CBio Limited (ASX:CBZ) is pleased to lodge its Appendix 4C for the quarter ending 30 June 2012.
The Company held cash reserves of $4.186 million at the end of June. Cash outflows during the quarter relating to operating expenses ($1.457 million) were lower than the previous quarter ($1.526 million) and below the average quarterly cash outflows ($2.6 million) for the financial year.
During the quarter, the Board undertook further restructuring of the company’s activities in order to manage the company’s financial position and maximise operational efficiencies. This resulted in the redundancy of nine staff positions. Scientific activities directed to drug formulation and elucidating the mechanism of action of Cpn10 continued during the quarter.
The June quarter saw the completion by the Board of the strategic review of the company and, subsequent to the end of the quarter, the announcement on 2 July of the proposed merger with Inverseon Inc. Subject to shareholder approval, the merger will create a clinical-stage company that targets new anti-inflammatory therapies for a range of diseases. The merged company, to be known as Invion Limited, will progress studies on CBio’s Cpn10 asset in Systemic Lupus Erythematosus (SLE or lupus).
An Appendix 4C accompanies this announcement.
For and on behalf of the Board of CBio Limited