INVION LIMITED For personal use only
ASX ANNOUNCEMENT
ACTIVITY REPORT AND CASH FLOW REPORT
FOR THE QUARTER ENDED 31 DECEMBER 2021
MELBOURNE (AUSTRALIA) 20 January 2022: Invion Limited (ASX: IVX) ("Invion" or the "Company") wishes to provide the following update and Appendix 4C for the quarter ending 31 December 2021.
Summary of cash position and expenditure during the quarter
The Company held cash reserves at the end of the quarter of $13.6 million, an increase of approximately $10.7 million from the previous quarter as Invion successfully raised $12.1 million in new capital via a Share Placement (Placement) and Share Purchase Plan (SPP).
The capital raised under the Placement and SPP will be used for pre-clinical and clinical work, and to expand Invion's exclusive agreement covering cancer-related treatments with RMW Cho, the licensor of the PhotosoftTM technology, as detailed in the section below.
The existing R&D services agreement with RMW Cho still stands where RMW Cho will fully fund all cancer-related research and development of Photosoft™ around the world, apart from the Asia Pacific countries where Invion has exclusive rights to.
Invion recorded a cash outflow of $705,000 from Operating Activities in the December quarter and the primary areas of expenditure were research and development (R&D) at $550,000 and administration and corporate costs at $680,000.
As detailed in Item 6.1 of the accompanying Appendix 4C, the Company discloses that the aggregate payments to related parties and their associates during the December quarter totalled $287,000. The payment relates to outstanding CEO salary and the superannuation component of the directors' fees.
R&D activities during the quarter
Invion and its research partner, the Hudson Institute of Medical Research, released the findings from its follow-upProof-of-Concept (PoC) II studies using Invion's latest Active Pharmaceutical Ingredient (API) INV043 to treat immunocompetent mice that had been implanted with triple negative breast cancer (TNBC).
The results showed complete tumour regression with no recurrence of disease in mice treated with photoactivated INV043.
Just as significantly, the treatment appeared to have triggered an immune response that subsequently prevented the recurrence of TNBC, with no apparent scarring or other indication of prior tumour presence, and no evidence of either primary tumour or metastatic spread at autopsy.
TNBC is an aggressive and metastatic tumour type that is innately resistant to most chemotherapies.
Hudson Institute is undertaking further studies on INV043, including tests on larger samples of mice, combination therapies and other cancer indications.
Invion Limited ABN 76 094 730 417
100 Albert Road, South Melbourne, VIC 3205 P: +61 3 9692 7222 W: www.inviongroup.com
For personal use only
ASX ANNOUNCEMENT
Further, Invion is also commencing discovery studies looking at applications of PhotosoftTM in the treatment of atherosclerosis and infectious diseases.
Expanded agreement
Invion and RMW Cho have entered into conditional agreements that will give the Company exclusive distribution rights to the PhotosoftTM technology to treat cancer-related diseases in all Asia Pacific countries excluding Macau, Taiwan, Japan, South Korea and China (other than Hong Kong).
These new territories are in addition to Invion's exclusive rights to the Australian and New Zealand markets, which are covered under Invion's original agreement with RMW Cho.
Subject to shareholder approval, Invion will pay a one-off $5 million amount to RMW Cho for the new territories as its contribution to development costs of the Photosoft™ technology, and Invion will fund future pre-clinical and clinical trial work for cancer treatments undertaken in the new territories.
This expanded agreement is on top of the co-development agreement struck between Invion and RMW Cho, which was announced to the market on 2 June 2021. That agreement gives the Company exclusive rights to Photosoft™ for the treatment of atherosclerosis and infectious diseases (including viral, bacterial, fungal and parasitic) in Asia Pacific1. Invion and RMW Cho will co-fund the development of treatments for these indications.
These agreements significantly expand the pipeline of opportunities and markets available to Invion.
This announcement was approved for release by Thian Chew, Chairman of the Board.
____________________________________________
Investor and Media enquiries: | |
Thian Chew (Chairman & CEO) | Brendon Lau (Investor & Media Relations) |
T: +61 3 9692 7222 | M: +61 409 341 613 |
E:investor@inviongroup.com | E:brendon.lau@inviongroup.com |
About Invion
Invion is a life-science company that is leading the global research and development of PhotosoftTM technology for the treatment of a range of cancers, atherosclerosis and infectious diseases. Invion holds the exclusive Australia and New Zealand license rights and exclusive distribution rights to Asia Pacific excluding China (other than Hong Kong, which is included in the Territory), Macau, Taiwan, Japan and South Korea to the PhotosoftTM technology for all cancer indications. It also holds the exclusive rights to the technology in Asia Pacific (excluding Greater China) for atherosclerosis and infectious diseases. Research and clinical cancer trials
1 Asia Pacific includes Asia and Oceania (other than Australia and New Zealand, which are the subject of an existing distribution and licence agreement with RMW), and excludes Middle East, Russia and the specified territories of China, Hong Kong, Macau and Taiwan.
Invion Limited ABN 76 094 730 417
100 Albert Road, South Melbourne, VIC 3205 P: +61 3 9692 7222 W: www.inviongroup.com
For personal use only
ASX ANNOUNCEMENT
are funded by the technology licensor, RMW Cho Group Limited, via an R&D services agreement with the Company. Invion is listed on the ASX (ASX: IVX).
About Photodynamic Therapy (PDT)
Invion is developing PhotosoftTM technology as a novel next generation Photodynamic Therapy (PDT). PDT uses non-toxic photosensitisers and light to selectively kill cancer cells and promote an anti-cancer immune response. Less invasive than surgery and with minimal side effects, PDT offers an alternative treatment option aimed at achieving complete tumour regression and long-lasting remission.
Invion Limited ABN 76 094 730 417
100 Albert Road, South Melbourne, VIC 3205 P: +61 3 9692 7222 W: www.inviongroup.com
only
Rule 4.7B
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
Name of entity
INVION LTD
ABN | Quarter ended ("current quarter") |
76 094 730 417 | 31 December 2021 |
personal use
Consolidated statement of cash flows
1. Cash flows from operating activities
1.1 Receipts from customers
1.2 Payments for
(a) research and development
- product manufacturing and operating costs
(c) advertising and marketing
(d) leased assets
(e) staff costs
(f) administration and corporate costs
1.3 Dividends received (see note 3)
1.4 Interest received
1.5 Interest and other costs of finance paid
1.6 Income taxes paid
1.7 Government grants and tax incentives
1.8 Other (provide details if material)
1.9 Net cash from / (used in) operating activities
Current quarter | Year to date |
$A'000 | (6 months) |
$A'000 | |
525 | 1,253 |
(550) | (1,345) |
- | - |
- | - |
- | - |
- | - |
(680) | (1,047) |
- | - |
- | - |
- | - |
- | - |
- | - |
- | 88 |
(705) | (1,051) |
For
2. | Cash flows from investing activities | |||
2.1 | Payments to acquire or for: | |||
(a) | entities | - | - | |
(b) | businesses | - | - | |
(c) | property, plant and equipment | - | - | |
(d) | investments | - | - | |
(e) | intellectual property | - | (2,250) | |
(f) | other non-current assets | - | - |
ASX Listing Rules Appendix 4C (17/07/20) | Page 1 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
use only
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
Consolidated statement of cash flows | Current quarter | Year to date | ||
$A'000 | (6 months) | |||
$A'000 | ||||
2.2 | Proceeds from disposal of: | |||
(a) | entities | - | - | |
(b) | businesses | - | - | |
(c) | property, plant and equipment | - | - | |
(d) | investments | - | - | |
(e) | intellectual property | - | - | |
(f) | other non-current assets | - | - | |
2.3 | Cash flows from loans to other entities | - | - | |
2.4 | Dividends received (see note 3) | - | - | |
2.5 | Other (provide details if material) | - | - | |
2.6 | Net cash from / (used in) investing | - | (2,250) | |
activities | ||||
personal
3. Cash flows from financing activities
- Proceeds from issues of equity securities (excluding convertible debt securities)
- Proceeds from issue of convertible debt securities
3.3 Proceeds from exercise of options
3.4 Transaction costs related to issues of equity securities or convertible debt securities
3.5 Proceeds from borrowings
3.6 Repayment of borrowings
3.7 Transaction costs related to loans and borrowings
3.8 Dividends paid
3.9 Other (provide details if material)
3.10 Net cash from / (used in) financing activities
12,138 | 16,638 |
- | - |
- | - |
(818) | (818) |
- | - |
- | - |
- | - |
- | - |
- | - |
11,320 | 15,820 |
For
4. Net increase / (decrease) in cash and cash equivalents for the period
- Cash and cash equivalents at beginning of period
- Net cash from / (used in) operating activities (item 1.9 above)
- Net cash from / (used in) investing activities (item 2.6 above)
2,9411,037
(705)(1,051)
-(2,250)
ASX Listing Rules Appendix 4C (17/07/20) | Page 2 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Invion Limited published this content on 20 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 January 2022 00:45:06 UTC.
