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Invion finds U.S. backer

Published: 17:30 01 Sep 2015 AEST

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Brisbane-based drug developer Invion Limited (ASX:IVX) has secured A$1 million from a U.S. investor for the commercialisation of a number of trial treatments.
 
Shares in the company emerged from a trading halt today only to fall 22% on the news to $0.014.
 
Invion has been developing three drug assets: INV102 (nadolol), INV103 (ala-Cpn10) and INV104 (zafirlukast) with an aim to acquire the projects status as investigational new drugs (IND) as well as to attract international manufacturing partners.
 
The unnamed US institutional investor has committed to a private placement of 71.5 million shares at $0.014 per share.

The Board is exploring options for shareholders to participate on similar terms to the U.S. institutional investor.
 
This investment will include 12-month options to purchase up to 143 million additional shares at the same exercise price. Another 5-year option will allow the US investor to purchase an aggregate of 35.7 million additional shares at a price of $0.0175.
 
The buy-in comes at a pivotal point for Invion, which is due in the current quarter to report data in its largest clinical trial to date - the phase II smoking cessation trial for nadolol.
 
Although traditionally used in treating high blood pressure, migraine, chest pain and inflammatory lung disease, nadolol is being targeted by Invion for treatment of chronic obstructive pulmonary disease.
 
Last month, a separate study supported continued development of ala-Cpn10 for the treatment of patients with systemic lupus.
 
Invion’s work with zafirlukast is hoped to result in the development of the first inhaled, non-steroidal, anti-inflammatory treatment for asthma.
 
Invion had $2.29 million in cash as at 30th June 2015.

 

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