Innovate Biopharmaceuticals, Inc. (NASDAQ:INNT) Files An 8-K Changes in Registrant’s Certifying AccountantItem 4.01.
On May 10, 2018, the Audit Committee of the Board of Directors of Innovate Biopharmaceuticals, Inc. (the “Company”) approved the retention of Mayer Hoffman McCann P.C. (“MHM”) to audit the financial statements of the Company as of and for the fiscal year ending December 31, 2018. During the fiscal years ended December31, 2017 and December 31, 2016, and the subsequent interim period through May 10, 2018, neither the Company nor anyone on its behalf consulted with MHM regarding either (i)the application of accounting principles to a specific transaction, completed or proposed, or the type of audit opinion that might be rendered on the Company’s financial statements, and neither a written report nor oral advice was provided to the Company that MHM concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue or (ii)any matter that was either the subject of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) or a reportable event (as described in Item 304(a)(1)(v) of Regulation S-K), except that MHM performed certain audit services for a former subsidiary of the Company and was retained to provide quarterly review procedures for the Company in February 2018, as further described in the Company’s Form 8-K filed with the Securities and Exchange Commission on February 23, 2018.
About Innovate Biopharmaceuticals, Inc. (NASDAQ:INNT)
Innovate Biopharmaceuticals, Inc., formerly Monster Digital, Inc., is a clinical stage biotechnology company. The Company is focused on developing novel autoimmune and inflammation therapeutic drugs. Its lead drug candidate, larazotide acetate (INN-202) is a tight junction regulator. Its other products include INN-108 and INN-329 (Secretin). The Company’s INN-108 is a novel small molecule comprised of two active parts with anti- inflammatory and immunodulatory properties coupled through an azo bond. The Company is developing INN-108 as a therapeutic for Ulcerative Colitis (UC). Its Secretin stimulated magnetic resonance cholangiopancreatography (MRCP) is a ionizing, radiation-free assessment of the pancreaticobiliary system. The Company has completed a phase II b clinical trial for celiac disease for INN-202. It is developing INN-108 in a phase II trial for inflammatory bowel disorders, mild to moderate UC and a Gastrointestinal (GI) orphan disease. Innovate Biopharmaceuticals, Inc. (NASDAQ:INNT) Recent Trading Information
Innovate Biopharmaceuticals, Inc. (NASDAQ:INNT) closed its last trading session down -0.61 at 14.79 with shares trading hands.
