Invion Limited, which is developing several inhaled drugs, has announced a private placement in which it is issuing 71.5 million ordinary shares at $0.014 per share to “a US institutional investor” for a total of about A$1 million. The company says that it will use the proceeds for working capital.
Invion Managing Director and CEO Greg Collier commented, “Invion is at a pivotal point. The company is due to report data in its largest clinical trial to date – the phase 2 clinical trial of nadolol in smoking cessation – in the current quarter. In addition we have two inhaled respiratory drug assets with pre-IND status, moving steadily through feasibility and toward IND status with international development and manufacturing partners, and INV103 (ala-Cpn10) which has reported data and is now in partnering discussions. This placement provides necessary working capital to enable the company to maximize the potential value of these assets through ongoing business development and partnering discussions over the coming period.”
In July 2015, Invion announced that it has partnered with Hovione on the development of INV104 inhaled zafirlukast for the treatment of asthma. Earlier in the year, the company said that it had held a successful pre-IND meeting with the FDA for its INV102 inhaled nadolol for the treatment of asthma and COPD.
Read the Invion press release.
