Invion Limited (ASX:IVX) is pleased to lodge its Appendix 4C for the quarter ending 31 December 2014.
The Company held cash reserves of $1.910 million at the end of December, consistent with budget forecasts. Cash outflows relating to operating expenses were $1.465 million, with total spend on direct R&D activities at approximately $0.9 million.
In the quarter under review the Company continued to progress its three phase II clinical trials (in asthma, smoking cessation and lupus). Subsequent to the end of the quarter, the Company announced interim data in its phase II clinical trial of oral INV102 (nadolol) in smoking cessation, which showed clinically relevant changes in four biomarkers of inflammation in INV102 (nadolol) treated patients compared to placebo.
During the quarter, the Company announced it had entered into an agreement with The Australian Special Opportunity Fund, LP, an institutional investor managed by The Lind Partners, LLC, for a total funding commitment of up to AU$17.4 million over 24 months.
During the quarter, the Company announced that it had 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, and that an R&D Tax cash rebate of approximately $0.790 million had been received for those activities. The Company also announced that it had lodged with AusIndustry, an expanded R&D Tax Incentive application that sought to capture and make eligible for rebate a wider group of Invion R&D activities.
This application was successful and for the financial year ended 30 June 2014, a further approximately $0.390 million R&D tax rebate has been received, bringing the total cash rebate for the financial year to approximately $1.180 million.
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.
An Appendix 4C accompanies this announcement.
For and on behalf of the Board of Invion Limited