Invion Limited (ASX:IVX) is pleased to advise the company has satisfied the requisite 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).
Under the scheme, companies with a turnover of less than $20 million are entitled to a cash refund of up to 45 cents per dollar spent on eligible research and development activity. Accordingly, Invion is eligible to receive up to approximately $360,000 R&D cash rebate for overseas R&D activities conducted in the 2011/2012 financial year.
In addition, the Company anticipates receiving up to a further $1.1 million R&D cash rebate in respect of local and overseas expenditure incurred on eligible R&D activities for the 2012/2013 financial year.
Managing Director and CEO Dr Greg Collier said “This rebate strengthens Invion’s cash position and is an important source of funds for our development activities. We acknowledge the Government’s support of important R&D activities, and we look forward to the successful completion of our three current phase II clinical trials.”
FOR MORE INFORMATION CONTACT
Managing Director and CEO: Dr Greg Collier. P: 07 3295 0506 email@example.com
Media / IR: Jane Lowe, Buchan Consulting P: 02 9237 2800 firstname.lastname@example.org
About Invion Limited
Invion is a clinical-stage life sciences company focussed on the development of treatments for major opportunities in the inflammatory diseases market including asthma and COPD ($34B) and systemic lupus erythematosus (lupus) (to $4B). Invion has two drug assets in three FDA-regulated, phase II clinical trials currently underway in the US. INV102 (nadolol) is a beta blocker (beta adrenergic inverse agonist) currently used in the treatment of high blood pressure and migraine that is being repurposed to treat chronic inflammatory airway diseases (e.g. asthma and COPD). The US National Institutes of Health is funding Invion’s phase II asthma clinical trial in excess of USD$4M, and a second phase II trial in chronic bronchitis (smoking cessation) is also underway. INV103 (ala-Cpn10) is a modified naturally occurring human protein shown to reduce IL-6, a key marker in the chronic inflammatory disease, lupus. Data from Invion’s phase II lupus clinical trial is anticipated late in 2013.