Key Highlights

  • Invion Limited (ASX:IVX) shares traded at $0.032 on 21 October 2026, down 11.11%.
  • Invion announced two funding arrangements expected to cover up to approximately 85% of its clinical trial costs.
  • Point8 Capital has committed up to A$25 million in co-funding, and Rockford Capital has committed a facility of up to A$7.5 million against R&D tax incentive refunds.

Invion Limited (ASX:IVX) shares fell 11.11% to trade at $0.032 during the trading session on 21 October 2026, while the S&P/ASX 200 (XJO) stood at 8,809.20, down 7.70 points or 0.087%. On the same day, Invion released an ASX announcement covering two funding agreements for its clinical development programs.

About Invion

Invion Limited is a Melbourne-based company developing treatments in oncology. The announcement refers to its ongoing non-melanoma skin cancer (NMSC) clinical trial and upcoming anogenital cancer trials, which are the programs the new funding is intended to support.

Point8 co-funding and option deed

Point8 Capital Pty Ltd has entered a binding Co-Funding and Option Deed to provide a multi-year co-funding facility of up to A$25 million, covering 50% of clinical trial invoices from clinical research organisations (CROs). Funds are released when CRO invoices fall due, and Invion intends to draw on the facility in stages based on clinical scope and selection.

In consideration, Invion will grant Point8 or its nominee 11,055,313 unlisted options, equal to 10% of Invion’s issued capital on a non-diluted basis at the date of the deed. The options have an exercise price of $0.03639, being the five-day VWAP before the effective date, and a five-year term from grant. Exercise is conditional on a clinical trial candidate reaching phase 3 and on funding being provided, with vesting calculated against each drawdown. The grant is subject to shareholder approval under ASX Listing Rule 7.1.

Rockford Capital R&D tax incentive facility

Rockford RDF Pty Ltd, as trustee for the Rockford RDF Unit Trust, has committed a secured loan facility of up to A$7.5 million in aggregate across FY27 and FY28, based on 34.8% of R&D tax incentive (RDTI) eligible expenditure. It allows Invion to fund its share of CRO invoices before RDTI refunds are received, with Rockford funding up to about 35% of the total invoice amount.

Invion has granted Rockford first-ranking security over its refundable RDTI offset receivables and a featherweight security over its assets on customary terms.

Combined coverage

Together the two facilities are expected to cover up to approximately 85% of Invion’s current and future clinical development program costs, including the NMSC trial and the upcoming anogenital cancer trials.

Sector context

Clinical-stage biotechnology companies often use a mix of equity, co-funding and R&D tax incentive financing to meet trial costs. Facilities secured against future tax incentive refunds bring cash forward but create repayment obligations tied to refund timing.

Options issued to funding partners can increase the potential number of shares on issue if conditions are met.

Risks and uncertainties

The grant of options to Point8 requires shareholder approval, and the options only become exercisable if phase 3 is reached and funding is provided, so the benefits and costs of the structure depend on clinical progress. Drawdowns are staged and linked to clinical scope.

The Rockford facility is secured against RDTI receivables, so refund timing and eligibility are relevant. Clinical trials carry the risk of delay, safety findings or unfavourable results, and phase 3 is not assured.

What's next

Invion will seek shareholder approval under Listing Rule 7.1 for the grant of options to Point8. Drawdowns will be staged based on the clinical program, and the company expects the funding to support its NMSC trial and upcoming anogenital cancer trials.