29 April 2016
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 2016.
The Company held cash reserves of $0.852 million at the end of March, with cash outflows during the quarter at $1.2 million. Operating and R&D cash outflows continue to be significantly reduced from earlier quarters following the completion of major program activity.
Following the recent meeting with the US Food & Drug Administration (FDA) regarding the smoking cessation program for INV102 (nadolol), and reflecting the reduced R&D and operational activity while business development activities continue, the company has reduced headcount to further significantly reduce burn rate in the coming quarters.
In late 2015, Invion completed all projected R&D activities on its three drug assets across four development programs, and subsequently appointed Ferghana Partners Group to progress various potential commercial opportunities.
The major R&D milestones included:
- Data from phase 2 clinical trial of INV013 (ala-Cpn10) in lupus patients;
- Selection of formulation and device and commencement of manufacture of toxicology and clinical supplies for INV104 (zafirlukast);
- Positive safety and efficacy data from phase 2 oral INV102 (nadolol) study in patients undergoing smoking cessation and completion of enrolment of NIH-funded phase 2 study of INV102 (nadolol) in asthma patients; and
- Pre-IND status as a potential therapy for asthma, COPD & cystic fibrosis, and manufacture of toxicology and clinical supplies and commencement of toxicology studies for inhaled INV102 (nadolol)
An Appendix 4C accompanies this announcement.
For and on behalf of the Board of Invion Limited
Company Secretary and Head of Operations