The Australian, page-2

Invion breathes easier after $17m injection Sarah-Jane Tasker THE AUSTRALIAN NOVEMBER 11, 2014 12:00AM

A NEW York-backed fund has agreed to invest $17.4 million into Australian-listed biotech company Invion, in a boost to the latter’s plans to progress its oral respiratory drug programs. The share purchase and convertible security agreements are provided by the Australian Special Opportunity Fund, an institutional investor managed by New York-based asset management company Lind Partners. “Australia’s prosperity has long been underpinned by the resource industry but one of Australia’s largest manufactured exports are pharmaceuticals and medical devices,” Mr Hancock said. “It’s great to see US investment backing Australian medical innovation.” Invion has a three-asset drug pipeline in the therapeutic areas of respiratory inflammation, targeting markets with a value in excess of $34 billion. Invion managing director and chief executive Greg Collier said the deal gave the group funding certainty as it focused on its next stage of growth. “This financing agreement is very positive in terms of allowing us access to capital through a flexible arrangement, as required to meet needs, while minimising dilution,” he said. “This is a promising time for the company and its shareholders.” In the third quarter, the company reported interim data from two phase II clinical trials underway — INV102 (nadolol) in asthma patients, and INV103 (ala-Cpn10) in lupus patients — as well as reporting progression of feasibility studies conducted with 3M Drug Delivery Systems for its inhaled respiratory franchise. “In 3M we have, I believe, the world leader in inhaled drug technology collaborating with us on our inhaled respiratory drug franchise,” Mr Collier said. Lind Partners managing director Phillip Valliere said his company had confidence in Invion.

i like how the company didn't just raise a large amount of capital at once from an institutional investor at these low prices, instead arranging an ongoing 'needs based' funding arrangement therefore reducing dilution in the event of the share price going higher in the near future.