Invion Limited (ASX:IVX) Completes $2M Share Placement to Advance Clinical Programs
Invion Limited (ASX: IVX) has successfully raised $2 million through a new share placement, aimed at accelerating its clinical programs for cancer treatments.
Share Placement Details
The company issued new shares priced at $0.14 each, reflecting a 2.5% premium to the 30-day volume-weighted average price (VWAP) and no discount to the last closing price. Investors in the placement will receive one unquoted three-year option per new share, with an exercise price of $0.28, subject to shareholder approval at the upcoming Extraordinary General Meeting (EGM).
Use of Proceeds
Proceeds from the placement will be allocated to recruit a second clinical site for Invion’s Phase I/II non-melanoma skin cancer trial, initiate a Phase I/II anogenital trial in collaboration with the Peter MacCallum Cancer Centre, and support general working capital needs. Successful outcomes from the anogenital trial may enable orphan drug designation with the U.S. Food & Drug Administration (FDA), facilitating a faster path to market for Photosoft™ in treating rare diseases.
Future Milestones
Invion anticipates multiple milestones, including results from the skin cancer trial, progress on the anogenital trial, and updates on studies related to glioblastoma, oesophageal cancer, and human papilloma virus (HPV), which are fully funded by the company’s partners.
Executive Comments
Thian Chew, Invion’s Executive Chair and CEO, stated, “We are delighted to welcome new shareholders to Invion via the Placement, many of whom are sophisticated investors in the biotech space that are supporting the Company after reviewing our achievements and the multiple milestones in our horizon. In addition to the skin and anogenital cancer trials, these milestones also include updates on the glioblastoma, oesophageal cancer and human papilloma virus studies that are fully funded by our partners.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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