Invion Limited (ASX:IVX) is pleased to lodge its Appendix 4C for the quarter ending 30 September 2013.
The Company held cash reserves of $1.750 million at the end of September. Cash outflows during the quarter relating to operating expenses ($1.406 million) were lower than in the previous quarter ($2.059 million), largely reflecting a prior quarter higher spend on establishment costs for R&D and clinical trial related activities for the company’s INV102 (nadolol) and INV103 (ala-Cpn10) assets.
During the quarter the Company received approximately $114,000 from directors and other related parties, further to shareholder approval at the EGM held 13 August 2013, for the private placement of shares to these parties (on the same terms as the private placement of shares to sophisticated and professional investors announced in June 2013).
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 overseas R&D activities conducted in the development of INV103 (ala-cpn10), and that the Company was eligible to receive a cash rebate of approximately $1.46 million. All requisite documentation has been lodged with relevant Government Departments, and the Company anticipates these funds to be received in the coming weeks.
Subsequent to the end of the quarter the Company announced the in-licence of INV104 (zafirlukast) which will be developed as an inhaled non-steroidal, anti-inflammatory treatment for asthma, complementing Invion’s existing INV102 asset – also targeted as a therapy for asthma and COPD.
Invion’s pipeline consists of three drug assets targeting inflammation in respiratory and autoimmune disease. Invion has three phase II clinical trials underway including its study of INV102 in asthma patients which is funded by the US National Institutes of Health in excess of USD$4 million.
An Appendix 4C accompanies this announcement.
For and on behalf of the Board of Invion Limited