Brisbane, Australia, and Delaware, United States, 10 November 2015: Australian drug development company Invion Limited (ASX:IVX) is inviting eligible shareholders to participate in the Company’s share purchase plan (SPP).
The SPP announced today allows eligible shareholders to purchase up to $15,000 worth of fully paid ordinary shares in the Company at a discount and without any brokerage or transaction costs.
Funds raised through the SPP will be used for the Company’s general working capital and applied to costs associated with ongoing analysis of data from the completed phase 2 clinical trial of INV102 (nadolol) in smoking cessation, preparation for an End of Phase 2 meeting with the US FDA, ongoing business development and partnering discussions for the Company’s three drug assets, and maintenance of the Company’s intellectual property portfolio.
Managing Director and Chief Executive Officer, Dr Greg Collier said, “Invion has achieved major milestones across four development programs in the year to date. This includes completing and reporting data from our phase 2 clinical trial of INV103 (ala-Cpn10) in lupus patients as well as our phase 2 clinical trial of INV102 (nadolol) in smoking cessation.
“In addition we have made good progress in our inhaled respiratory franchise with pre-IND status and commencement of toxicology studies for inhaled INV102 (nadolol) as well as securing a development and manufacturing partner for INV104 (zafirlukast). Both inhaled programs are moving towards FDA IND status, subject to completion of toxicology.
“We are at a critical stage in the Company’s history and we have appointed a specialist group in the global healthcare sector, Ferghana Partners Group, to advise and assist with various potential opportunities under review. This SPP provides an opportunity for eligible shareholders to take advantage of prevailing market conditions as Invion enters its next stage.”
FOR MORE INFORMATION CONTACT: Managing Director and CEO, Dr Greg Collier P: + 61 7 3295 0500 E: firstname.lastname@example.org.
About Invion Limited: Invion is a life sciences company focussed on the development of treatments for major opportunities in respiratory and autoimmune disease. The Group has three drug assets in development across four development programs. INV102 (nadolol) is a beta adrenergic biased ligand targeted to reverse mucous metaplasia in the airway epithelium treat chronic inflammatory airway diseases. A large phase 2 study in smoking cessation reported successful data in Q4 2015 and feasibility for an inhaled version of the drug is well-progressed with 3M Drug Delivery Systems. A phase 2 study of oral INV102 in mild asthma patients funded by the US NIH is fully recruited and will complete dosing in 1H 2016. INV104 (zafirlukast) is a leukotriene receptor antagonist (LTRA) that reduces inflammation, constriction of the airways, and the build-up of mucus in the lungs. An approved oral therapy, Invion is developing an inhaled version of the drug. 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.