Invex Therapeutics Ltd (ASX:IXC) commenced trading on the ASX last Friday after a successful initial public offering (IPO) of shares priced at 40 cents.
Shares opened up 50% to 60 cents and proceeded to close on their high of the day at $1.075, an increase of 168.75%.
Invex is focused on the repurposing of an already approved diabetes drug, Exenatide, to treat neurological (brain-related) conditions.
The company intends to develop different formulations of Exenatide for a range of neurological indications, starting with idiopathic intracranial hypertension (IIH).
More than a decade’s research shows proof of concept
Research published in 2017 in Science Translational Medicine showed that Exenatide rapidly and dramatically decreases intracranial pressure in animal models.
These proof of concept studies were the culmination of more than a decade’s research by Invex board member Professor Alexandra Sinclair from the University of Birmingham, UK.
Professor Sinclair said: “There is a clear unmet need for a dedicated safe and effective treatment for IIH, which causes disabling daily headaches, severely raising pressure around the nerves in the eye and resulting in permanent vision loss in more than 25% of people affected.
“Although IIH is a relatively rare condition, our work has shown that its incidence has increased by 350% in the last 10 years, and it is associated with significant morbidity and a significant reduction in patients quality of life.”
Invex’s chairman Dr Jason Loveridge said: “Invex now has sufficient funds to make real progress with the development of its proprietary reformulated Exenatide for the treatment of diseases involving raised intracranial pressure and we look forward to updating the market as our work advances.
“In addition, I would like to welcome Professor Sinclair to the board of Invex and thank everyone at the University of Birmingham for their contributions to our successful IPO.”
Twiggy Forrest company has 9% stake
Andrew Forrest’s Minderoo Group has joined the register with a 9% stake.
Minderoo said it is pleased to support this novel approach to treating raised intracranial pressure.
It believes Invex is well positioned to play a role in meeting this unmet medical need.