BRISBANE, 17 MAY 2013: Australian drug development company Invion Limited (ASX: IVX) is pleased to announce the successful close of its Share Purchase Plan (Plan).
The company raised $1,119,860 under the Plan from existing eligible shareholders. All directors who were eligible shareholders under Plan rules participated in the Plan. Following a rounding of applications, the company has allotted a total of 24,885,736 new shares at $0.045 (4.5 cents) per share.
“We are delighted to have completed the Share Purchase Plan with a strong response from many loyal shareholders,” said Dr Greg Collier, Managing Director and Chief Executive Officer of Invion Limited. “The funds raised will be applied to the continued development of INV102 and INV103, and to the future growth of the Invion business,” he said.
Transaction statements detailing the number of shares allotted to each applicant will be dispatched to Shareholders on Tuesday 21 May 2013.
About Invion Limited: Invion Limited (ASX:IVX) is a life sciences company with two drug assets in three FDA-regulated, phase II clinical programs. With operations in the US and Australia, the strategic focus of IVX is the development of treatments for major market opportunities in inflammatory diseases, including asthma and COPD ($34B) and lupus (to $4B). The company’s corporate focus is the cost-effective advancement of its assets to late phase II before negotiating commercial partnerships. INV102 (nadolol) is a beta blocker that has been used in more than 10 million people for the treatment of high blood pressure, migraine and chest pain. Invion is repurposing INV102 to treat lung indications and to date the company has completed two phase II clinical trials which demonstrated acceptable safety as well as dose-related reduction of airway hyper-responsiveness. A further phase II trial in asthma – funded by the US National Institutes of Health in excess of $4 million – is now underway, and a trial in chronic bronchitis patients is due to commence. INV103 (ala-Cpn10) is a modified naturally occurring human protein that has shown to reduce IL-6, a key marker in the inflammatory disease, lupus. A phase II trial in lupus is anticipated to commence in Q2 2013, under a US IND submitted 24 April 2013.