The financial highlights for the quarterly reporting period include:
- Net cash outflow $1.70 million, consistent with prior quarters; and
- Agreement was reached with Paddington St Finance Pty Limited to provide a facility that forward funds, via a loan, up to 80% of the Company's research and development tax incentive for FY18. Currently, the forecast loan funds available would be between $1.9 million and $2.0 million.
Cash position at 31 March is $1.70 million which in conjunction with the loan facility should provide adequate funding until the next milestone payment due as part of the Progenza licence agreement with Asahi Glass Co Ltd of Japan.
The sources of funding for the Company over the next 18 months include: milestone payments and potential clinical licensing opportunities for Progenza; shareholder loan repayments relating to the funding of employee options exercised as part of the IPO in 2013; the R&D tax incentive for FY'18 including forward funding arrangements where necessary and options exercised. These sources of cash should ensure that the company has sufficient funding to support its R&D, clinical trials and operating activities for FY' 18 and into FY'19.
Further licensing opportunities may provide additional funding for incremental activities.
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About Regeneus Ltd
Regeneus Ltd (ASX:RGS) is a Sydney-based clinical-stage regenerative medicine company using stem cell and immuno-oncology technologies to develop a portfolio of innovative cell-based therapies to address significant unmet medical needs in the human and animal health markets with a focus on osteoarthritis and other musculoskeletal disorders, oncology and dermatology.