- Invion (IVX) is aiming to raise $15 million in additional capital to help fund the expansion of its Photosoft technology co-development deal
- IVX and RMW Cho Group will co-develop the tumour regression treatment technology for use on cancer and related diseases
- Invion will hand over $5 million towards the development costs, and in return receive exclusive distribution rights in the Asia Pacific region
- The ASX-lister is hoping to raise $3 million in extra cash through a share placement plan and has received commitments for a $12 million placement
- IVX shares have come out of a trading halt and are down 11.1 per cent at 2.4 cents each
Invion (IVX) is aiming to raise $15 million in additional capital to help fund the expansion of its Photosoft technology co-development deal.
The life-sciences company came out of a trading halt today to announce the fundraise, expanded development deal and new license and distribution agreement.
Specifically, IVX and RMW Cho Group will co-develop Photosoft technology, a tumour regression treatment, for use on cancer and related diseases.
Invion will hand over $5 million towards the development costs, and in return receive exclusive distribution rights in the Asia Pacific region.
The ASX-lister already holds the exclusive Australia and New Zealand license rights to
Photosoft for certain conditions, while RMW is the technology licenser.
To help fund the new agreements, IVX has completed a $12 million placement to investors, issuing 545 million new shares at 2.2 cents each.
A free attaching option will be issued for every 2nd share subscribed for, with an issue price of 4 cents and an expiry date 18 months from the time of issue.
Additionally, the company will carry out a $3 million share purchase plan (SPP) for IVX shareholders, with new shares also priced at 2.2 cents each.
Placement shares are due to settle on November 19, while the SPP opens next Monday and closes on December 3.
After resuming trade on Tuesday, Invion shares were trading down 11.1 per cent at 2.4 cents each at 12:50 pm AEDT.