Invion Limited (ASX:IVX) is pleased to lodge its Appendix 4C for the quarter ending 30 September 2012.
The Company held cash reserves of $4.748 million at the end of September. Cash outflows during the quarter relating to operating expenses ($1.723 million) were higher than the previous quarter ($1.457 million).
On 30 August 2012, Shareholders voted to approve the merger with US-based Inverseon Inc. 143,486,978 fully paid Ordinary shares were issued in consideration of the acquisition of Inverseon. The company changed its name on 31 August 2012 to Invion Limited, and on 5 September 2012 changed its ASX Issuer code to IVX. Approximately one quarter of expenditure in the period relates to costs associated with the transaction.
Total spend on R&D ($245,000) was significantly higher than the previous quarter ($16,000) reflecting a return to clinical development activities subsequent to the merger. Scientific activities during the quarter were directed toward the progression of the clinical programs of the company’s two current assets – INV102 and Cpn10 – in the following indications: asthma, chronic bronchitis and lupus.
Prior to the end of the quarter, and subsequent to a review and realignment of business activities to meet forward clinical development milestones, two staff positions were made redundant.
In September, the company received $2.22 million in R&D tax incentive rebate. The rebate comprised a cash refund of up to 45 cents of each dollar of eligible R&D spend for local R&D activities carried out in the financial year ending 30 June 2012.
An Appendix 4C accompanies this announcement.