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Invion Limited Grows Cash Reserves by A$2.2 Million With R&D Tax Rebate


9/19/2012 10:01:59 AM

18 September 2012 -- Australian drug development company Invion Limited (ASX:IVX) is pleased to advise that its R&D tax incentive cash rebate of approximately $2.22 million has been received. This brings the company’s cash position to approximately AUD$4.7 million (unaudited).

The claimed tax credit results in a cash refund of up to 45 cents of each dollar of eligible R&D spend for local R&D activities carried out in the financial year ending 30 June 2012.

Under the R&D Tax Incentive scheme administered by AusIndustry, companies may also seek a tax rebate for R&D activities carried out overseas. Whilst the majority of the company’s activities have been conducted locally, Invion is seeking to maximise the potential benefit from the scheme and is pursuing a rebate application for certain specialist R&D activities that were undertaken outside Australia during the 2012 financial year.

The additional cash reserves will be used to support the progression of the company’s clinical and business plans for the development of drug candidates INV102 and Cpn10. This does not include the US$4.4 million phase II trial of INV102 in asthma patients which is funded by the US National Institutes of Health (NIH).

About Invion Limited

Invion Limited is a clinical-stage drug development company that targets chronic inflammation. Focussed on the development of treatments for major market opportunities in inflammatory diseases including asthma, chronic bronchitis and lupus, Invion has two phase II proprietary therapeutic candidates: INV102 – a repurposed inverse beta agonist; and Cpn10 – a modified natural immunomodulator. INV102, also known as nadolol, has been used in more than 8 million people for the treatment of high blood pressure, migraine and chest pain. Invion is now targeting INV102 for new indications. To date, two phase II clinical trials of INV102 have been completed which have demonstrated acceptable safety as well as dose-related activity showing a reduction of airway hyper-responsiveness. Two further phase II trials are due to commence in 2H 2012. The larger of these trials, a phase II $4.4 million study in asthma patients, is being funded by the US National Institutes of Health (NIH). Cpn10 is a potential new anti-inflammatory biologic therapeutic. In clinical trials carried out to date, Cpn10 has demonstrated clear signs of biological activity, including a reduction in disease-relevant pro-inflammatory cytokines. Invion is progressing regulatory preparations to investigate Cpn10 as a treatment for systemic lupus erythematosus (SLE or lupus). Invion’s pre-Investigational New Drug (pre-IND) meeting with the US Food and Drug Administration (FDA) is scheduled for 14 December 2012.

FOR MORE INFORMATION CONTACT:

Corporate

Dr William Garner

Managing Director and CEO

Invion Limited

investor@invion.com.au

Investor Relations

Rebecca Wilson

Buchan Consulting

03 9866 4722

rwilson@buchanwe.com.au

Media

Tom Donovan

Buchan Consulting

(03) 9866 4722

tdonovan@buchanwe.com.au


Read at BioSpace.com

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