Invion Limited (ASX:IVX) is pleased to lodge its Appendix 4C for the quarter ending 30 September 2014.
The Company held cash reserves of $1.806 million at the end of September, consistent with budget forecasts. Cash outflows relating to operating expenses ($2.018 million) were marginally higher than the previous quarter ($1.81 million).
Total spend on R&D activities ($1.169 million) was higher than the previous quarter ($0.599 million) reflecting progress in the Company’s programs. In the quarter under review, the Company reported interim data in two of its three current phase II clinical programs. The Company also reported on completion of phase I feasibility studies of an inhaled version of INV102 (nadolol).
Invion has satisfied the criteria under AusIndustry’s R&D Tax Incentive Scheme for an advance finding with respect to certain local and overseas R&D activities carried out in the financial year ended 30 June 2014. For activities currently approved, the Company anticipates an R&D Tax rebate of approximately $0.790 million. All requisite documentation has been lodged with relevant Government Departments, and the Company anticipates these funds to be received in the coming weeks.
The cash position of the Company is under constant review by the Board, and the Board is considering its options to ensure that cash resources are in place to see the Company through to the completion of forthcoming clinical development milestones.
Invion is a life sciences group focussed on the development of treatments for major opportunities in chronic inflammatory respiratory and autoimmune disease. The Group has three drug assets in development, and three phase II clinical trials currently underway.
INV102 (nadolol) is a beta-blocker (beta adrenergic biased ligand) currently marketed as a safe and effective treatment for high blood pressure and chest pain, that has been shown to reverse mucous metaplasia in the airway and is therefore targeted to treat chronic airway diseases including asthma and COPD.
INV104 (zafirlukast) is a leukotriene receptor antagonist (LTRA) and approved oral asthma therapy, 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