Invion (ASX:IVX) ends June quarter with key clinical milestones

3 min read | July 21, 2022 05:14 PM PDT | By Aditi Sarkar

Invion (ASX:IVX) ends June quarter with key clinical milestones — Image source: © Coffeekai | Megapixl.com

Strong financial footing

Invion ended the quarter with a cash balance of AU$8.5 million, up from AU$8.1 million in the previous quarter.

The company has a funding arrangement with RMW Cho Group as part of its R&D services agreement, so its cash burn is relatively modest.

Major R&D activities light up the quarter

During the period, the company’s efforts were dedicated to take forward the development of its Photosoft™ technology for treating different types of cancer.

In collaboration with its partners, the company continues to lay the groundwork and undertake preparatory works for upcoming clinical trials, initially targeting skin and anogenital cancers.

Proof-of-Concept (PoC) study using INV043 - Hudson Institute of Medical Research, Invion’s research partner, has completed a third PoC study combining INV043 (Invion’s lead drug candidate) with immune checkpoint inhibitors (ICIs).

The study has delivered encouraging outcomes, highlighting that combination therapy is more effective than ICI therapy alone.

This result provides a good opportunity for IVX to potentially commercialise INV043 in collaboration with global pharmaceutical groups. The study indicated that INV043 improved the effectiveness of ICI therapies by ~65% in mice with triple negative breast cancer (TNBC).

Meanwhile, Hudson Institute is carrying out a more detailed study, assessing immune response using INV043 and other models to establish safety and efficacy.

Invion remains committed to develop INV043 as a standalone therapy for multiple cancers.

Skin cancer (superficial basal cell carcinoma) and anogenital cancer - Skin cancer is likely to be the first indication for the clinical trial. The Peter MacCallum Cancer Centre, Invion’s other research partner, is leading the development work for anogenital cancer and has started early-stage in vitro work using INV043.

Material and qualified staff shortages and logistical delays due to the COVID-19 pandemic might pose a risk for pushing the timeframe of this clinical trial into early 2023.

Atherosclerosis and infectious diseases - During the quarter, Invion started preliminary and preclinical work on using Photosoft™ for the treatment of infectious diseases and atherosclerosis.

International patent – Another major event of the quarter was the publishing of an international patent application for INV043. This patent is an addition to Photosoft^TM patents granted previously in Australia and other territories.

With a strong cash position and funding arrangement with RMWC, Invion seems to be in a sweet spot to pursue its near- and medium-term development programs.

IVX shares closed the day’s trade at AU$0.010 on 21 July 2022.

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