Investors in ASX small-cap stock Invion Ltd (ASX: IVX) could have doubled their money today.
All in a few hours' time.
Shares in the ASX healthcare company closed yesterday trading for 18 cents. In earlier trade, shares were trading for 41.5 cents apiece, up an eye-popping 130.6%. After some likely profit-taking, at the time of writing, shares are changing hands for 36 cents each, up 100.0%.
For some context, the All Ordinaries Index (ASX: XAO) is up 0.6% at this same time.
Here's what's sending the ASX small-cap stock through the roof today.
ASX small-cap rockets on cancer trial progress
The Invion share price is rocketing after the ASX small-cap stock reported that the first patient has been dosed in its Phase I/II non-melanoma skin cancer (NMSC) trial, which is being conducted at Veracity Clinical Research in Brisbane.
The trial is intended to evaluate the safety and efficacy of Invion's lead drug candidate, INV043, for the treatment of multiple cancers. INV043 is a novel photosensitiser developed in Australia for use in Photodynamic Therapy (PDT).
Likely helping spur interest in the ASX small-cap stock today, the company noted that skin cancer is one of the world's most common cancers. NMSC makes up over 98% of all skin cancers, with the global treatment market forecast to hit US$21.1 billion by 2032.
Invion said that the study initially aims to assess the safety profile of the topically applied INV043 in non-metastatic cutaneous Squamous Cell Carcinoma (cSCC). Subsequent parts are intended to address dose optimisation and the identification of efficacy signals.
Part 3 of the trial will expand testing to include superficial Basal Cell Carcinoma (sBCC).
The trial will enrol a minimum of 18 patients, which Invion said can be increased depending on the results.
What did management say?
Commenting on the trial progress sending the ASX small-cap stock flying higher today, Invion CEO Thian Chew said, "Having the first patient dosed in our NMSC trial is a significant milestone for Invion in demonstrating the potential for the Photosoft technology to address limitations and undesirable side effects of current standard of care for NMSCs, including scarring and pain."
Chew added:
On the back of the recently announced prostate cancer results, this trial can also provide clinical evidence that INV043 can be safely used in more than one formulation to treat multiple cancers. This can then open up the potential for our next-generation PDT to become an important alternative modality for treating cancers.
Foolish takeaway
Like most ASX small-cap stocks, Invion's share price can see some big daily swings, both higher and lower. If you're investing in the small end of the market, be prepared to weather some volatility.
