Here some good info:
Inositol hexaphosphoric acid (phytic acid, (IP-6)INN Fytine acid Roempps Chemie Lexicon, 1983) serves as a phosphate depot in the body and is broken down by phytase to myo-inositol. The human body contains about 40 g of myo-inositol. It also plays the role of a growth factor and is identical in action to the formerly designated as "bios I" factor, necessary for optimal growth. Based on its mode of action, myo-inositol can be classified to the vitamin complex of ht B-group (Roempps Chemie Lexicon, 1983). In the body, myo-inositol can be synthesized from glucose-6-phosphate, but human requirements are chiefly covered through consumption of fruit and cereals, where it occurs in the form of inositol-hexaphosphate (phytic acid).
By competitive chelate formation phytic acid participates in the process of intestinal absorption of calcium, magnesium and iron ions. The formation of insoluble chelate complexes of phytic acid accounts for some of its extremely important properties, such as its anticancer and antiviral activity.
Myo-inositol increases the oxygen transporting capacity of hemoglobin in red blood cells, improves and regulates cellular metabolism, especially in conditions of phosphorus deficiency in the body, stimulates hemopoiesis and bone tissue formation, and improves the tone of the nervous system.