Invion Limited has raised $1.3 million through a convertible note offering anchored by its CEO and a major shareholder, aiming to fast-track clinical trials for multiple cancer treatments.
- Convertible note raise of $1.3 million led by CEO Prof Thian Chew and major shareholder Ms XiaoYi Wu
- Funds targeted at clinical trials for non-melanoma skin cancer and anogenital cancer
- Convertible notes feature no interest, a conversion floor of 9 cents, and a three-year expiry
- Near-term milestones include ethics approvals and clinical readouts
- Partnerships supporting oesophageal and animal cancer studies
Capital Raise Anchored by Leadership
Invion Limited (ASX, IVX), a biotechnology company focused on innovative cancer therapies, has successfully secured approximately $1.3 million through a convertible note offering. This capital raise is notably anchored by cornerstone investments from Executive Chair and CEO Prof Thian Chew and one of the company’s largest shareholders, Ms XiaoYi Wu. The raise is structured in two tranches, with the second tranche requiring shareholder approval, reflecting strong insider confidence in Invion’s strategic direction.
Funding Focused on Clinical Advancement
The funds raised will be primarily directed towards accelerating Invion’s clinical programs, particularly trials targeting non-melanoma skin cancer and anogenital cancer. These trials represent critical steps in validating Invion’s Photosoft™ technology, a next-generation photodynamic therapy designed to selectively destroy cancer cells while minimising side effects. Additional funds will support partner-funded studies, including preclinical research on oesophageal cancer and companion animal cancers, underscoring the broad potential applications of Invion’s platform.
Attractive Convertible Note Terms
The convertible notes come with investor-friendly terms, they are non-interest bearing, unsecured, and have a three-year expiry. The conversion price is set at 80% of the 15-day volume weighted average price (VWAP) of Invion’s shares, with a floor of 9 cents and a cap of 11 cents. Investors will also receive attaching options exercisable at 14 cents within two years, providing potential upside if the company’s share price appreciates.
Upcoming Milestones to Watch
Invion is poised for a busy year ahead, with several key milestones on the horizon. These include further clinical readouts from the non-melanoma skin cancer trial, ethics approvals to commence the anogenital cancer trial in collaboration with the Peter MacCallum Cancer Centre, and updates from international partners on oesophageal and animal cancer studies. These developments will be critical in demonstrating the efficacy and commercial viability of the Photosoft™ platform.
Leadership’s Commitment Signals Confidence
Prof Chew’s personal investment of $224,000 in the convertible note offering, subject to shareholder approval, signals strong leadership conviction in Invion’s technology and growth prospects. His statement highlights the company’s belief in Photosoft™ as a transformative treatment option across multiple cancer types in both human and veterinary medicine.
Bottom Line?
Invion’s capital raise and leadership backing set the stage for pivotal clinical milestones that could redefine its growth trajectory.
Questions in the middle?
- Will shareholders approve the second tranche of the convertible note offering?
- How will upcoming clinical trial results impact Invion’s valuation and investor sentiment?
- What are the commercial prospects and timelines for Photosoft™ beyond current trials?