27 October 2017
Company Announcements Office
ASX Limited, 20 Bridge St, SYDNEY NSW 2000
Invion Limited (ASX:IVX) is pleased to lodge its Appendix 4C for the quarter ending 30 September 2017.
The Company held cash reserves of $ 0.698 million at the end of September, with operating cash outflows during the quarter at $0.199 million.
During the quarter, the Company announced that it had entered into a strategic transaction with The Cho Group Limited. The Transaction comprises three agreements :
- Exclusive Distribution and Licence Agreement: Invion is to be appointed exclusive di stributor and licensee in Australia and New Zealand of New Generation Photo Dynamic Therapy (NGPDT) te chnology for the treatment of c anc ers . In return for the exclusive licence, Invion will issue new Invion shares for a lic enc e value of $5.5M at $0.002 per shar e;
- R&D Services Agreement : Invion will conduct clinical development of the NGPDT technology globally, initially targeting prostate cancer in Australian -run clinical trials. The Cho Group will provide non -dilutive funding for the clinical trials ; and
- Underwriting Agreement: The Cho Group has agreed to fully underwrite a non-renounceable pro rata e ntitlement offer to Invion Shareholders, to raise up to approximately $2.5M to fund working capital and the costs of the Transaction.
The NGPDT technology, “ Photosoft”, is a new generation photosensitiser derived from chlorophyll which
is hypothesised to identify and selectively a ccumulate within solid cancerous tumour tissues. Specific light and laser delivery methods are targeted to activate the absorbed photosensitiser for the non-invasive treatment of solid cancers.
Invion share holders a re due to vote on r esolutions relating to the Transaction at the Annual General Meeting, scheduled for 10am on Thursday 30 November at The Brisbane Club. The Company’s Notice of Meeting and Explana tory Memorandum, including an Independent Expert’s Report commissioned by the Company on the Transaction , is due to be lodged with ASX and mailed to shareholders in coming days.
The Company will hold an Investor Presentation and Call at 2pm (Brisbane time) on Monday 13 November 2017. Further details of the presentation and call will be issued following lodgement of the Notice of Annual General Meeting.
An Appendix 4C accompanies this announcement.