INVION chief Greg Collier wants the respiratory disorders play to be seen as a "Chemgenex 2", a reference to the leukemia drug developer he once led.
Invion employs a similar structure with a small local corporate office overseeing a US clinical team. But what investors really want replicated is the happy ending that saw Chemgenex sold to Cephalon for $230m in 2011.With Invion shares more than doubling since Collier's early May appointment, investors are heeding the story based on Invion's candidates for asthma, chronic obstructive pulmonary disease, cystic fibrosis, lupus and smoking cessation. In a reverse of the usual biotech food chain, Invion this week signed a deal to acquire the rights to develop an orally delivered asthma treatment, zafirlukast, in inhaled form.
Invion pays the US licensor, Accolade Pharma a $500,000 fee and a 20 per cent cut of net sales.
Invion boasts chief medical officer Mitchell Glass, who bought five drugs to market at drug giants Astra Zenica and GSK.Collier himself learnt some valuable things about the Food & Drug Administration, after Chemgenex's drug initially was knocked back.
With Invion being whispered along with Melbourne Cup fave Fawkner as A Good Thing, we'll punt a spec buy.
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