New WA ASX listing closes up 169%

05/07/2019 - 14:35

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Invex Therapeutics has become just the third WA-based company to list on the ASX this year, with Minderoo Group its largest shareholder.

New WA ASX listing closes up 169%
Invex non-executive director David McAuliffe ringing the bell at the IPO ceremony.

Invex Therapeutics has become just the third company based in Western Australia to list on the ASX this year, with Minderoo Group its largest shareholder.              

Invex completed an initial public offering of $12 million at an issue price of 40 cents per share, and closed today up 169 per cent at $1.075.

Invex will focus on the repurposing of an already approved drug, Exenatide, for treatment of neurological conditions such as idiopathic intracranial hypertension (IIH), stroke and traumatic brain injury.

Exenatide gained approval for the treatment of type 2 diabetes in the US in 2005, and Invex said the drug represented a novel approach to treating raised intracranial pressure.

Research published in 2017 showed that Exenatide rapidly and dramatically decreases intracranial pressure in animal models.

These proof-of-concept studies were the culmination of more than a decade’s research by University of Birmingham neurology consultant Alexandra Sinclair.

Professor Sinclair will serve as the executive director and chief scientific officer of Subiaco-based Invex.

She said there was a clear unmet need for a dedicated safe and effective treatment for IIH.

“Although IIH is a relatively rare condition, our work has shown that its incidence has increased by 350 per cent in the last 10 years, and it is associated with significant morbidity and a significant reduction in patients quality of life,” Professor Sinclair said.

Jason Loveridge will serve as non-executive chairman, and David McAuliffe and Narelle Warren will join the board as non-executive directors.

Steinepreis Paganin are the company's solicitors, BDO its accountants, Forrest Capital the lead manager, and CPS Capital Group the lead broker.

Andrew Forrest’s Minderoo Group joined the register with a 9 per cent stake.

Minderoo Group chief investment officer John Hartman said Minderoo was pleased to support this novel approach to treating raised intracranial pressure.

“We believe the company is well positioned to play a role in meeting this unmet medical need,” he said.

Invex will be the first non-mining related company from WA to join the ASX this year, after Mont Royal Resources and African Gold listed in 2019.

 

 

 

 

 

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