Invion Limited (ASX: IVX) has raised $2 million through a share placement to advance its clinical programs using Photosoft™, a next-generation photodynamic therapy (PDT) technology for cancer treatment. The placement was priced at $0.14 per share, representing a 2.5% premium to the 30-day volume-weighted average price (VWAP) and no discount to the last closing price.
Each investor will receive one unquoted three-year option for every new share purchased, with an exercise price of $0.28. The placement, originally targeting $1.5 million, was oversubscribed due to strong demand and was managed by Blue Ocean Equities.
The funds raised will be used for several key initiatives, including recruiting a second site for Invion’s Phase I/II non-melanoma skin cancer (NMSC) trial and initiating a Phase I/II anogenital cancer trial in collaboration with the Peter MacCallum Cancer Centre. A successful outcome in the anogenital trial could lead to orphan drug designation by the U.S. Food and Drug Administration (FDA), potentially fast-tracking the commercialisation of Photosoft™ for rare diseases. The remaining funds will be allocated to general working capital.
The placement will be completed in two tranches. The first tranche, comprising approximately 7 million shares to raise $1 million, will proceed under Invion’s existing placement capacity. The second tranche is conditional on shareholder approval at an Extraordinary General Meeting (EGM) in April 2025.
Blue Ocean Equities will receive a 6% capital raising fee and additional options valued at approximately $80,000, calculated using a Black-Scholes pricing model.
Invion’s Executive Chair and CEO, Thian Chew, welcomed the new investors, stating: “We are delighted to have strong support from sophisticated investors who recognise the milestones ahead. In addition to the skin and anogenital cancer trials, we look forward to updates on our glioblastoma, oesophageal cancer, and HPV studies, which are fully funded by our partners.”
Invion holds exclusive rights to the Photosoft™ technology in Australia, New Zealand, and parts of Asia-Pacific for cancer treatment, as well as broader rights in Asia and North America for infectious diseases. The technology licensor, RMW Cho Group Limited, funds the company’s research and clinical trials.
PDT works by using non-toxic photosensitisers and light to selectively target cancer cells, promoting an anti-cancer immune response. The therapy has shown potential across multiple indications, including atherosclerosis and antibiotic-resistant infectious diseases.
