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Invion (ASX:IVX) makes speedy progress in proving-up INV043 cancer drug candidate

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 Invion (ASX:IVX) makes speedy progress in proving-up INV043 cancer drug candidate
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Highlights

  • Invion wrapped up FY22 with strong R&D activities and encouraging study outcomes related to INV043.
  • The therapy INV043 demonstrated excellent results against triple negative breast cancer in mice.
  • INV043 in combination with immune checkpoint inhibitors showed a 65% reduction of tumour size in mice.
  • IVX extended its exclusivity agreement with RMW, gaining exclusive distribution rights to the PhotosoftTM technology in new territories.

Invion Limited (ASX:IVX) recently released its annual report for the period ended 30 June 2022, highlighting a period of significant progress in proving-up its latest Active Pharmaceutical Ingredient (API), INV043.

The Australian life sciences firm is driving the research & development of its ground-breaking PhotosoftTM technology to treat different cancers, atherosclerosis, and infectious diseases.

Let us have a look at operational highlights for the financial year.

Substantial progress in proving-up INV043

INV043 is Invion's s latest Active Pharmaceutical Ingredient (API). A proof-of-concept (PoC) study on INV043 carried out by the company’s research partner, the Hudson Institute of Medical Research, demonstrated the compound's potential in completely regressing triple negative breast cancer (TNBC) in mice.

INV043 was also found to trigger protective immunity as subsequent re-challenging with TNBC implants was unable to re-establish new tumours.

In a follow-up PoC study, INV043 considerably enhanced immune checkpoint inhibitor (ICI) therapies when used in combination, leading to nearly 65% decrease in the TNBC tumour size as compared with the ICI treatment alone.

More importantly, the PoC study highlighted potential collaboration opportunities between Invion and global pharmaceutical firms having intellectual rights to ICI drugs.

Meanwhile, Invion's other research partner, the Peter MacCallum Cancer Centre (Peter Mac), has been advancing pre-clinical work aiding the development of INV043.

Expansion of exclusive technology use

In FY22, Invion expanded its exclusivity agreement with RMW, gaining access to markets with over 2.8 billion people.

Under the new deal, Invion will develop Photosoft™ for cancer and related diseases in collaboration with RMW. And Invion will gain exclusive distribution rights to the technology in Central, South & South-East Asia and Asia-Pacific region for the indications.

Invion made a one-time payment of AU$5 million to RMW as development costs of the Photosoft™ technology for cancer treatment.

RMW and its affiliates will continue funding Invion's R&D activities in the oncology space in relation to Australia and New Zealand under the original existing services agreement.

Firm financial footing

Invion had a cash balance of AU$8.5 million at the end of the financial year. The strong financial footing will enable the company to advance its development work for atherosclerosis, infectious diseases and cancers in areas that are not fully funded by RMW.

Invion reported a 41.3% surge in revenues from ordinary activities during the financial year.

IVX shares traded at AU$0.010 on 19 August 2022 with a market capitalisation of AU$64.16 million.

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