2 Stocks Up On ASX – IVX And PUR
Date: Apr 10, 2019
Invion Limited
Invion Limited (ASX: IVX) is engaged in life-sciences business with a focus on transforming PDT (Photodynamic Therapy) for treatment of cancer. IVX holds the Australia and New Zealand license and distribution rights to the Photosoft™ technology.
Recently, the company received a query from ASX on 1st April 2019, regarding the wide range of price movement from a low of 1.3 cents to a high of 1.8 cents along with a significant increase in the volume and ASX had requested for any related information. In response to that, IVX stated that it does not have any information that is not made available to the market. The company highlighted that there was a research published, initiating a coverage on the company. IVX could not furnish any further explanation for the recent trading activity of its securities.
IVX spun-off nadolol and zafirlukast, two respiratory assets on 12th February 2019, and transferred it to Chronic Airway Therapeutics Limited (CAT), which is a newly formed public unlisted company. CAT has appointed R&G Pharma Studies, which will support developing nadolol in China to be used for treating COPD. After completing the spin-out, the focus of the company will be on developing and commercialising the Photosoft™ technology funded by an R&D agreement with Cho Group.
Total revenue came in at $1.17 million in 1H FY19, recording a growth of 3,943,79% (pcp). Incurred losses by the company in 1H FY19 at $0.91 million was slightly reduced as compared to $1.16 million in 1H FY18. Being in the biotechnology sector, business operations are subject to risks and uncertainties due to the nature of drug development and commercialisation.
The shares closed the day at A$0.024 on ASX (as on 09 April 2019) surging up by 33.33 percent as compared to its previous day’s close. At the current market price of A$0.025, market capitalisation stands at A$99.01 million. 52-week high and low price stands at A$0.049 and A$0.012, respectively. The sharp movement has been witnessed in the last few trading sessions. The stock gained 28.57% in last five days (measured as on 08 April 2019).
