Quarterly Results for the Period Ended 30 September 2018
The financial highlights for the quarterly reporting period include:
- Cash as at 30 September 2018 of $2.7 million (30 June $1.1 million)
- Net operating cash outflow (ex R&D Tax Incentive) of $1.5 million, consistent with prior quarters
- R&D Tax Incentive received of $2.4 million (2017 $2.6 million)
- Repayment of R&D loan facility with Paddington St Finance Pty Ltd renegotiated to the earlier of receipt of the next milestone payment under the manufacturing licence with AGC Inc.; the receipt of the FY19 R&D Tax Incentive; and 30 September 2019.
The Company's cash position of $2.7 million as at 30 September is expected to provide adequate funding until the next milestone payment is received under the Company's 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; ongoing R&D Tax Incentives 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.