Here’s why ASX penny shares Invion and Nanollose are moving north today

Summary

  • Invion Limited’s INV043 has demonstrated promising preliminary findings that may have application in multiple forms of cancers.
  • Bio-materials firm Nanollose Limited has dispatched the first batch of its refined Microbial Cellulose (MC) to Birla Cellulose in India.

Two ASX-listed penny stocks - Invion Limited (ASX:IVX) and Nanollose Limited (ASX:NC6) – have been trending on the ASX following key announcements. The share price of the two companies moved north, with IVX shares trading 20% higher at AU$0.012 and NC6 shares up 5.555% at AU$0.095 (at AEST 1:48 PM).

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A few other players trending on the ASX following some important updates include Ecofibre Limited (ASX:EOF), Telix Pharmaceuticals Limited (ASX:TLX), and MGC Pharmaceuticals Ltd (ASX:MXC).

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DO READ: Why are ASX healthcare shares MXC, NTI, and TLX under the spotlight today?

Let us delve deep and discuss the updates of Invion and Nanollose-

Study demonstrates Invion’s INV043 efficacy against multiple cancers

Australian life sciences player developing Photodynamic Therapy, Invion Limited, has disclosed the initial proof-of-concept testing results on the latest Active Pharmaceutical Ingredient (API), INV043, using the PhotosoftTM technology. Invion conducted these proof-of-concept tests in partnership with its research partner, the Hudson Institute of Medical Research.

The Company disclosed INV043 had demonstrated promising preliminary findings that may have application in multiple forms of cancers. INV043 has shown significant phototoxicity compared to the widely used photosensitiser.

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In addition, INV043 also exhibited fluorescence characteristics under blue light, which illuminated tumour growths.

The initial proof-of-concept testing data reveal substantial anti-cancer in vivo activity of INV043 against three different and typically drug-resistant cancer types- T-cell lymphoma, breast, and pancreatic cancers.

Thian Chew, Chairman and CEO of Invion, commented:

Nanollose ships the first batch of microbial cellulose to India

ASX-listed leading bio-materials firm Nanollose Limited has provided an update on the pilot production phase of its high tenacity TreeFree lyocell. The Company disclosed that it had shipped the first batch of its refined Microbial Cellulose (MC) to Birla Cellulose in India.

Nanollose disclosed that the refined MC would undergo further processing and testing before being spun into lyocell fibre and blended with other cellulosic feedstock.

Currently, NC6 has a stock of ~1.5 tonnes of crude MC in China. Furthermore, the Company disclosed that preparations are in progress to ship quantities of this refined material to contractors in Australia and India for commencing purification trials on a pilot scale.

Dr Wayne Best, Executive Chairman of Nanollose, commented:

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