Invion Expands Photosoft Platform to Target $16.7B Wet AMD Market

Invion Targets Unmet Needs in Wet AMD Treatment

Invion Limited (ASX:IVX) has taken a significant step beyond oncology with its Photosoft™ platform by entering into a collaboration with South Korea’s SANGMYUNG Innovation to tackle wet age-related macular degeneration (wet AMD). This partnership marks Invion’s first foray into ophthalmology, aiming to address a condition responsible for 90% of legal blindness caused by AMD, a disease affecting roughly one in eight people over 60.

Wet AMD represents a lucrative and rapidly expanding global market, valued at approximately US$10.6 billion in 2025 and projected to grow to around US$16.7 billion by 2032, driven by ageing populations and evolving therapies. However, current treatments like anti-vascular endothelial growth factor (anti-VEGF) drugs fall short for a substantial patient segment, with 20-40% non-responders and many developing resistance within a year. Invion’s Photosoft, a next-generation photodynamic therapy (NGPDT), could offer an alternative pathway for these patients.

Leveraging SANGMYUNG’s Targeted Drug Delivery Technology

The collaboration leverages SANGMYUNG’s proprietary suprachoroidal delivery device, designed to administer drugs directly and safely to the eye’s suprachoroidal space, enhancing drug concentration and duration of action. SANGMYUNG will fund and conduct proof-of-concept preclinical studies using select Photosoft compounds from Invion’s library of over 300 photosensitisers, while Invion supplies the compounds and light devices and retains all existing and new intellectual property rights.

CEO Jinha Park emphasised the synergy between SANGMYUNG’s delivery technology and Invion’s Photosoft mechanism, highlighting the hope to unlock new therapeutic options for patients inadequately served by current treatments. This approach also aims to circumvent the limitations and supply challenges associated with the only FDA-approved photodynamic therapy for wet AMD, verteporfin, which faces global shortages due to manufacturing complexities.

Expanding Photosoft’s Reach Beyond Oncology

Invion’s Executive Chair and CEO, Prof Thian Chew, framed the collaboration as a strategic extension of the Photosoft platform into high-value ophthalmic indications. By combining Photosoft’s targeted photodynamic action with SANGMYUNG’s advanced delivery system, Invion sees a compelling opportunity to enhance clinical outcomes in retinal vascular diseases.

This move builds on Invion’s recent momentum, including its expanded Photosoft license and ongoing cancer trials, demonstrating the platform’s versatility across disease areas. The preclinical studies funded by SANGMYUNG will be critical in determining whether Photosoft can overcome the shortcomings of current wet AMD therapies and pave the way for potential clinical development and regulatory pathways.

The partnership also benefits from support by the Victorian Government’s Global Victoria program and Austrade in South Korea, highlighting the strategic importance of cross-border collaboration in advancing innovative therapies.

A Partnership to Watch Amid Growing Ophthalmology Demand

Wet AMD’s clinical complexity and the limitations of existing treatments underscore the urgency for new solutions. Invion and SANGMYUNG’s collaboration could reshape the therapeutic landscape if Photosoft’s next-generation photodynamic therapy proves effective in preclinical models. With the global market forecast growing at a 6.7% CAGR, success here would open a substantial commercial opportunity beyond Invion’s core oncology focus.

Investors will note this development follows Invion’s recent expanded Photosoft license and capital raises supporting clinical programs, reflecting a broader strategy to diversify and deepen the Photosoft pipeline. The coming months will be pivotal as preclinical data emerges and potential clinical pathways are explored.