Convertible Notes Raise $782K to Clear Lind Facility and Support Growth

Capital Raise and Debt Repayment

Invion Limited (ASX, IVX), a life sciences company developing the Photosoft™ photodynamic therapy platform, has successfully raised approximately $0.8 million through the issuance of unsecured, non-interest-bearing convertible notes. The funds are primarily earmarked to repay the outstanding balance of the Lind Global Fund II LP facility, a key creditor during a critical phase for the company, with the remainder allocated to general working capital.

The capital raise was anchored by two cornerstone investors, Summit Biotech Fund and a specialist microcap fund, alongside other sophisticated investors. This infusion strengthens Invion’s balance sheet and reduces its debt obligations, providing a cleaner financial footing as it pursues growth opportunities.

Convertible Notes and Equity Conversion

The convertible notes, issued without shareholder approval under ASX Listing Rule 7.1, carry no interest and will convert automatically into ordinary shares on the earlier of 28 February 2026 or the execution and unconditional status of a new Photosoft Licensing Agreement with RMW Cho Group Limited. This agreement aims to expand Invion’s rights to commercialize Photosoft technology globally, particularly in cancer and other indications.

The conversion price is capped at $0.11 per share if the licensing agreement is finalized before the maturity date; otherwise, it will convert at the greater of $0.07 or 80% of the 15-day volume-weighted average price as of 28 February 2026, capped at $0.11. This structure balances investor protection with potential upside linked to the company’s licensing progress.

Strategic Outlook and Licensing Potential

Invion’s Executive Chair and CEO, Professor Thian Chew, expressed gratitude for Lind’s support and welcomed the new investors. He highlighted the company’s significant growth opportunity through securing global licensing agreements for the Photosoft platform, which is being developed for cancer therapeutics and diagnostics.

Photosoft technology represents a next-generation photodynamic therapy that selectively targets cancer cells and infectious diseases with minimal side effects. Invion holds exclusive rights across Australia, New Zealand, and parts of Asia-Pacific, with additional rights in North America for infectious diseases. The company’s progress hinges on finalizing the licensing agreement with RMW Cho Group Limited, which funds clinical trials and research.

Next Steps and Market Implications

Invion expects to issue the convertible notes around 16 October 2025 and has engaged Blue Ocean as lead manager, who will receive management and selling fees plus equity options subject to shareholder approval. The company’s ability to convert this debt into equity and secure a global licensing deal will be pivotal for its future capital structure and growth trajectory.

Investors will be watching closely for updates on the Photosoft Licensing Agreement’s execution and the subsequent impact on Invion’s shareholding and market positioning.