Brisbane, Australia, and Delaware, United States, 9 October...

Brisbane, Australia, and Delaware, United States, 9 October 2015: Australian drug development company Invion Limited (ASX:IVX) is pleased to advise that its R&D tax incentive cash rebate of approximately $2.4 million has been received. The claimed tax credit resulted in a cash refund of up to 45 cents of each dollar of eligible R&D spend for local and overseas R&D activities carried out in the financial year ending 30 June 2015.
In March 2015, Invion entered into an agreement with Metamor Capital Partners to access capital ahead of the receipt of its R&D tax incentive rebate. This funding facility provided Invion with a valuable capital management tool as it progressed R&D activities in Q2 and Q3 2015. The non-dilutive (non-equity related) secured facility had a limit of $1.56M and was drawn to $1.04M at the time of repayment. The facility has now been repaid in full from the proceeds of the 2015 R&D tax incentive rebate and remains available for redraw to fund future R&D expenditure of the Company. The Company remains very grateful for the contribution of Metamor Capital Partners.