INVION LIMITED - Interim / Quarterly Report 2011

CBio Ltd

ABN 76 094 730 417

Appendix 4D

Half Year Report

For the 6 months ended December 2010 (current period) And the previous corresponding period 6 months ended 31 December 2009

Results for announcement to the market

				$’000
Revenue from ordinary activities:	Up	2.4%	to	207
(Loss) from ordinary activities after tax attributable to members:	Down	3.2%	to	7,992
Net (Loss) for the period attributable to members:	Down	3.2%	to	7,992
		Current period		Previous
				corresponding
				period
Net tangible asset backing per ordinary share		(2.7) cents		(0.11) cents

An explanation of the result of the current period is set out in the Directors Report contained in the attached audit reviewed half-year Financial Report.

Full financial details of the Company are also contained in the attached audit reviewed half-year Financial Report.

Dividends: It is not proposed that any dividend will be paid. No dividends were paid in the previous corresponding period. The Company does not currently have a dividend reinvestment plan.

Control: The Company has not gained or lost control of any entity during the period.

Joint Ventures/Associates: The Company is not part of any Joint Venture and has no associated entities.

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For the half-year ended 31 December 2010

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Your directors submit their report for the half-year ended 31 December 2010.

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The names of the directors of the company in office at any time during the half-year are as below. Directors were in office for this entire period unless otherwise stated.

Mr. Stephen Jones Executive Chairman Mr. Jason Yeates Managing director & Chief Executive Officer Dr. Peter Corr Non-executive director Dr. Göran Ando Non-executive director Prof. John Funder Non-executive director Dr. Michael Monsour Non-executive director Mr. Stephen Streeter Non-executive director Dr Terje Kalland Non-executive director (appointed 1 December 2010) Dr Thomas Lönngren Non-executive director (appointed 27 January 2011) Mr James Greig Executive director (appointed 31 January 2011) Dr. Dennis Feeney Executive director (resigned 24 November 2010)

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The loss attributable to members of CBio Limited for the period ending 31 December 2010 was $7,992,605 (2009: $8,259,988). No dividend was proposed or paid during the period.

The main activity of the Company during the period was the phase IIa clinical trial in Rheumatoid Arthritis. In September the Company achieved full recruitment into the trial, with 155 patients enrolled at clinical trial sites throughout Australia, New Zealand and Central and Eastern Europe.

The last enrolled patient is expected to complete dosing in the trial in March 2011. The Company expects to receive data tables and listings from the trial in June, with the final study report available later in 2011.

The Company has continued to interact with a number of global pharmaceutical companies throughout the trial period. It is expected that more detailed commercial discussions will commence in coming months with a view to securing a licensing transaction for the future development and commercialisation of XToll[®] . All interactions are expected to continue for several months.

The Company is progressing a number of activities aimed at reducing the overall development ‘time to market’ for XToll[®] , including local scale-up of the drug manufacturing process, the design of larger phase IIb/phase III studies as well as pre-IND interactions with the US Food & Drug Administration (FDA). It is critical that these activities continue apace in order to maximise the commercial potential of XToll[®] in the market.

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For the half-year ended 31 December 2010

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During the period, the Company has continued to raise the necessary capital required to complete the current clinical trial and to prepare for future development activities. The Company completed a Rights Issue during the period, raising $9.3 million. These funds are expected to meet the remaining costs associated with the current clinical trial.

The Company continued to raise funds during the half-year under its Convertible Loan facility with SpringTree Special Opportunities Fund. The company issued six convertible notes to SpringTree during the period, raising $900,000. Two Notes were repaid through the issue of 1,470,546 shares and 294,110 share options, while the remaining four notes were repaid in cash.

As at 31 December, a further $9.8 million is available to the Company under the SpringTree Convertible Loan facility through until April 2013.

The Company announced the appointment of Dr Terje Kalland as a Director during the period. Dr Kalland is the retired Vice President Biopharmaceuticals Research Unit - Novo Nordisk, and brings considerable experience in drug development to the CBio Board. In November, Dr Dennis Feeney resigned as a Director of the Company. Dr Feeney served as a Director of the Company since 2007.

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The Company appointed Dr Thomas Lönngren to the Board on 24 January. Dr Lönngren is the recently retired Executive Director of the European Medicines Agency (EMA), the peak pharmaceutical regulatory body in Europe. The Company also appointed Mr James Greig to the Board on 31 January. Mr Greig has served as the Company’s Chief Financial Officer since 2006.

On 27 January, the Company issued 1,000,000 share options to Dr Thomas Lönngren prior to his appointment to the Board. The Options have an exercise price of $1 and an expiry date of 31 December 2012.

CBio has continued to issue convertible notes under the SpringTree facility subsequent to the review date. On 18 January, the Company issued 845,547 shares and 169,109 share options as repayment of the $150,000 Convertible Note issued on 16 December. On January 24, the Company issued a $150,000 convertible note which matured on 18 February. At maturity this note was repaid in cash. On 25 February the Company issued a request to SpringTree for the next monthly tranche of $150,000 available under the facility. A convertible note, which will mature in March, will be issued on receipt of these funds.

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For the half-year ended 31 December 2010

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A statement of independence has been provided by our auditors, Ernst & Young, and is included in the attached financial report.

Signed in accordance with a resolution of directors

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Mr Stephen Jones Executive Chairman

Date: 25 February 2011

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For the half-year ended 31 December 2010

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Interest received Rental revenue Other income 4 Fair value movement of derivative Borrowing costs expense 2 Administration & corporate expenses Depreciation & amortisation Staff costs Rent & occupancy expense Share based payment expense Research and development costs 3 Patent costs Business development Income tax expense Other comprehensive income Basic earnings per share (cents) Diluted earnings per share (cents)	24,330 16,530 82,908 65,670 163,030 15,762 (62,676) 104,695 (1,148,281) (1,584,191) (1,097,205) (1,386,139) (79,610) (124,044) (1,589,893) (1,652,488) (296,181) (259,699) (828) (355,651) (3,564,983) (2,627,861) (300,792) (140,109) (122,424) (332,463)
	- -

	- -
	(8.35) (16.34) (8.35) (16.34)

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As at 31 December 2010

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Cash and cash equivalents Trade and other receivables Other current assets Property, plant and equipment Trade and other receivables Intangible assets Other assets Trade and other payables 5 Short-term provisions Financial liabilities 6 Unearned income Long-term provisions Financial Liabilities Issued Capital 7(a) Reserves 7(b) Accumulated Losses	4,514,775 3,433,448 59,324 55,807 286,160 271,403
	4,860,259 3,760,658
	154,295 232,856 150,000 155,967 - - 253,611 338,148
	557,906 726,971
	5,418,165 4,487,629
	1,636,613 2,195,305 164,755 158,851 4,210,074 3,616,921 3,055,923 3,182,848
	9,067,365 9,153,925
	196,159 110,597 - -
	196,159 110,597
	9,263,524 9,264,522

	(3,845,359) (4,776,893)
	77,185,694 68,291,037 19,129,380 19,099,898 (100,160,433) (92,167,828)
	(3,845,359) (4,776,893)

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As at 31 December 2010

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Balance at 1 July Issue of share capital Cost of capital raising Balance at 31 December 7(a) Balance at 1 July Share-based payment Equity-based compensation Convertible note issuance & conversion Balance at 31 December 7(b) Balance at 1 July Loss for the period Other comprehensive income Total comprehensive income for the half-year Balance at 31 December	68,291,037 47,947,588 10,139,932 13,026,888 (1,245,275) (1,701,043)
	77,185,694 59,273,433
	19,099,898 16,628,240 828 319,951 - 35,700 28,654 90,120
	19,129,380 17,074,011
	(92,167,828) (75,380,639) (7,992,605) (8,259,988) - -
	(7,992,605) (8,259,988)
	(100,160,433) (83,640,627)

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Payments to suppliers and employees Cash received in the course of operations Interest received Interest paid Bank guarantee deposit Purchase of Plant and equipment Proceeds from issue of shares Proceeds from shares not yet issued Proceeds from issue of convertible note Repayment of convertible note Cost of capital raising Proceeds from borrowings Repayment of borrowings 8	(7,486,730) (11,508,684) 130,861 113,328 24,330 16,530 (338,718) (215,280)
	(7,670,257) (11,594,106)
	- (2,703) (1,049) (9,031)
	(1,049) (11,734)
	9,326,185 7,563,000 - 1,794,817 900,000 5,200,000 (725,000) - (748,552) (1,119,547) 300,000 356,115 (300,000) (126,000)
	8,752,633 13,668,385
	1,081,327 2,062,545 3,433,448 40,335
	4,514,775 2,102,880

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This general purpose condensed financial report for the half-year ended 31 December 2010 has been prepared in accordance with AASB 134 and Corporations Act 2001.

The half-year financial report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the consolidated entity as the full financial report.

It is recommended that the half-year financial report be read in conjunction with the annual financial report of CBio Limited as at 30 June 2010 and considered together with any public announcements made by CBio Limited during the half-year ended 31 December 2010 in accordance with the continuous disclosure obligations arising under the ASX listing rules.

Apart from the changes in accounting policy noted below, the accounting policies and methods of computation are the same as those adopted in the most recent annual financial report.

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There has been a number of changes to new accounting standards and interpretations during the interim reporting period. These standards have been reviewed and an assessment has been made that no significant impact will result upon adoption or on the previously reported results.

The Company has not elected to early adopt any other new Standards or amendments that are issued but not yet effective.

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The half-year financial report is a general-purpose financial report, which has been prepared in accordance with the requirements of the , applicable Accounting Standards including AASB 134 and other mandatory professional reporting requirements.

The half-year financial report has been prepared in accordance with the historical cost basis except for derivative instruments which are measured at fair value, and apply the same accounting policies as used in the 30 June 2010 financial report.

For the purposes of preparing the half-year financial report, the half-year has been treated as a discrete reporting period. The financial report is presented in Australian Dollars.

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The half-year financial report complies with Australian Accounting Standards as issued by the Australian Accounting Standards Board. There are no Australian Accounting Standards issued but not yet effective that are expected to impact the position and performance of the company.

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The financial report for the half-year ended 31 December 2010 is prepared on a going concern basis. The Company incurred an operating loss after income tax of $7,992,605 (2009: $8,259,988) for the half year. At 31 December 2010 the Company has net current liabilities of $4,207,106 and an excess of total liabilities over total assets of $3,845,359.These conditions give rise to significant uncertainty as to whether the Company will be able to continue as a going concern and be able to pay its debts as and when they fall due.

The directors believe that the going concern basis is appropriate due to a strong history of capital raising, current market conditions and positive clinical trial results to date. The success of future capital raisings for CBio Limited, as has been the case in the past, will depend on the Company achieving positive results in current and future clinical trials.

The Company listed on the Australian Securities Exchange (ASX) in February 2010. This listing provides CBio with access to capital in a more timely manner from a wide pool of potential retail and institutional investors.

CBio’s ongoing research & development program will require additional funding to be raised over the next 12 months. During the period, the Company raised $9.3 million from a Rights Issue. Further, the Company has access to a $12.45 million funding facility through to May 2013. The Company received $1,250,000 via this facility since May, with a potential $9.8 million available over the remainder of the facility term as at 31 December 2010. The Company has received a further $300k under this facility subsequent to the review date, and as at the date of signing this report a further $9.1 million is available over the remaining facility term. In addition, the Directors will continue to consider and pursue all appropriate funding opportunities to meet it’s working capital needs over the next 12 months.

Additionally CBio has signed an agreement with Novo Nordisk A/S in connection with its Cpn10 asset. USD$3 million has been received by the company in relation to this agreement during prior periods. This amount remains recorded as unearned income at 31 December 2010. This agreement also provides for the receipt of future funds on the achievement of set milestones.

Should CBio not be successful and repeat its strong history of raising capital it may not be able to continue as a going concern and pay its debts as and when they fall due. Accordingly, the Company may be required to realise assets and extinguish liabilities other than in the ordinary course of business and at amounts different from those stated in the financial report. This report does not include any adjustments relating to the recoverability or classification of recorded asset amounts or to the amounts or classification of liabilities that might be necessary should CBio not be able to continue as a going concern.

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Interest expense on Convertible notes- cash Interest expense on Convertible notes- non-cash Other interest Clinical trial costs Drug production and supply Other research and development costs Unrealised foreign exchange gain Other Trade payables Accrued expenses Director & Director related payables Convertible notes (i) Accrued interest payable on convertible notes Embedded derivative in convertible note (i)	338,767 226,754 725,027 1,327,893 84,487 29,544
	1,148,281 1,584,191
	2,045,302 1,185,950 1,338,477 1,068,068 181,204 373,843
	3,564,983 2,627,861
	161,327 - 1,703 15,762
	163,030 15,762
	684,549 1,123,605 805,542 996,735 146,522 74,965
	1,636,613 2,195,305
	3,860,205 3,227,740 33,972 50,343 315,897 338,838
	4,210,074 3,616,921

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During the period the Company issued 6 Convertible Notes (SpringTree Notes) under a Convertible Loan Agreement dated 17 May 2010, raising a total of $900,000. These notes have a face value of $150,000 and if converted to equity are non-interest bearing. The notes are repayable on the following terms:

On maturity, the Note shall convert into new Ordinary Shares of the Company determined by dividing the Principal Amount to be converted by the lesser of:
140% of the average of the daily VWAPs per Share for the twenty (20) consecutive Trading Days immediately prior to 16 May 2010; and
90% of the lowest daily VWAP per Share during the twenty (20) Trading Days immediately prior to the Repayment Date of that Repayment, (the Conversion Price)

Under certain conditions, the Note is also repayable in cash. The penalty for repaying the note in cash is equal to 5% of the Note face value.

On each repayment date, the Company shall grant the Investor, Options in the number equal to 20% of the number of the new Ordinary Shares issued or issuable on that repayment date, exercisable at a price equal to 130% of the Conversion Price applicable to the repayment.

During the period, two SpringTree Notes were converted to equity, and four SpringTree Notes were repaid in cash. One SpringTree Note with a face value of $150,000 remained outstanding at the review date. The facility has mandatory monthly draw down amounts of $150,000 to be converted/repaid in one month. A liability of $250,000 has been recorded to represent the fair value of this obligation.

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At 1 July 2010, 5 Convertible Note (“Other Notes”), issued under a Convertible Note Deed dated 30 August 2007 were outstanding. The notes have varying face values, with a combined face value of $4,125,000. Interest of between 10% and 20% per annum is payable monthly on each note. In addition, notes may be converted to shares and options in CBio Limited in accordance with the terms of each note.

Notes have a life of no greater than six months unless extended for a further period if agreed by CBio and the Note holder. 1 of the Notes on issue, with a face value of $125,000 was repaid in cash during the period. 4 Other Notes, with a combined face value of $4,000,000, remain outstanding at the review date.

A reconciliation of the movement in convertible notes, embedded derivative in convertible notes and interest accrual on convertible notes is contained on the following page.

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Issue of convertible notes
Interest accretion
Conversion of convertible notes
Repayment of convertible notes
Fair value of options
Adjustment to convertible notes on modification of
Termination fee
Interest charge on convertible notes
Interest paid on convertible notes
Accretion of convertible notes
Fair value adjustment to convertible note
Issue of convertible notes
Conversion of convertible notes
Repayment of convertible notes
Interest charge on convertible notes
Interest paid on convertible notes

3,556,128
698,842
-
2,459,008
-
-
(3,700,300)
(863,020)
(198,790)
(91,394)
(13,084)
-
-
(213,512)
-
(1,452,416)
(178,810)
-
-
250,000
-
-
-
615,633
-
-
(450,941)
725,027
-
-
32,438
-
-
900,000
-
-
(300,000)
(22,941)
-
(725,000)
-
-
-
-
338,767
-
-
(355,138)

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As at 31 December 2010, the notes outstanding are as follows:

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2,000,000	0.286	7,000,000	2,500,000	1.00	31/12/11
2,000,000	0.50	4,000,000	2,500,000	1.00	30/06/11
150,000	(i)	(i)	(i)	(i)	17/01/11
	-			-	-

(i) Refer Note 6 for further details

Refer to Note 12 regarding changes in the position of convertible notes subsequent to period end.

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(a) Ordinary shares issued and fully paid (b) Equity reserve Ordinary shares issued at the beginning of the half-year - Shares issued via Rights Issue - Shares issued on conversion of convertible notes to equity - Shares issued as commission on capital raising Share issue costs Ordinary shares at the end of the half-year Balance at beginning of the half-year - Conversion of convertible note to equity - Options issued to pursuant to director appointment Balance at end of the half-year 1,000,000 options were issued prior to appointment as director. The options vest immediately; have an exercise price of $1.00 with an expiry date of 31/12/2012. For the purpose of the half-year statement of cash flows, cash and cash equivalents are comprised of the following: Cash at bank and in hand (i) Short-term deposits	142,718,879 77,185,694 34,027,107 19,129,380 80,104,905 68,291,037 58,288,658 9,326,185 1,470,546 353,178 2,854,770 460,567 - (1,245,273)
	142,718,879 77,185,694
	32,732,997 19,099,898 294,110 28,654 1,000,000 828
	34,027,107 19,129,380

	2,084,789 1,960,226 2,429,986 142,654

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(i) Cash at bank includes USD$1,468,733 and £230,043 held at call.

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For the half-year ended 31 December 2010

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The company operates solely as a research & development company in the biotechnology and pharmaceutical industry in Australia.

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During the period, entities associated with Dr Michael Monsour provided a loan of $300,000 to the company (2009: $256,115). The loan was unsecured, non-interest bearing, and repayable on demand. The loan was repaid in full during the period. The balance outstanding at the review date was $nil (2009: $nil).

Dr Michael Monsour (and associated entities) received a commission payment of $24,000 in connection with the provision of a firm commitment to subscribe for up to $400,000 in new shares under a Rights Issue conducted by the Company (2009: nil). In addition, Dr Monsour is entitled, subject to shareholder approval, to 100,000 shares in CBio Limited as part of the commission on his firm commitment under the Rights Issue. This commission was provided on the same commercial terms and conditions as the commissions paid to non-related parties. The balance outstanding at the review date in relation to the cash commission paid was $nil. The balance outstanding, subject to future shareholder approval, at the review date in relation to the share commission payable was 100,000 shares. (2009: nil)

Consulting fees of $212,400 were paid or payable to SGB Jones Pty Ltd during the period in connection with the provision of consulting services by Mr Stephen Jones (2009: $240,099). SGB Jones Pty Ltd is a company associated with Mr Jones. The balance outstanding at the review date was $nil

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As at the review date, the Company had unfinalised contracts involving clinical studies and the production and supply of Cpn10 for use in research and development and clinical studies. The estimated remaining contracted costs to finalise these contracts amount to approximately $2.25 million. It is expected that these contracts will be finalised by 31 December 2011.

In 2005, the Company entered into a long-term property lease for purpose built facilities which will expire in March 2012. Current lease payments are approximately $538,000 per annum. A portion of these facilities has been sub-leased until March 2012 at current lease payments of approximately $140,000 per annum. The net cash flows in 2011 are expected to be $398,000 and $298,000 between 30 June 2011 and 31 March 2012, with associated overheads.

On 30 March 2001, the company entered into a Royalty Agreement with CSL Limited (CSL). This agreement was entered into contemporaneously with the Deed of Assignment, an agreement which assigned CSL’s rights to its Research Agreement with Uniquest Pty Ltd to CSL for payment of $125,000. The Royalty Agreements stipulates that CBio is to pay royalties to CSL after commercialisation of products developed under the Research Agreement.

As detailed in Note 10, the Company has a commitment, subject to future shareholder approval, to issue 100,000 shares to entities associated with Dr Michael Monsour in relation to commission payable under the Rights Issue conducted during the period.

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For the half-year ended 31 December 2010

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The Company appointed Dr Thömas Lonngren to the Board on 24 January. Dr Lönngren is the recently retired Executive Director of the European Medicines Agency (EMA), the peak pharmaceutical regulatory body in Europe. The Company also appointed Mr James Greig to the Board on 31 January. Mr Greig has served as the Company’s Chief Financial Officer since 2006.

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CBio Limited is a company incorporated in Australia and limited by shares. The nature of the operations and principal activities of the group are contained in Note 9.

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For the half-year ended 31 December 2010

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In accordance with a resolution of the directors of CBio Limited, I state that:

In the opinion of the directors:

(a) the financial statements and notes of the company are in accordance with the :

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(i) giving a true and fair view of the financial position as at 31 December 2010 and the performance for the half-year ended on that date; and
(ii) complying with Accounting Standard AASB 134 and the ; and
(b) Subject to the inherent uncertainty regarding the continuation as a going concern as expressed in Note 1 to the financial report, that is, the ability of the company to pay its debts as and when they fall due, and based on the statements contained therein relating to funding initiatives currently underway and the possibility of commercial negotiations with major companies, the Board is of the opinion that there are reasonable grounds to believe the company will be able to pay its debts as and when they become due and payable.

On behalf of the Board

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Stephen Jones Executive Chairman

Date: 25 February 2011

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In relation to our review of the financial report of CBio Limited for the half-year ended 31 December 2010, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the or any applicable code of professional conduct.

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Ernst & Young

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Brad Tozer Partner 25 February 2011

Liability limited by a scheme approved under Professional Standards Legislation

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To the members of CBio Limited

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We have reviewed the accompanying half-year financial report of CBio Limited, which comprises the statement of financial position as at 31 December 2010, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration.

Directors’ Responsibility for the Half-Year Financial Report

The directors of the company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the and for such internal controls as the directors determine are necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the including: giving a true and fair view of the company’s financial position as at 31 December 2010 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 and the . As the auditor of CBio Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we have complied with the independence requirements of the . We have given to the directors of the company a written Auditor’s Independence Declaration.

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Liability limited by a scheme approved under Professional Standards Legislation

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of CBio Limited is not in accordance with the , including:

a) giving a true and fair view of the company’s financial position as at 31 December and of its performance for the half-year ended on that date; and
b) complying with Accounting Standard AASB 134 and the

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Material Uncertainty Regarding Continuation as a Going Concern

Without qualifying our conclusion, we draw attention to Note 1(c) “Going Concern” in the financial report which indicates that the company incurred a net loss of $7,992,605 during the half-year ended 31 December 2010 (2009: $8,259,988) and has a deficiency in current assets of $4,207,106 (31 December 2009: $7,694,959) and a deficiency of net assets of $3,845,359 (31 December 2009: $7,293,183) at that date. As described in Note 1(c) “Going Concern”, the company will require additional working capital from capital raisings or funding arrangements to continue its operations and pay its debts as and when due. As a result of these matters, there is significant uncertainty whether the company will continue as a going concern, and therefore whether it will realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial report. The financial report does not include any adjustments relating to the recoverability or classification of the recorded asset amounts or the amounts or classification of liabilities that might be necessary should the company not continue as a going concern.

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Ernst & Young

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Brad Tozer Partner Brisbane 25 February 2011

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Mr. Stephen Jones (Executive Chairman) Mr. Jason Yeates (Managing Director & CEO) Dr. Peter Corr Dr. Göran Ando Prof. John Funder, AO Dr. Michael Monsour Dr Terje Kalland Mr. Stephen Streeter Dr Thomas Lönngren Mr James Greig

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Mr. Ben Graham

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85 Brandl St Eight Mile Plains QLD 4113 Australia Tel: (07) 3841 4844 Fax: (07) 3841 8189 [email protected] www.cbio.com.au

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Ernst & Young Brisbane Australia

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Australian Securities Exchange ASX Code: CBZ

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Link Market Services Limited Locked Bag A14 Sydney South NSW 1235 Australia Tel: (02) 8280 7454 Fax: (02) 9287 0303 www.linkmarketservices.com.au

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AI assistant

INVION LIMITED Interim / Quarterly Report 2011

65148_rns_2011-02-24_2a60dadb-01e4-4d79-8e01-f9ea95f7c6eb.pdf

CBio Ltd

Appendix 4D

Half Year Report

Results for announcement to the market

For the half-year ended 31 December 2010

Directors’ Responsibility for the Half-Year Financial Report

Auditor’s Responsibility

Independence

Conclusion

Material Uncertainty Regarding Continuation as a Going Concern

AI assistant

INVION LIMITED — Interim / Quarterly Report 2011

65148_rns_2011-02-24_2a60dadb-01e4-4d79-8e01-f9ea95f7c6eb.pdf

CBio Ltd

Appendix 4D

Half Year Report

Results for announcement to the market

For the half-year ended 31 December 2010

Directors’ Responsibility for the Half-Year Financial Report

Auditor’s Responsibility

Independence

Conclusion

Material Uncertainty Regarding Continuation as a Going Concern

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INVION LIMITED Interim / Quarterly Report 2011