Company Announcements Office
ASX Limited, 20 Bridge St, SYDNEY NSW 2000
Invion Limited (ASX:IVX) is pleased to lodge its Appendix 4C for the quarter ending 31 December 2017.
The Company held cash reserves of $0.281 million at the end of December, with operating cash outflows during the quarter at $0.438 million. In the current quarter, the Company is due to complete an underwritten pro rata entitlement offer to Invion Shareholders, to raise up to approximately $2.5M. Additionally, an R&D tax rebate of $0.081 million is anticipated to be received during the current quarter.
In accordance with strategy, activity in coming quarters will primarily be directed to the clinical development of Photosoft™, the fully burdened costs of which will be funded non-dilutively via Invion’s R&D services agreement with The Cho Group.
At the Company’s Annual General Meeting held on 30 November 2017, shareholders approved a strategic transaction with The Cho Group comprising three agreements:
Exclusive Distribution and Licence Agreement: Invion has been appointed exclusive distributor and licensee in Australia and New Zealand of New Generation Photo Dynamic Therapy (NGPDT) technology for the treatment of cancers. The NGPDT technology, “Photosoft™”, is a new generation photosensitiser derived from chlorophyll which is hypothesised to identify and selectively accumulate within solid cancerous tumour tissues. Specific light and laser delivery methods are targeted to activate the absorbed photosensitiser for the non-invasive treatment of solid cancers.
R&D Services Agreement: Invion will conduct clinical development of the NGPDT technology globally, with The Cho Group providing non-dilutive funding for relevant R&D; and
Underwriting Agreement: The Cho Group will fully underwrite a non-renounceable pro rata entitlement offer to Invion Shareholders, to raise up to approximately $2.5M. The underwritten entitlement offer is due to be completed prior to the end of the March 2018 quarter. Funds will be directed to working capital and the repayment of current liabilities.