Courier mail : 27 feb
Biotechnology companies typically post losses in their development stage. In Invion’s case, the increased loss was largely due to higher research and development costs. The drug developer has moved ahead with trials including one of a treatment to help smokers quit cigarettes.
Invion had last year said the second-round trials into the smoking program should be complete with data unveiled in 2015’s first half. There had been some recruitment delays, and accounts released this week confirmed patient treatment expected to be completed in 2015’s third quarter, “at which time intensive analysis of data will commence”.
Auditors at Invion flagged uncertainty about the company continuing as a going concern. The drug-makers directors acknowledged the issue and said they were looking at fund raising, including potentially one to be announced near the end of the March quarter.
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