Invion Limited (ASX:IVX) is pleased to lodge its Appendix 4C for the quarter ending 30 June 2016.
The Company held cash reserves of $0.437 million at the end of June, with cash outflows during the quarter at $0.444 million. As R&D activity has historically accounted for the main operating cash outflow for the Company, outflows continue to be reduced from previous quarters, reflecting reduced activity following the completion of major R&D program milestones. These milestones include the March 2016 meeting with the US FDA, and the May 2016 presentation of data to the American Thoracic Society, regarding the smoking cessation program for INV102 (nadolol) following the successful completion of the phase 2 clinical trial in late 2015. The Company is now focussed on business development, and the partnering (via sale or out-licence) of one or all of its assets. As such, and as noted in the March Appendix 4C, the company reduced headcount to align resourcing with the requirements of forward activities, and to further significantly reduce burn rate.
Anticipated receipt of R&D cash rebate
The Company has completed the required reviews and has met all prerequisites in order to submit its application for an R&D cash rebate against spend on local and overseas R&D activities conducted during the year ended 30 June 2016. As a result, the Company anticipates receiving a cash rebate of $0.619 million during the current quarter. The Company believes that these cash inflows, combined with cash on hand and reduced operating cash outflows, will see the Company continue operations during the 2017 financial year without the need to raise further capital.
The Company is driven to realise value from its assets via a commercial transaction following the successful completion of its major R&D milestones.
An Appendix 4C accompanies this announcement.