Innovation Pharmaceuticals Inc. announced that it has entered into a purchase agreement for a private placement of 55,556 shares of Series A Redeemable Preferred Shares at $72 per Series A Share and warrants to purchase 27,778 Series A Shares for aggregate consideration of $4,000,032 on June 9, 2022. The transaction will include participation from Squalus Med Ltd. The Warrant has an exercise price of $108 per Series A Share and is exercisable until the earliest of (i) five years after FDA approval of SML's medical device, as more fully set forth in the Articles of Association, (ii) the closing of a deemed liquidation, (iii) 30 days following consummation of a qualified financing event, or (iv) consummation of an initial public offering by SML. Following the closing under the Purchase Agreement, the Company owns approximately 35.7% of SML's issued and outstanding equity securities and approximately 41.6% of SML's equity securities on a fully diluted basis.