Invion Limited (ASX:IVX) is pleased to lodge its Appendix 4C for the quarter ending 31 March 2015.
The Company held cash reserves of $0.659 million at the end of March, consistent with budget forecasts. Cash outflows relating to operating expenses were $2.784 million, with total spend on direct R&D activities at approximately $2.169 million.
In the quarter under review the Company announced the completion of enrolment and interim results from its phase II clinical trial of INV012 (nadolol) in smoking cessation. The interim results showed clinically relevant changes in four biomarkers of inflammation in INV102 (nadolol) treated patients compared to placebo.
Also during the quarter, the Company announced that it would raise approximately $5 million through a placement to professional and sophisticated investors and a 2 for 7 non-renounceable rights issue entitlement offer to existing eligible shareholders.
Subsequent to the end of the quarter, the Company announced that the entitlement offer was fully subscribed with demand exceeding shares available. The Company also announced the completion of a $1.3 million placement to partially satisfy the strong demand and reduce the amount of scale-back required for the entitlement offer top-up facility, bringing the total capital raised to $6.3 million.
An Appendix 4C accompanies this announcement.
For and on behalf of the Board of Invion Limited