Invitrocue Announced JV With A*STAR Scientist Dr Chen Qingfeng

Invitrocue Announced JV With A*STAR Scientist Dr Chen Qingfeng

On 11 February 2019, Invitrocue Limited (ASX: IVQ), a world-class innovative life sciences company within the health care sector, announced its joint venture (InvivoCue) with A*STAR scientist Dr Chen Qingfeng.

Dr Chen Qingfeng is currently a Principal Investigator at the Institute of Molecular and Cell Biology (IMCB) at Singapore’s Agency for Science, Technology & Research (A*STAR). Other than this, he is also the Joint Principal Investigator at the National Cancer Centre Singapore as well as the Joint Assistant Professor in the Department of Microbiology, Yong Loo Lin School of Medicine, National University of Singapore. Dr Chen is an expert in the field of developing humanized mouse models for various disease applications and plays a critical role in the ongoing development work at IVQ.

Through this joint venture, Invitrocue Limited will now own 70% of the company, while Dr Chen will own 30%. It is an important time when the two have entered into the JV as it is the growth phase of the humanized mouse market and there are increasing numbers of research activities. The government is also providing funds for research studies on cancer with the use of humanized mice. By 2022, this humanized mouse market will be worth USD128.9 million with CAGR 9.9%.

Through this joint venture, research institutions, pharmaceutical, clinical research and biotechnology companies will be supplied with humanized immune system mice and cell products.

For vivo and in vitro studies, IVQ will offer mice with the stable and functional human immune system as well as immunodeficient mice (NIKO) and its related organ-specific immune cells. For the assessment of immune-related toxicity and drug efficacy, the joint venture will provide additional services to develop an immunotherapeutic drug.

By adding the IVQ’s humanized mice products and services to Invitrocue’s existing human liver cell business, IVQ will be able to provide a more comprehensive range of safety and efficacy testing solutions which will report the liver toxicity as well as the human immune function in the early phase of the development for the pharmaceutical and biotechnology companies. The addition of this business will balance the on-going commercialization in the Personalized Oncology space for medicine and clinical testing services.

By the end of 31 December 2018, the company used A$0.870 million in its operating activities. It made payment to acquire property, plant and equipment which resulted in net cash outflow of A$0.036 million from the investing activities. During the period, the company earned A$0.502 million revenue from the issue of convertible notes (financing activities). By the end of December quarter on 31 December 2018, IVQ had net cash and cash equivalent worth A$1.151 million.

On 23 January 2019, the company also entered the technology development agreement for the laboratory culture and development of new breast cancer models with Shanghai Institute of Biochemistry and Cell Biology (SIBCB)

On 18 January 2019, the company also signed laboratory agreement in Germany to ensure the availability of Onco-PDO ™ personalized cancer screening service to the patients and physicians in Germany. Through this, the new lab for the testing of Onco-PDO™ will act as a central reference for entire Europe.

Since IVQ got listed on ASX, the stock has generated a negative return of 33.33%. In last one year, the stock has generated a negative return of 27.08%. At present, the market price of the stock is A$0.070 (as at 3:32 PM AEST, 11 January 2019) with the market capitalization of A$35.96 million and approximately 513.78 million outstanding shares.


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