28 April 2017
Company Announcements Office
20 Bridge St
SYDNEY NSW 2000
Invion Limited (ASX:IVX) is pleased to lodge its Appendix 4C for the quarter ending 31 March 2017. The Company held cash reserves of $0.391 million at the end of March, with operating cash outflows during the quarter at $0.210 million.
Subsequent to the end of 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. The alliance 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.
In support of the alliance, The Cho Group agreed to make an equity investment of $656,682 in the Company. $100,000 of this amount was received in April 2017, with the remaining funds due to be received by 15 June 2017. The Company intends to use the proceeds of the investment for working capital as it continues to market the sale or out-licence of its current respiratory assets and seeks, in collaboration with The Cho Group, to identify new assets to bring into the Company’s pipeline.
An Appendix 4C accompanies this announcement.
For and on behalf of the Board of Invion Limited
Company Secretary and Head of Operations