Financial Report - Year Ended 30 June 2019
- Appointed Leo Lee as CEO and two new Non-executive Directors; Dr John Chiplin and Dr Alan W. Dunton
- New strategic review commenced Q4 FY2019 to focus on the global pain market, with the priority being the commercialisation of Progenza for osteoarthritis
- Cost-containment initiatives announced in Q1 FY2020 to align with new strategic priorities
Clinical and Regulatory Highlights:
- Positive preclinical trial results for Progenza for the treatment of allodynia, a condition in which pain occurs from what is normally non-painful stimulation of the skin
- Positive results for Phase 1 safety and tolerability trials for ACTIVATE trials, the first trial for RGSH4K, the Company's autologous tumour vaccine product for the treatment of solid tumours. Enhances potential for divestment or increased monetisation of asset
- Chinese patent granted to use biomarkers to monitor disease progression in patients having mesenchymal stem cell (MSC) therapy for inflammatory conditions
- Received European Patent Office notice of intent to grant European Patent for Progenza across multiple countries in the region
- Received $2.4m operating cash inflow by way of R&D Tax Incentive in respect of FY2018.
- Borrowings as at 30 June 2019 of $3.8m (comprised of $1.3m loan provided by Paddington St Finance and $2.5m loan provided by RGS Directors)
- Borrowings to reduce from $3.8m to $1.1m by mid-October 2019
o $1.4m of RGS Directors' loans were converted to ordinary equity capital as part of RGS' capital raising undertaken in August 2019
o The Paddington St Finance loan and associated interest will be extinguished by the proceeds of the R&D Tax Incentive expected to be received by the end of Q1 2020
- Cash utilised in operating activities before receipt of the R&D tax incentive is less than $500k per month, since reduced to $250k per month (FY18: $571k).
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About Regeneus Ltd
Regeneus Ltd (ASX:RGS) is a Sydney-based clinical-stage regenerative medicine company using stem cell technologies to develop a portfolio of novel cell-based therapies to address significant unmet medical needs in the human health markets with a focus on osteoarthritis and other musculoskeletal disorders, neuropathic pain and dermatology.