The financial highlights for the quarterly reporting period include:
- Net cash outflow $1.66 million, consistent with prior quarters; and
- R&D loan facility arrangement entered into with Paddington St Finance, with an initial drawdown of $1 million completed prior to 30 June.
Cash position at 30 June is $1.09 million. Further drawdowns under the Company's R&D loan facility and the receipt of its FY'18 R&D Tax Incentive of over $2 million (expected Q1 FY'19) should provide adequate funding until the next milestone payment is received under its Progenza licence agreement with AGC Inc. of Japan.
The sources of funding for the Company over the next 18 months include: milestone payments and anticipated 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 are expected to provide sufficient funding to support the Company's R&D, clinical trials and operating activities for FY'19 and into FY'20.
Further licensing opportunities may provide additional funding for incremental activities.
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.