Invion Limited (ASX:IVX) is pleased to lodge its Appendix 4C for the quarter ending 31 March 2013.
The Company held cash reserves of $2.071 million at the end of March. Cash outflows during the quarter relating to operating expenses ($1.438 million) were higher than the previous quarter ($1.350 million).
Total spend on R&D and patent costs ($643,000) was higher than the previous quarter ($379,000) in line with project costs associated with the progression of the clinical programs of the company’s two current assets – INV102 (nadolol) and INV103 (ala-Cpn10).
During the quarter the company announced the initiation of its phase II clinical trial of INV102 (nadolol) in asthma patients which is being funded by the US National Institutes of Health in excess of $4 million. Subsequent to the end of the quarter, the company announced the submission of an Investigational New Drug (IND) application for INV103 (ala-Cpn10) in systemic lupus erythematosus (lupus).
On 28 March 2013, the Company announced a Share Purchase Plan which invited existing eligible shareholders to purchase up to $15,000 worth of fully paid ordinary shares in the Company at a discount and without any brokerage or transaction costs. Funds raised through the Plan will be used for the Company’s general working capital, and will be applied to the ongoing development of Invion’s drug assets, including two phase II clinical trials, in the coming period.
The Share Purchase Plan closes on Tuesday 7 May 2013.
An Appendix 4C accompanies this announcement.
For and on behalf of the Board of Invion Limited