells, making the virus more transmissible and potentially more virulent. Unlike other antivirals, such as monoclonal antibodies, and most vaccines, Brilacidin has been shown not to target the Spike S1 and Spike RBD regions of SARS-CoV-2, acting instead through dual-acting neutralizing and blocking antiviral properties, able to target virus and host. These antiviral traits support Brilacidin’s ability to maintain its anti-coronavirus activity and suggest Brilacidin would be less subject to resistance. Taken together, the results from NIH/NIAID testing of Brilacidin are supportive of previously completed research and give the Company confidence in the compound’s antiviral potential. The Company remains active in pursuing additional government-based funding opportunities, as well as licensing partnerships, to advance Brilacidin in the highly attractive area of developing novel broad-spectrum medicines for treating viral diseases. Microcapdaily has been reporting on IPIX for a long time and we were there when the stock (then trading as CTIX) made a legendary run skyrocketing to $4.93 per share. 

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Innovation Pharmaceuticals Inc (OTCMKTS: IPIX) is a clinical stage pharmaceutical company developing innovative therapies with anti-infective, oncology, anti-inflammatory and dermatology applications. The Company owns the rights to Brilacidin, its lead drug in a new class of compounds called defensin-mimetics, and Kevetrin (thioureidobutyronitrile), its anti-cancer compound. Brilacidin is being studied by the Company, as well as other independent researchers, as a potential broad-spectrum antiviral therapeutic for the treatment of viruses including the novel coronavirus (SARS-CoV-2), which is responsible for COVID-19. 

Brilacidin is Innovation Pharma’s lead drug candidate in its Host Defense Protein (HDP)-mimetic franchise. Brilacidin has been granted Fast Track designation by the FDA and currently is being evaluated in a randomized, placebo-controlled Phase 2 clinical trial in hospitalized COVID-19 patients (see NCT04784897). Two independent Machine Learning (AI) studies also 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. Modeled after HDPs, the “front-line” of defense in the body’s innate immune system, it is a synthetic, non-peptidic small molecule that kills pathogens swiftly, significantly reducing the likelihood of drug resistance developing. Just as importantly, Brilacidin functions in a robust immunomodulatory capacity, lessening inflammation and promoting healing. 

Kevetrin is a small molecule that has demonstrated the potential of becoming a breakthrough cancer treatment by inducing activation of p53, a protein frequently referred to as the “Guardian of the Genome” due to its critical role in controlling cell mutations. In most cancers, regardless of origin, type, and location, the p53 pathway becomes inactivated (dysfunctional), thus preventing the body from performing its natural anti-tumor functions. The TP53 gene is the most studied gene of all time. Conducted at the Dana-Farber Cancer Institute and at Beth Israel Deaconess Medical Center, a Phase 1 clinical trial evaluating Kevetrin in treating Advanced Solid Tumors has been successfully completed, with patients showing good toleration and encouraging signs of potential therapeutic response. The Company has concluded its open-label, dose-escalation Phase 2a trial of Kevetrin in Platinum-Resistant/Refractory Ovarian Cancer. Highly encouraging preliminary data from the first patients treated in the trial showed modulation of the p53 protein in response to administration of Kevetrin. With a promising bioavailability profile, and to leverage its short half-life (the drug exits the body in approximately 8 to 10 hours), efforts are underway to develop Kevetrin as an oral anti-cancer agent (tablet or capsule) that can be administered daily, potentially even multiple times per day. The FDA has awarded Kevetrin Orphan Drug status for Ovarian Cancer, Pancreatic Cancer, and Retinoblastoma, qualifying it for developmental incentives and an extra 7 years of market exclusivity upon drug approval. The FDA also has granted Kevetrin Rare Pediatric Disease designation for childhood Retinoblastoma. 

Microcapdaily has been covering IPIX for years starting with CTIX back in 2015 reporting on the stocks legendary run to $4.93 per share. We stated on CTIX back in the day: “As anyone in the industry knows, regulating the p53 pathway has long been the holy grail of cancer research and big pharma has spent hundreds of millions of dollars researching ways to achieve this with no success thus far. It seems Kevetrin(TM) has accomplished this; extensive preclinical research on Kevetrin shows the re-activation of p53 across a wide spectrum of cancer lines including colon, lung, breast and pancreatic cancers. The market potential for Kevetrin in treating drug-resistant cancers is worth $5 billion a year. Other cancers could easily represent an additional $5 billion annually, he adds.”

IPIX has established a valuable intellectual property portfolio: 

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IPIX

On June 23 IPIX reported Brilacidin, the Company’s defensin-mimetic drug candidate exhibiting broad-spectrum antiviral activity, inhibited the Omicron (B.1.1.529) and Delta (B.1.617.2) variants of SARS-CoV-2 based on in vitro testing conducted in collaboration with National Institutes of Health (NIH) National Institute of Allergy and Infectious Diseases (NIAID) scientists. Researchers at Rutgers University have also shown Brilacidin inhibited in vitro the Gamma (P.1) and Alpha (B.1.1.7) variants of SARS-CoV-2. Brilacidin has now been tested in vitro in seven SARS-CoV-2 strains (Omicron, Delta, Gamma, Alpha, Italian, Washington, Wuhan) and three human coronavirus (H-CoV) strains (OC43, 229E, and NL63), in addition to MERS-CoV and SARS-CoV-1. Brilacidin has consistently inhibited all coronaviruses tested, independent of cell type, at generally attainable systemic concentrations (based on established human pharmacokinetics of IV-administered Brilacidin). Identifying COVID-19 countermeasures with novel mechanisms of action is vital. SARS-CoV-2 continues to evolve at an accelerated pace, raising questions as to what the dominant variant (or sub-variant) may be this fall and winter, when infections often spike — and if today’s COVID-19 vaccines and therapeutics can maintain their effectiveness. 

Emerging SARS-CoV-2 variants, and increasingly their sub-variants, contain immunity-evading mutations. These mutations alter key parts of the SARS-CoV-2 spike protein that attach to human cells, making the virus more transmissible and potentially more virulent. Unlike other antivirals, such as monoclonal antibodies, and most vaccines, Brilacidin has been shown not to target the Spike S1 and Spike RBD regions of SARS-CoV-2, acting instead through dual-acting neutralizing and blocking antiviral properties, able to target virus and host. These antiviral traits support Brilacidin’s ability to maintain its anti-coronavirus activity and suggest Brilacidin would be less subject to resistance. Related, results from new NIH/NIAID in vitro testing of Brilacidin in over 20 acutely infectious viruses, and from the Brilacidin Phase 2 COVID-19 clinical trial, are being prepared for publication. Findings from the Rutgers’ Brilacidin research can be accessed at the link below1 and build on earlier published Brilacidin research conducted by scientists at George Mason University and at University of Arizona and University of California-San Francisco. 

In 2021, the Company completed a Phase 2 clinical trial of Brilacidin (NCT04784897) for treatment of moderate-to-severe COVID-19 patients. While the trial did not meet its primary endpoint in reducing time to sustained recovery through day 29, certain patient subgroups did show treatment benefits of Brilacidin for that primary endpoint. For example, patients treated early from onset of symptoms achieved sustained recovery more quickly (Brilacidin 5-dose group vs pooled placebo, p=0.03). To date, only a modicum of success has been demonstrated by any company conducting clinical trials in moderate-to-severe hospitalized cases of COVID-19. A possible reason for this may be owing to frequent changes in the standard of care with patients receiving a cocktail of fluctuating concomitant medications, which complicates the interpretation of the clinical trial data and that of the new drug candidate being evaluated. Clinical observations of COVID-19 patients treated with Brilacidin further lead us to believe that higher and more frequent dosing of Brilacidin may be more appropriate to tackle this complex disease in the hospital setting. 

Taken together, the results from NIH/NIAID testing of Brilacidin are supportive of previously completed research and give the Company confidence in the compound’s antiviral potential. The Company remains active in pursuing additional government-based funding opportunities, as well as licensing partnerships, to advance Brilacidin in the highly attractive area of developing novel broad-spectrum medicines for treating viral diseases. 

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Currently trading at an $18 million market valuation IPIX has $8.7 million in the treasury, over $11 million in assets vs. $4.5 million in total liabilities. IPIX is CTIX reincarnated and this stock can move skyrocketing to $4.93 per share back in the day; a run we reported on from the beginning. IPIX is heating up and getting noticed by investors after the Company reported Brilacidin, its defensin-mimetic drug candidate exhibiting broad-spectrum antiviral activity, inhibited the Omicron and Delta variants of SARS-CoV-2 based on in vitro testing conducted in collaboration with (NIH) and (NIAID) scientists. Researchers at Rutgers University have also shown Brilacidin inhibited in vitro the Gamma and Alpha variants of SARS-CoV-2. Brilacidin has now been tested in vitro in seven SARS-CoV-2 strains (Omicron, Delta, Gamma, Alpha, Italian, Washington, Wuhan) and three human coronavirus (H-CoV) strains (OC43, 229E, and NL63), in addition to MERS-CoV and SARS-CoV-1. Brilacidin has consistently inhibited all coronaviruses tested, independent of cell type, at generally attainable systemic concentrations (based on established human pharmacokinetics of IV-administered Brilacidin). We will be updating on IPIX when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with IPIX.

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Disclosure: we hold no position in IPIX either long or short and we have not been compensated for this article.

The post Innovation Pharmaceuticals Inc (OTCMKTS: IPIX) Breaking Out as Biotech Reports Brilacidin Inhibits Omicron, Delta, Gamma and Alpha SARS-CoV-2 Variants Based on In Vitro Testing first appeared on Micro Cap Daily.

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