Invion Announces Share Purchase Plan

Highlights

  • Shares offered at lower of 4.8 cents or 10% discount to 5 day VWAP at close
  • RBS Morgans acting as Lead Manager to the Offer
  • Funds directed towards the development of two phase II drug assets
  • No transaction costs to participants
  • “Meet the CEO” investor information roadshow in coming weeks

BRISBANE, 28 MARCH 2013: Clinical-stage drug development company Invion Limited (ASX:IVX) is inviting eligible shareholders to participate in the Company’s Share Purchase Plan.

The Plan 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 Plan will be used for the Company’s general working capital, and will be applied to the ongoing development of Invion’s drug assets – INV102 (nadolol) and INV103 (ala-Cpn10) – including two phase II clinical trials.

The first, a phase II trial in patients with chronic bronchitis (undergoing smoking cessation) is being conducted under an Investigational New Drug (IND) application in the US, with patient dosing to commence in the near term. The second, a phase II trial in patients with systemic lupus erythematosus (lupus), is the subject of the Company’s second IND application which is due for submission to the FDA in the second calendar quarter of 2013. The company’s third current phase II clinical trial is being conducted in patients with asthma and is funded by the United States National Institutes of Health (NIH) ($4.4M).

Data from the chronic bronchitis (smoking cessation) and lupus trials is expected to be received this year.

“With two proprietary drug assets, one phase II trial funded non-dilutively by the NIH, good data to date and data from two phase II trials expected this year, 2013 will be an exciting year for Invion, said William Garner, M.D., Managing Director and CEO. 

“The anticipated phase II milestones, modest operating costs, strong but lean team, and discounted share price offer mean that Invion presents a compelling investment opportunity,” he said.

RBS Morgans is acting as Lead Manager to the Share Purchase Plan.

Invion is planning a series of “Meet the CEO’ investor information sessions to take place in major capital cities in the coming weeks. Investors are invited to register their interest for one of these events by emailing investor@invion.com.au.

Posted in ASX Releases