Invion Limited has secured a $2 million non-dilutive grant from the South Korean government to advance preclinical studies for oesophageal cancer, expanded its global Photosoft technology license, and raised $1.3 million via convertible notes to strengthen its financial position.
- Non-dilutive $2M Korean government grant for oesophageal cancer preclinical studies
- Expanded perpetual exclusive global license for Photosoft technology
- Collaboration with Taiwan’s Protect Animal Health on companion animal cancer studies
- Raised $1.3M through convertible notes with cornerstone investors
- Secured $400K R&D advance facility leveraging future tax rebates
Strategic Funding Boosts Clinical Progress
Invion Limited (ASX, IVX) has marked a pivotal quarter with several key developments that bolster its clinical and commercial outlook. The highlight is a substantial non-dilutive funding commitment of up to $2 million from Hanlim Pharm, supported by South Korea’s Korea Drug Development Fund (KDDF). This grant will finance preclinical studies and regulatory preparations for a first-in-human clinical trial of INV043, an intravenously administered treatment targeting oesophageal cancer.
This funding arrangement is particularly significant as it avoids shareholder dilution, signalling strong international confidence in Invion’s Photosoft™ platform technology. Oesophageal cancer remains a challenging disease with poor survival rates and limited effective treatments, underscoring the potential impact of Invion’s novel therapy.
Expanded Licensing and Animal Health Collaboration
Earlier in the quarter, Invion secured an expanded perpetual and exclusive global license to the Photosoft technology. This broadened license removes previous strategic constraints, granting Invion greater freedom to develop, manufacture, and commercialise Photosoft across multiple human and animal disease indications worldwide. This move strengthens Invion’s long-term platform strategy and opens doors for future partnerships.
Complementing this, Invion entered a collaboration with Taiwan-listed Protect Animal Health Inc. Protect will fund and conduct evaluation studies using Photosoft compounds to treat cancer in companion animals, a growing market with urgent therapeutic needs. Invion retains all rights to the technology and any resulting intellectual property, positioning it well in the expanding veterinary oncology sector.
Financial Position and Capital Raising
Despite cash reserves falling to $138,000 by the quarter’s end, excluding recent financing, Invion strengthened its balance sheet through a $1.3 million convertible note issue. Notably, Executive Chair Prof Thian Chew and major shareholder Ms Xiaoyi Wu acted as cornerstone investors, reflecting strong insider confidence. The convertible notes have a three-year term and are expected to support Invion’s medium-term objectives.
Additionally, Invion secured a $400,000 R&D advance facility, collateralised by future tax rebates, providing further financial flexibility. Operating cash outflows were primarily directed towards research and development ($314,000) and corporate costs ($188,000), indicating continued investment in advancing its pipeline.
Outlook and Market Potential
Invion’s developments come at a time when the global market for oesophageal cancer therapies is valued at approximately US$15.3 billion and projected to grow robustly. The Photosoft platform’s potential to offer less invasive, targeted cancer treatments with minimal side effects could disrupt current therapeutic approaches.
Furthermore, the company’s dual focus on human and animal health applications diversifies its commercial prospects. The collaboration with Protect Animal Health taps into the growing companion animal cancer market, where effective new treatments are in high demand.
Executive Chair Prof Thian Chew emphasised the strategic importance of these milestones, highlighting the enhanced control and optionality Invion now holds as it advances its clinical programs and commercial partnerships.
Bottom Line?
Invion’s latest funding and licensing milestones set the stage for critical clinical progress, but execution and regulatory hurdles remain key to watch.
Questions in the middle?
- When will Invion initiate and report results from the planned first-in-human clinical trial for INV043?
- How will the expanded Photosoft license influence potential partnerships or commercial deals?
- What are the timelines and expected outcomes for the companion animal cancer studies with Protect Animal Health?