The company’s shares are rocketing to a multi-year high today.
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The Invion Ltd (ASX: IVX) share price is on the move during late afternoon trade. This comes after the clinical-stage drug development company announced the pilot study results from its latest Proof-of-Concept (PoC) studies.
At the time of writing, Invion shares are up an astonishing 123.08% to a multi-year high of 2.9 cents apiece.
What were the results?
In its release, Invion highlighted the effectiveness of INV043 against triple negative breast cancer (TNBC).
INV043 is the next-generation photodynamic therapy (PDT) that is being developed alongside its research partner, Hudson Institute of Medical Research. Employing Photosoft technology, PDT works by using photosensitisers and light to kill cancer cells and promote an anti-cancer immune response.
TNBC is an aggressive and metastatic tumour type resistant to most chemotherapies. According to the American Cancer Society, the overall 5-year survival rate for TNBC is around 77%.
Invion revealed that test results showed complete tumour regression in mice treated with INV043 after being implanted with TNBC. The mice were again re-implanted with the disease at a new site, however, the immune system triggered a response eradicating the tumour.
The company noted that the data suggests that INV043 provides strong anti-cancer activity and can induce an anti-tumour immune response.
Additional POC tests are set to be carried out, looking at extended primary and metastatic disease models. Each study will explore potential synergies with other cancer therapies.
Invion chair and CEO Thian Chew commented:
These results demonstrate the potential of Photosoft technology and its clinical relevance. Hudson Institute will continue to undertake further PoC studies using our novel treatment. The early success we have achieved sets the foundation for Invion to progress INV043 towards clinical trials.
We are pursuing multiple pathways to develop the technology to treat a range of cancers and other insidious diseases.
About the Invion share price
Over the last 12 months, Invion shares have surged by more than 160%, with year-to-date further accelerating by 190%.
Based on today’s price, Invion presides a market capitalisation of roughly $170.08 million and has approximately 5.86 billion shares outstanding.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.