Funding Boost and Trial Progress Key as Invion Eyes Broader Cancer Markets
Invion Limited has progressed its Photosoft clinical programs with new patient dosing and an expanded collaboration with Hanlim Pharm, backed by a successful $2 million share placement to accelerate development.
- Dosed 5 patients in Phase I/II skin cancer trial across two Queensland sites
- Expanded Hanlim Pharm collaboration to include oesophageal cancer indication
- Raised $2 million via a two-tranche share placement to fund clinical programs
- Photosoft technology featured at Stanford Lung Cancer Summit
- Cash reserves increased to $1.4 million following placement tranche
Clinical Progress and Trial Expansion
Invion Limited (ASX: IVX) has reported significant advancements in its Photosoft™ clinical development programs during the quarter ended 31 March 2025. The company completed dosing of the fifth patient in its Phase I/II non-melanoma skin cancer (NMSC) trial, conducted across two clinical sites in Queensland, Australia. The addition of Cornerstone Dermatology as a second trial site supplements the initial efforts at Veracity Clinical Research in Brisbane, enhancing patient recruitment and trial momentum.
The trial is poised to enter its next phase following dosing of the sixth patient, pending review by the Safety Review Committee (SRC). This review will determine whether to adjust the dose-light interval or expand the trial to include superficial basal cell carcinoma (sBCC), broadening the potential therapeutic scope beyond cutaneous squamous cell carcinoma (cSCC).
Strategic Collaboration with Hanlim Pharm
Invion also announced an expansion of its collaboration with South Korean pharmaceutical giant Hanlim Pharm Co., Ltd. Originally focused on glioblastoma multiforme (GBM), the partnership now includes oesophageal cancer, a market estimated at US$15.3 billion in 2024 and projected to grow substantially. Hanlim will fund all pre-clinical studies for this new indication, leveraging the K-MEDI hub’s advanced facilities to accelerate in vivo development of INV043, Invion’s lead cancer drug candidate.
Capital Raise to Accelerate Development
To support its expanding clinical programs, Invion successfully completed a $2 million share placement at $0.14 per share, a slight premium to recent trading prices. The placement was conducted in two tranches, with the first $1 million received and the second tranche subject to shareholder approval at a general meeting scheduled for 9 May 2025. Investors also received unquoted options exercisable at $0.28, incentivizing longer-term participation.
This capital injection bolstered Invion’s cash reserves to $1.4 million by quarter-end, providing critical runway to advance ongoing trials and prepare for a Phase I/II anogenital cancer trial in collaboration with the Peter MacCallum Cancer Centre.
Industry Recognition and Future Outlook
Invion’s Photosoft technology gained international recognition when featured at Stanford Medicine's inaugural Lung Cancer Summit in California. This exposure underscores the platform’s potential in photodynamic therapy (PDT), a minimally invasive treatment that uses light-activated compounds to selectively destroy cancer cells while stimulating immune response.
Executive Chair and CEO Prof Thian Chew expressed optimism about the company’s trajectory, highlighting the strategic value of new shareholders and the enthusiastic support from partners like Hanlim Pharm. The company’s focus remains on clinical milestones and expanding the Photosoft platform’s therapeutic reach.
Bottom Line?
With fresh capital and expanded partnerships, Invion is well-positioned to accelerate Photosoft’s clinical journey and broaden its cancer treatment horizons.
Questions in the middle?
- When will the Safety Review Committee announce decisions on dose adjustments or trial expansion?
- What are the timelines and milestones for the oesophageal cancer pre-clinical studies with Hanlim Pharm?
- How will the upcoming shareholder vote impact the receipt of the second tranche of placement funds?
