Island Pharmaceuticals (ASX: $ILA) Q2 FY24 Activities Overview

Island Pharmaceuticals Ltd (ASX: $ILA) has reported its quarterly business activities for the three-month period ended 31 December 2023. The company completed dosing cohorts 1 and 2 in its ISLA-101 Single Ascending Dose study, with the third cohort dosed under fasted conditions. Additionally, Island received a tax refund of $386,345 for FY2023 and secured a facility with Radium Capital for prepayment of forecast R&D Tax Incentive. The company closed the quarter with a cash position of $1.0m.

Executive Commentary on Q2 FY24 Progress

CEO of Island Pharmaceuticals, Dr David Foster, stated, 'We made significant progress this quarter, with the first two cohorts of our ISLA-101 Single Ascending Dose study completed, and the first dose provided to our third cohort. Data read-outs are on track for early 2024, which will help optimize our planned Phase 2a PEACH clinical trial. Our loan agreement with Radium Capital provided an important form of non-dilutive funding to support the progress of ISLA-101 development, while our ISLA-101 intellectual property portfolio was further boosted with the granting of a key Australian patent.'

Summary of Quarterly Report and Outlook

Island Pharmaceuticals (ASX: $ILA) made significant advancements in its ISLA-101 Single Ascending Dose study during Q2 FY24. The company completed dosing cohorts 1 and 2, with the third cohort dosed under fasted conditions. Additionally, Island secured a key patent from IP Australia covering the method of treating or preventing flavivirus infections by administering ISLA-101. The company also received a tax refund for FY2023 and secured a facility with Radium Capital for prepayment of forecast R&D Tax Incentive. Island's cash position at the end of the quarter was $1.0m. Looking ahead, the data read-outs expected in early 2024 will be crucial in optimizing the planned Phase 2a PEACH clinical trial. Island's progress in securing non-dilutive funding and enhancing its intellectual property portfolio bodes well for the future development of ISLA-101 in addressing infectious diseases.