Invion has announced that Hong Kong based The Cho Group will acquire 15.03% of Invion for a total of A$656,682 through a private placement. A restructuring of Invion’s board will include the addition of two members of The Cho Group.
According to Invion, “The company intends to use the proceeds of the investment for working capital as it continues to market the sale or out-license of its current respiratory assets and seeks, in collaboration with The Cho Group, to identify new assets to bring into the company’s pipeline.”
In October 2015, Invion announced positive data from a Phase 2 study of its INV102 inhaled nadolol for smoking cessation. Earlier that year, the company announced that it had partnered with Hovione on development of INV104 inhaled zafirlukast for the treatment of asthma.
Invion Interim Executive Chair Greg Collier commented, “The board of Invion is very pleased to welcome The Cho Group as a new shareholder and strategic alliance partner. The alliance will see us consolidate the company’s financial position and leverage The Cho Group’s substantial networks in the East Asian region to identify and progress new biotechnology opportunities. The Board sees access to the Asian capital and medical markets as significant opportunities for growth and value creation. The Board remains committed to the sale or out-license of the company’s existing assets, and continues to actively pursue partners, including pharmaceutical companies, health and other funds, and like-minded biotechnology groups.”
Read the Invion press release.
