Invion Limited (ASX:IVX) is pleased to lodge its Appendix 4C for the quarter ending 30 June 2017.
The Company held cash reserves of $0.917 million at the end of June, with operating cash outflows during the quarter at $0.107 million. During the quarter, the Company announced that it had entered into a strategic alliance with The Cho Group, a Hong Kong based group that funds and has successfully commercialised a number of unique and advanced technologies. In support of the alliance, The Cho Group made an equity investment in Invion Limited, in the form of a private placement. Total investment funds of $656,682 were received in two tranches during the quarter, and a total of 218,894,000 new shares were issued on receipt of funds.
The alliance with The Cho Group represents an opportunity for Invion to expand its business and develop its asset pipeline through the identification and in-licencing of new advanced clinical opportunities, and activities during the quarter have been directed to this objective. A provision for costs related to the completion of a transaction have been captured in the forecast costs for the September quarter. The Company has also continued to market the partnering, sale or out-licence of its current respiratory assets.
An Appendix 4C accompanies this announcement.