INVION LIMITED ASX ANNOUNCEMENT: APPENDIX 4C
29 July 2016 The Manager
Company Announcements Office ASX Limited
20 Bridge St
SYDNEY NSW 2000
Dear Sir
APPENDIX 4C
Invion Limited (ASX:IVX) is pleased to lodge its Appendix 4C for the quarter ending 30 June 2016.
The Company held cash reserves of $0.437 million at the end of June, with cash outflows during the quarter at $0.444 million.
As R&D activity has historically accounted for the main operating cash outflow for the Company, outflows continue to be reduced from previous quarters, reflecting reduced activity following the completion of major R&D program milestones. These milestones include the March 2016 meeting with the US FDA, and the May 2016 presentation of data to the American Thoracic Society, regarding the smoking cessation program for INV102 (nadolol) following the successful completion of the phase 2 clinical trial in late 2015.
The Company is now focussed on business development, and the partnering (via sale or out-licence) of one or all of its assets. As such, and as noted in the March Appendix 4C, the company reduced headcount to align resourcing with the requirements of forward activities, and to further significantly reduce burn rate.
Anticipated receipt of R&D cash rebate
The Company has completed the required reviews and has met all prerequisites in order to submit its application for an R&D cash rebate against spend on local and overseas R&D activities conducted during the year ended 30 June 2016.
As a result, the Company anticipates receiving a cash rebate of $0.619 million during the current quarter.
The Company believes that these cash inflows, combined with cash on hand and reduced operating cash outflows, will see the Company continue operations during the 2017 financial year without the need to raise further capital.
The Company is driven to realise value from its assets via a commercial transaction following the successful completion of its major R&D milestones.
An Appendix 4C accompanies this announcement. For and on behalf of the Board of Invion Limited
MELANIE FARRIS
Company Secretary and Head of Operations
Invion Limited ABN 76 094 730 417
GPO Box 1557, Brisbane, QLD 4073 P +61 7 3295 0500 F +61 7 3295 0599 www.inviongroup.com
Appendix 4C Quarterly report for entities admitted on the basis of commitmentsIntroduced 31/3/2000. Amended 30/9/2001
Name of entity
INVION LIMITED
ABN Quarter ended ("current quarter")
76 094 730 417
30-June-2016
Consolidated statement of cash flowsCurrent quarter Year to date
Cash flows related to operating activities (12 months)$A'000 $A'000
Receipts from customers 229 369
Payments for (a) staff costs (286) (1,616)
(b) patent costs (57) (210)
(c) research and development (156) (3,130)
leased assets (1) (8)
other working capital (173) (1,616)
Dividends received - -
Interest and other items of a similar nature received
Interest and other costs of finance paid
- -
- (62)
Income taxes paid - -
- 2,406
Other (a) Research & Development tax refund
(b) Other - -
Net operating cash flows(444) (3,867)
Current quarter
$A'000
Year to date
(12 months)
$A'000
1.8 Net operating cash flows (carried forward)
(444)
(3,867)
Cash flows related to investing activities
(a) businesses
Payment for acquisition of: (b) equityinvestments
intellectual property
physical current assets
other non-current assets
(a) businesses
Proceeds from disposal of: (b) equityinvestments
intellectual property
physical current assets
other non-current assets
Loans to other entities
Loans repaid by other entities
Other - Bank guarantee repaid
Net investing cash flows
1.14 Total operating and investing cash flows
Aggregate amount of payments to the parties included in item 1.2 (a)
Aggregate amount of loans to the parties included in item 1.11
Current quarter
$A'000
94
-
Explanation necessary for an understanding of the transactions
liabilities but did not involve cashflows
N/A
Details of outlays made by other entities to establish or increase their share in businesses in which the reporting
entity has an interest
Loan facilities
Credit standby arrangements
Convertible loan facility
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
25
25
25
25
(419)
(3,842)
Cash flows related to financing activities
5
3,115
1.15 Proceeds from issues of shares
1.16 Proceeds from shares not yet issued
-
1.17 Proceeds from borrowings
-
-
1.18 Repayment of borrowings
-
(974)
1.19 Dividends paid
-
-
1.2 Other Creditors (costs of fund raising)
-
(213)
Net financing cash flows
5
1,928
Net increase (decrease) in cash held
(414)
(1,914)
1.21 Cash at beginning of quarter/year to date
852
2,285
1.22 Exchange rate adjustments to item 1.20
(1)
66
1.23 Cash at end of quarter/year to date
437
437
Payments to directors includes directors fees and executive directors salaries.
Non-cash financing and investing activitiesDetails of financing and investing transactions which have had a material effect on consolidated assets and
N/A
Financing facilities availableAdd notes as necessary for an understanding of the position. (See AASB 1026 paragraph 12.2).
Amount available $A'000 | Amount used $A'000 |
- | - |
- | - |
- | - |
Invion Limited published this content on 29 July 2016 and is solely responsible for the information contained herein.
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