Welcome to Invion’s first 2014 investor newsletter. It’s already been a big year for Invion, with the announcement of our collaboration with 3M Drug Delivery Systems and a successful capital raising, where new institutions have seen the value behind Invion’s drug development strategy and joined our register.
On 21 February, we announced that a private placement to institutional and sophisticated investors was oversubscribed, and raised $5 million at 7.5 cents per share. Invion also announced a rights issue entitlement offer to raise $2 million, consisting of a 1-for-20 non-renounceable entitlement offer of fully paid ordinary shares, at the same price as the institutional placement.
The offer to eligible investors opened on 11 March and will close on 25 March. Hard copies of the Rights Issue Information Booklet and personalised applications were issued to shareholders last week.
Our collaboration with 3M, a global leader in pressured metered dose inhaler (PMDI) technology, kick starts the next phase of Invion’s strategic development and growth, and was a catalyst for the capital raising.
Inhaled respiratory drugs may provide advantages over other delivery methods due to their targeted delivery, smaller doses and fewer side effects. If Invion’s inhaled treatments prove safe and effective in patients, Invion will have the opportunity to target the multi billion dollar respiratory market with three potential drug candidates – oral INV102, inhaled INV102 and inhaled INV104.
Invion continues to focus on progressing our portfolio of treatments targeting inflammatory and respiratory disease. There is significant recent precedent with pharmaceutical partnering deals for drugs in the lupus space, and Invion is remains heavily focussed on securing a partner for the INV103 (ala-Cpn10).
We look forward to keeping our investors updated as we make additional progress throughout the year.
Dr Greg Collier
Managing Director and CEO