Why the Invion share price zoomed 86% higher today

The Invion Ltd (ASX:IVX) share price almost doubled in value this morning after releasing an update on IVX-P02…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

One of the best performers on the Australian share market on Tuesday has been the Invion Ltd (ASX: IVX) share price.

In morning trade the clinical-stage drug development company's shares zoomed an incredible 86% higher to 2.6 cents.

Its shares have since given back a good portion of these gains, but are still trading 36% higher in early afternoon trade.

Why did the Invion share price rocket higher?

This morning the company announced that its research partner, the Hudson Institute of Medical Research, has completed the initial in vivo experiments in animal models to examine the uptake, localisation, and clearance from tumour tissue of Invion's photosensitiser, IVX-P02.

According to the release, a highlight of the in vivo testing was the demonstrated uptake of IVX-P02 in circulating tumour cells (CTCs). CTCs are cells that have shed from a primary tumour and are carried around the body in the blood.

This finding could be significant as it suggests that IVX-P02 may have an application in the treatment of metastatic cancer (cancer that has spread from the primary site of origin to different areas of the body).

Dr Andrew Stephens, the group head of the Ovarian Cancer Biomarkers Research Group at the Hudson Institute, appeared to be encouraged by the findings.

He said: "This is the first time that photosensitiser accumulation in CTCs has been demonstrated in vivo. The data suggests the potential application of IVX-P02 for haematological cancers in addition to solid tumours, as well as in therapies designed to prevent recurrence."

Before adding: "This new development is in its early stages, but it could lead to the development of a less harsh treatment for patients with metastatic cancer. The important thing is that IVX-P02 is taken up selectively by cancer cells and is not retained in any of the other organs, and in the blood it is taken up selectively by circulating cancer cells and not by red blood cells."

Another bonus was that the in vivo data also showed that injected IVX-P02 cleared rapidly from circulation, with around 90% of it gone within 30 minutes and then largely undetectable after two hours. Increasing doses up to 10mg/kg had no influence on the clearance rate.

Furthermore, there was no toxicity noted for any dose of IVX-P02 tested, nor was there any evidence of retention in any other organs, including the liver, kidney, spleen, ovaries, fallopian tube, lung, heart, brain or intestine.

Invion expects to start human trials of IVX-P02 for the treatment of skin cancer in the next quarter.

Elsewhere in the industry today, the Telix Pharmaceuticals Ltd (ASX: TLX) share price has edged higher after providing an update on its prostate imaging program and the Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price has given back its early gains and dropped lower after releasing an iPPS update.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Gainers

a man in a business suit sits at his laptop computer at his desk and smiles broadly in an office setting, giving an air of optimism and confidence.
Share Gainers

Why these three ASX All Ords stocks are leading the charge higher this week

These three ASX All Ords shares rocketed higher this week. But how?

Read more »

A woman with strawberry blonde hair has a huge smile on her face and fist pumps the air having seen good news on her phone.
Share Gainers

Why Botanix, Strike Energy, Talga, and West African Resources shares are pushing higher

These shares are ending the week on a high. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Share Gainers

If you invested $5,000 in this ASX healthcare stock a year ago, you'd have $50,833 now!

The little-known ASX healthcare stock has delivered eye-watering 12-month gains. But how?

Read more »

A young bearded man wearing a white t-shirt with a yellow backdrop holds up his arms to his chest and points to the camera in celebration of ASX shares rising today
Share Gainers

Why Bigtincan, DroneShield, Guzman Y Gomez, and Helia shares are racing higher

These shares are having strong sessions on Thursday. But why?

Read more »

Three girls compete in a race, running fast around an athletic track.
Share Gainers

Here's why ASX uranium shares like Deep Yellow are running hot today

ASX uranium stocks are on fire this Wednesday.

Read more »

A young woman holding her phone smiles broadly and looks excited, after receiving good news.
Share Gainers

Why Chrysos, Hansen Technologies, Pantoro, and WA1 Resources shares are pushing higher

These shares are having a good time on hump day. But why?

Read more »

piggy bank at end of winding road
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors enjoyed a lucrative Tuesday session today.

Read more »

A man sees some good news on his phone and gives a little cheer.
Share Gainers

Why Capitol Health, Infratil, Newmont, and Race Oncology shares are charging higher

These shares are having a good session. But why?

Read more »