22/05/2020 - 11:16

Invex raises $26m for clinical trials

22/05/2020 - 11:16

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Invex Therapeutics has received a $5 million investment from Andrew Forrest’s Tattarang as part of a share placement, with the proceeds to go towards the company’s research into neurological diseases.

Invex raises $26m for clinical trials
Invex says its Presendin drug reduces headaches and improves visual acuity. Photo: James Yarema (Unsplash)

Invex Therapeutics has received a $5 million investment from Andrew Forrest’s Tattarang as part of a share placement, with the proceeds to go towards the company’s research into neurological diseases.

Subiaco-based Invex, which listed on the ASX last July, is planning a third stage of clinical trials for research into Idiopathic Intracranial Hypertension (IIH) – a condition that causes daily headaches and optic nerve compression and, consequently, permanent loss of vision in 25 per cent of those affected.

The $26.2 million capital raising will go towards phase three development of Invex’s Presendin drug, which the company hopes will treat people with acute strokes and traumatic brain injuries.

It comes shortly after Invex published phase two clinical data, revealing Presendin reduces headaches and improves visual acuity.

Chairman Jason Loveridge said the results showed a significant change in intracranial pressure for patients who received Presendin compared with subjects who were given a placebo.

“This funding provides the company with a clear trajectory through to phase three clinical results in an important orphan disease without any approved treatments in the market,” he said.

Invex has received $10.5 million in commitments from existing investors as well as $5 million from its largest shareholder Tattarang, formerly named Minderoo Group.

The company will issue 20.15 million new shares in two tranches, priced at $1.30 each, to raise around $26.2 million.

Dr Loveridge will participate in the tranche two placement of shares.

Bell Potter Securities is acting as lead manager and bookrunner while Forrest Capital and CPS Capital Group are acting as co-managers to the placement.

Shares in Invex were trading 12.4 per cent higher to $1.68 at 12:40pm AEST.

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