28 April 2014
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 2014.
The Company held cash reserves of $5.173 million at the end of March. Cash outflows relating to operating expenses ($1.6 million) were slightly higher than the previous quarter ($1.4 million). Net operating cash outflows for the quarter were approximately $1.3 million, further to operating receipts of approximately $0.3 million.
During the quarter, the Company announced its collaboration with 3M Drug Delivery Systems for the development of its inhaled respiratory drug franchise. Invion’s agreement with 3M is to assess the feasibility of inhaled versions of its two respiratory drug assets – INV102 (nadolol) and INV104 (zafirlukast) – delivered using 3M’s proprietary pressurized metered dose inhalation (pMDI) technology.
Also during the quarter, the Company announced the successful completion of a $5 million private placement to institutional and sophisticated investors; and on 28 March, the Company completed a Rights Issue Entitlement Offer which raised $0.89 million from existing eligible shareholders.
Invion is a life sciences group focussed on the development of treatments for major opportunities in respiratory disease and autoimmune disease. The Group has three drug assets in development, and three phase II clinical trials, regulated by the Food & Drug Administration (FDA), currently underway in the United States.
INV102 (nadolol) a beta blocker (beta adrenergic inverse agonist) currently used to treat high blood pressure and migraine, is being repurposed to treat chronic inflammatory airway diseases, including asthma and chronic obstructive pulmonary disease (COPD).
INV104 (zafirlukast) is a leukotriene receptor antagonist (LTRA) that reduces inflammation, constriction of the airways, and the build-up of mucus in the lungs.
INV103 (ala-Cpn10) is a modified, naturally occurring human protein which has been proposed as a founding member of the Resolution Associated Molecular Pattern (RAMPs) family hypothesised to maintain and restore immune homeostasis.
An Appendix 4C accompanies this announcement.
For and on behalf of the Board of Invion Limited