Cash Receipts for the quarter were $13,010,000, an increase of...

Cash Receipts for the quarter were $13,010,000, an increase of 121% on the March quarter 2019 ($5,898,000) and25% on the June quarter 2018 ($10,388,000). Financial year-end Cash Receipts to June 2019 of $32,221,000 wereup 36% compared to the prior financial year (to June 2018).

All Cash Receipts were earned from the provision of SCENESSE® (afamelanotide 16mg)¹ in the European Union andSwitzerland to patients with the rare metabolic disorder, erythropoietic protoporphyria (EPP). Unit orders ofSCENESSE® are generally lower in the northern hemisphere winter months due to the lower intensity of ambientlight. This results in a lower average clinical demand in most countries receiving SCENESSE® during this period.Conversely, stronger clinical demand in the northern hemisphere spring and summer positively impacts CashReceipts in the June and September quarters. The June quarter 2019 Cash Receipts reflect this stronger seasonaldemand.

The financial year-to-date Cash Receipts reflect the growth in the commercial distribution program in Europe whereEPP Expert Centres were willing to prescribe SCENESSE® and more patients are seeking treatment for theircondition, thus alleviating the impact of sales fluctuations on Company cashflow.Net Operating Payments for the June quarter 2019 were $4,501,000 compared to $3,584,000 in the March quarter2019 and $3,090,000 in the June quarter 2018. The 26% increase from the March quarter 2019 is primarily due tofurther increases in product manufacturing expenditures to meet the clinical demand for SCENESSE® in the months of higher light intensity in the northern hemisphere and to respond to the ongoing risk management commitmentsimposed by the European Medicines Agency as part of the marketing authorisation.Net Cash from Operations was positive by $8,618,000 in the June quarter 2019. Net Cash from Operations for thetwelve months to 30 June 2019 was a positive $18,382,000 compared to a positive $11,693,000 in the same twelvemonth period to 30 June 2018. Favourable exchange rate movements on foreign currencies held also provided apositive impact of $718,000 to the total Cash Balance at the end of the quarter. As a result of the combination ofpositive cashflows from operations and exchange rate movements in the quarter, the Cash Balance as at 30 June2019 increased to $54,269,000, compared to $44,975,000 as at 31 March 2019 and $36,198,000 as at 30 June 2018.

“The June quarter 2019 marks the completion of three full years of distribution of SCENESSE® in Europe,”CLINUVEL’s Chief Financial Officer Mr Darren Keamy said. “Despite seasonal fluctuations, CLINUVEL hasexperienced a positive trend in Cash Receipts over this period. This indicates that more EPP patients in Europe arereceiving treatment with SCENESSE® and we look forward to the time the same treatment access can be provided toAmerican EPP patients who have no current alternatives.”