Interesting AGM.
The two newest directors got 100% vote affirming their appointments.
Sean Williams on the other hand was not all that far from being kicked off the board and did miss out on incentives, and the board got a first strike on the remuneration report and were refused capacity to issue the extra 10% placement facility without first seeking share holder approval IF they decide it is needed. As I understand it, he's been accused of being a drag on the share price and pace of development. I cannot speak to that as I am new here.
IRX-211 - Breakthru cancer pain Phase 2 trial is expected to start next quarter.
IRX-616a - Panic Disorder had a lot of work previously so once the Phase 1 trial is completed, expected to take about 6 months, they should be able to move fairly quickly to Phase 2 based on the prior work that has been done, expected to move to Phase 2 within 6 months of Phase 1 completion.
The ~$400k Research & Development refund due very soon has about half to go to Clendon and half to be used for working capital moving forward. Prior to the Clendon agreement there had been a fair bit of work done by iNGENu CRO Pty Ltd which will be, or has been, billed to Clendon so that will be paid via a drawdown of the debt facility and repaid by IRX out of the R&D refund. Future R&D refunds will go to Clendon in full as per the agreement.
A small raise is planned to ensure they have funds for the small corporate/admin costs as the Clendon agreement only covers the 95% of costs which are all the clinical trial costs and trial drug manufacturing costs through to completion of Phase 2 of IRX-211 & IRX-616a.
There was a brief mention about another product they are looking at developing/progressing but I didn't catch any specifics on that.
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