Invion Limited (ASX: IVX) is pleased to provide the Chairman’s Address and CEO presentation for the 2013 Annual General Meeting of Shareholders being held this morning at 10.00am (AEST) at the offices of McCullough Robertson Lawyers, Level 11, 66 Eagle Street Brisbane.
Address to Shareholders by Dr Ralph Craven, Chairman.
I am very pleased to have the opportunity to speak with you again today, and feel privileged to say that this is my 3rd AGM addressing you as Chairman of this company. We have come a long way from small beginnings to where we are today, a company for which I feel great positivity and enthusiasm. Our journey has been hard fought on a number of fronts; biotechnology is a highly regulated and complex sector to navigate successfully, but we are now positioned as a reputable company that has strong sector and investment presence and networks, and new, interested parties seeking to be a part of our growth.
This progression and our current standing are good for the company, and good for shareholders.
In addition to working to ensure good governance and strong oversight, your Board is focused on continuously adding value to Invion, and this has resulted during the year in movements both in management, and in strategic focus. We are very fortunate to have secured a CEO of Greg Collier’s standing and experience, as are we fortunate to have a Chief Medical Officer with the vast drug development and regulatory experience of Mitchell Glass. I thank them both for the progress they made this year.
In the last 12 months your company has initiated three phase II FDA-regulated clinical trials, and inlicenced a new compound for development. Dr Collier will speak to these programs in more detail in his presentation, however I am pleased to stand before you and report that having three assets in development has de-risked our future growth prospects to a considerable extent.
We have made great strides in our autoimmune program with INV103, or Cpn10. Since we last met in this forum, an IND has been opened with the FDA, and a phase II trial in lupus patients is now well underway.
In our respiratory program, our phase II asthma trial of INV102 (nadolol) which is funded by the National Institutes of Health, has progressed well, and we look forward to interim information emerging in coming months.
Our smoking cessation program is enhanced, with data from this trial targeted to underpin our inhaled programs in COPD and cystic fibrosis.
We expect that in 2014 we shall significantly advance the preclinical inhaled programs of our respiratory franchise towards clinical status. This shall include the progression of INV104 (zafirlukast) which is targeted to be developed as the first inhaled, non-steroidal, anti-inflammatory treatment for asthma.
It is appropriate that in this address I acknowledge the legal proceedings commenced in February 2012. As was last reported to you, the company has continued to meet all requirements and obligations to progress the matter expeditiously. There have, however, been a number of interlocutory hearings in recent months, which have caused delays to the process that are outside the company’s control. Trial dates are now set down for May 2014, and the Board stands firm in its commitment to bringing the case to resolution as swiftly as possible.
Before closing, I take this opportunity to thank my colleagues on the Board, for their skill, enthusiasm and commitment to Invion. I thank the management and the staff of Invion, and I again thank you, our shareholders, for your continued interest and support.
About Invion Limited
Invion is a life sciences company focussed on the development of treatments for major opportunities in respiratory disease and autoimmune disease. The Group has three drug assets in development, and three phase II clinical trials, regulated by the Food & Drug Administration (FDA), currently underway in the United States. INV102 (nadolol) a beta blocker (beta adrenergic inverse agonist) currently used to treat high blood pressure and migraine, is being repurposed to treat chronic inflammatory airway diseases, including asthma and chronic obstructive pulmonary disease (COPD). INV104 (zafirlukast) is a leukotriene receptor antagonist (LTRA) or anti-leukotriene that reduces inflammation, constriction of the airways, and the build-up of mucus in the lungs. INV103 (ala-Cpn10) is a modified, naturally occurring human protein which has been proposed as a founding member of the Resolution Associated Molecular Pattern (RAMPs) family hypothesised to maintain and restore immune homeostasis. Invion is an ASX listed company (ASX:IVX), with its clinical headquarters in Delaware, USA.