Island Pharmaceuticals (ASX: $ILA) Half-year Financial Report - 31 December 2023

Island Pharmaceuticals Limited (ASX: $ILA) has reported a loss of $1,155,076 for the half-year ended 31 December 2023, compared to $1,610,783 for the same period in 2022. The company's operating cash outflows for the half-year were $1,351,296, with reported closing cash of $976,048 at 31 December 2023.

Executive Commentary on ISLA-101 Progress and Corporate Activities

During the reporting period, Island Pharmaceuticals made significant progress in executing the ISLA-101 Single Ascending Dose study, a drug being repurposed as a potential preventative for dengue fever. The study aims to ensure that administered doses can safely achieve blood concentrations of ISLA-101 effective against the dengue virus. We have executed agreements with Beyond Drug Development and Scientia Clinical Research to run the study in Australia, leveraging the Research & Development Tax Incentive scheme. Additionally, we received Human Research Ethics Committee approval to commence the study and have successfully dosed all three cohorts, with positive safety and tolerability outcomes. Furthermore, we have secured grant research support for the planned ISLA-101 Phase 2a human clinical trial and obtained key patents in the United States and Australia for ISLA-101. Our active participation in industry events and conferences has provided valuable networking opportunities and potential partnerships, while also securing funding through the Research and Development Tax Incentive and a loan agreement with Radium Capital. We are confident in our ability to continue as a going concern and are focused on raising additional capital to support our future activities.

Summary of Half-year Financial Report and Outlook

Island Pharmaceuticals Limited (ASX: $ILA) reported a loss of $1,155,076 for the half-year ended 31 December 2023, with operating cash outflows of $1,351,296 and closing cash of $976,048. The company's progress in executing the ISLA-101 study for dengue fever prevention, grant research support, and securing key patents demonstrates its commitment to advancing its drug research and repurposing activities. Island Pharmaceuticals remains focused on raising additional capital to support its future activities and is confident in its ability to continue as a going concern.