Invion posts 79% disease control in skin cancer trial, adds director
What's the deal? InvionDealroom has a profile for this one. Try Dealroom → has appointed Paul Field as independent non-executive director, succeeding Alistair Bennallack, as the ASX-listed biotech advances its light-activated cancer therapy. The move came alongside preliminary Phase I results showing a 79% disease-control rate in its non-melanoma skin cancer trial.
What does Invion do? It develops Photosoft, a photodynamic therapy platform that uses a non-toxic compound activated by light to kill cancer cells and trigger an anti-cancer immune response. The company positions it as a less invasive alternative to surgery.
Who is Field? He brings more than three decades of global biopharmaceutical experience in commercialisation, investment, and strategic partnerships. His arrival follows Dr Colin Hopper, president of the International Photodynamic Association, joining Invion's advisory panel.
The trial: Across 14 patient readouts of lead candidate INV043, Invion reported no serious adverse events, no dose-limiting toxicities, and one complete response. Executive chair and chief executive officer Thian Chew said the drug delivered "a strong safety profile and promising early efficacy signals across multiple non-melanoma skin cancer types."
Why now? Invion has closed recruitment and met its primary safety endpoints, clearing the way to a Phase II trial focused on dose optimisation and advanced skin cancers with unmet need. Final results depend on a 12-month patient follow-up and an independent audit.
The money: Invion held $512,000 in cash at September 30, 2026, down from $592,000, with positive net operating cash flow of $18,000 after $545,000 in R&D tax incentives. It has arranged two multi-year financing agreements expected to cover about 85% of current and future clinical development costs, spanning the skin cancer and planned anogenital cancer trials.
What could go wrong? The efficacy data are early and unaudited, and do not yet establish clinical efficacy. The financing is not cost-free: it includes a secured facility carrying 16% interest, and funding risk remains.
The signal: Invion is pairing an early clinical signal with fresh capital and board depth as it scales from first-in-human testing toward larger trials. The director hire signals a tilt toward commercialisation, but the Phase I data and financing — not the appointment — will determine whether the Photosoft platform advances.
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Image credit: US Army Africa
