31 July 2013
Invion Limited (ASX:IVX) is pleased to lodge its Appendix 4C for the quarter ending 30 June 2013.
The Company held cash reserves of $3.029 million at the end of June. Cash outflows during the quarter relating to operating expenses ($2.059 million) were higher than the previous quarter ($1.438 million). This is largely the result of R&D and patent costs ($1.026 million) being higher than the previous quarter ($643,000) and a reflection of increased spend associated with advance costs of commencing clinical trials of the company’s two current assets – INV102 (nadolol) and INV103 (ala-Cpn10).
During the quarter the company raised approximately $1.11 million under Share Purchase Plan from existing shareholders and $1.92 million from the private placement of shares to sophisticated and professional investors, for a total positive cash flow from financing activities of $3.03 million.
During the quarter the company announced, in relation to the action to recover approximately $1.2 million from four former executives, that it had reached a confidential settlement with one of the Defendants to the action pursuant to which the Defendant agreed, with no admission as to liability, to pay the company an amount representing principal, interest and costs.
Subsequent to the end of the quarter the company announced the commencement of its phase II clinical trial of INV102 (nadolol) in chronic bronchitis patients (smoking cessation); and the commencement of its phase II clinical trial of INV103 (ala-cpn10) in patients with lupus.
Invion now has three phase II clinical trials underway including its study of INV102 in asthma patients which is funded by the US National Institutes of Health in excess of USD$4 million.
An Appendix 4C accompanies this announcement.
For and on behalf of the Board of Invion Limited