Invion Restricted (ASX: IVX) (“Invion” or the “Firm”) is happy to announce that it has efficiently accomplished a brand new share placement (Placement) to boost $2.0 million to advance analysis and growth in Photosoft™ as a possible remedy for a variety of cancers.
Highlights:
- Invion raises $2M by way of a share placement with the brand new shares priced at $0.14, a 2.5% premium to the 30-day VWAP and nil low cost to final closing worth
- Traders within the placement may even obtain one unquoted three-year choice (train worth of $0.28) for each new share
- Proceeds from the location will probably be used to:
- Recruit from a second web site for Invion’s Section I/II pores and skin most cancers trial
- Provoke a Section I/II anogenital trial with the Peter MacCallum Most cancers Centre
- Fund basic working capital
- A profitable end result within the anogenital trial could allow orphan drug designation within the US to fast-track trials within the uncommon illness indication(s)
- A number of milestones on the horizon, together with:
- Outcomes from the pores and skin most cancers trial
- Initiation & progress on the anogenital trial
- Updates on the glioblastoma, oesophageal most cancers and HPV research which can be totally funded by Invion’s companions
The supply worth for the brand new shares of $0.14 per share represents a 2.5% premium to the 30-day volume-weighted common worth (VWAP) and a zero low cost to its final closing worth earlier than the Placement announcement on 27 February 2025.
The lead supervisor for the Placement, Blue Ocean Equities (Lead Supervisor), acquired robust demand for the Placement, which was initially looking for to boost $1.5 million from refined traders.
The Placement will comprise of two tranches:
- Tranche 1: Placement of roughly 7.0 million new shares at A$0.14 per New Share to boost roughly $1 million utilising the Firm’s present placement capability below ASX Itemizing Rule 7.1A, and
- Tranche 2: Placement of the steadiness of shares, conditional on the Firm acquiring shareholder approval on the Extraordinary Common Assembly (EGM) anticipated to be held in April 2025.
Traders within the placement will obtain one unquoted attaching choice for every new share with an train worth of $0.28 and can expire three years from concern, topic to shareholder approval on the EGM.
The Lead Supervisor is to obtain a capital elevating charge of 6% on the proceeds of the Placement and also will obtain a tranche of choices to an equal worth of roughly $80,000 utilizing a Black Scholes choices pricing system with the next inputs:
- Train worth – every choice could have an train worth which is a 50% premium to the 15-day VWAP calculation as on the date of the location.
- Expiry – the choices will expire 2 years from the date of issuance.
- Volatility price – 100%.
- Danger Free Charge – 5%.
The Firm will lodge an appendix 3B with the ASX with these particulars as quickly because the variety of choices has been calculated. These concern of those choices is topic to the approval of shareholders on the EGM.
Use of Proceeds from the Placement
Proceeds from the increase will probably be used to recruit from a second medical web site for Invion’s Section I/II non-melanoma pores and skin most cancers (NMSC) trial, provoke a Section I/II anogenital trial with the Peter MacCallum Most cancers Centre (Peter Mac) and for basic working capital.
Invion plans to leverage the protection knowledge from the NMSC trial to speed up a pathway to the anogenital trial as each trials are utilizing the identical topical formulation of INV043. Anogenital cancers embody penile, vulva and anal cancers, that are uncommon ailments.
A profitable end result within the anogenital trial could allow orphan drug designation with the U.S. Meals & Drug Administration (FDA). The granting of an orphan drug designation will give Invion a sooner and more cost effective path to commercialise Photosoft for the remedy of the uncommon illness(s) in query.
Thian Chew, Invion’s Government Chair and CEO, commented:
“We’re delighted to welcome new shareholders to Invion by way of the Placement, lots of whom are refined traders within the biotech area which can be supporting the Firm after reviewing our achievements and the a number of milestones in our horizon.
“Along with the pores and skin and anogenital most cancers trials, these milestones additionally embody updates on the glioblastoma, oesophageal most cancers and human papilloma virus research which can be totally funded by our companions.”
This announcement was authorised for launch by Invion’s Board of Administrators.
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