Highlights

  • Invion shares jump 5.88% on 19 May 2026 following the announcement of latest Partnership agreement.
  • Invion signed its first ophthalmology-focused collaboration agreement with South Korea’s SANGMYUNG Innovation.
  • The partnership will evaluate Photosoft technology for retinal vascular diseases, including wet AMD.
  • SANGMYUNG will fund and conduct preclinical proof-of-concept studies using select Photosoft compounds.
  • Invion will retain all intellectual property rights associated with the Photosoft platform.
  • The global wet AMD market is projected to grow from around US$10.6 billion in 2025 to approximately US$16.7 billion by 2032.

Invion Limited (ASX:IVX) shares moved higher during the afternoon session on 19 May 2026 after the Company announced a new collaboration agreement with South Korean ophthalmic solutions company SANGMYUNG Innovation Co., Ltd. The agreement expands Invion’s Photosoft platform technology into ophthalmology, with an initial focus on retinal vascular diseases including wet age-related macular degeneration (wet AMD).

Shares of Invion traded at AUD 0.054 during afternoon trade, up 5.88% for the day. The stock has also remained approximately 8% higher over the past year. The market appeared to respond favourably to the Company’s entry into a new therapeutic area and the potential broader application of its Photosoft technology platform.

Invion Expands Photosoft Beyond Existing Disease Areas

The latest agreement represents Invion’s first partnership focused on ophthalmology and marks another step in the Company’s broader strategy to expand the use of its Photosoft platform technology across multiple disease categories.

Under the collaboration, SANGMYUNG will fund and conduct proof-of-concept preclinical studies using selected compounds from Invion’s library of more than 300 Photosoft photosensitisers. The studies will initially focus on wet AMD and will evaluate the effectiveness of combining Photosoft with targeted ocular drug delivery approaches.

Invion will provide the Photosoft compounds and light devices required for the studies while maintaining ownership of all existing and future intellectual property associated with the technology.

The Company stated that the partnership could help determine whether Photosoft may provide an alternative treatment pathway for patients who are not adequately served by currently available therapies.

Wet AMD Represents a Large and Growing Global Market

Wet age-related macular degeneration is considered one of the leading causes of severe vision loss in older populations across developed countries. The disease is linked to abnormal blood vessel growth in the retina, which can damage the macula and result in rapid loss of central vision if untreated.

According to information cited in the announcement, AMD affects around one in eight individuals aged 60 years and older. Although wet AMD accounts for roughly 10% of AMD cases, it is responsible for approximately 90% of legal blindness associated with the disease.

Invion highlighted that the global wet AMD treatment market was valued at around US$10.6 billion in 2025 and is forecast to reach approximately US$16.7 billion by 2032, representing a compound annual growth rate of 6.7%.

The projected expansion is being supported by ageing demographics and increasing adoption of newer treatment approaches, particularly anti-vascular endothelial growth Factor (anti-VEGF) therapies.

However, the Company noted that unmet medical needs continue to exist within the market despite advancements in treatment standards.

Current Wet AMD Therapies Still Face Treatment Limitations

The Company pointed to several limitations associated with current wet AMD therapies, particularly anti-VEGF treatments, which presently represent the standard of care for many patients.

According to the announcement, between 20% and 40% of patients may not respond adequately to anti-VEGF therapies. In addition, up to 50% of patients who initially respond may later develop resistance after around one year of treatment.

Invion also referenced ongoing challenges linked to verteporfin, which remains the only photodynamic therapy approved by the U.S. Food and Drug Administration for wet AMD treatment. Verteporfin is generally used either as a secondary treatment option or in combination with anti-VEGF therapies.

The Company said global Supply shortages of verteporfin have emerged due to chemistry and Manufacturing complexities, further highlighting the need for alternative treatment Options.

The planned preclinical work with SANGMYUNG is intended to assess whether Photosoft technology may address some of the challenges associated with existing therapies and potentially provide new treatment possibilities for patients with limited options.

SANGMYUNG Brings Targeted Ocular Drug Delivery Expertise

SANGMYUNG Innovation specialises in therapeutic technologies focused on ophthalmic diseases and has developed proprietary ocular drug delivery systems.

One of its technologies is designed to administer drugs directly into the suprachoroidal space of the eye. According to the announcement, this approach may enable higher drug concentrations, improved bioavailability and a longer duration of therapeutic action.

The collaboration aims to combine SANGMYUNG’s delivery systems with Invion’s next-generation photodynamic therapy platform to explore potential treatment applications for retinal and macular diseases.

SANGMYUNG CEO Jinha Park stated that while targeted delivery systems can improve treatment precision, many existing wet AMD drugs still leave patients with incomplete or diminishing responses over time.

He added that combining the Company’s suprachoroidal delivery technology with Photosoft could potentially help establish a new therapeutic pathway for patients not sufficiently supported by current standard treatments.

Invion Continues Building Broader Photosoft Strategy

Invion’s management described the agreement as part of the Company’s broader strategy to extend Photosoft into additional high-value medical indications through strategic collaborations.

Executive Chair and CEO Professor Thian Chew said the partnership introduces the Photosoft platform into ophthalmology, an area where there remains ongoing Demand for new treatment approaches.

He also noted that combining Photosoft’s mechanism of action with SANGMYUNG’s targeted delivery technology may help expand the clinical potential of Invion’s photosensitiser compounds into new disease applications.

The Company indicated that if preclinical results from the collaboration are favourable, both parties may later discuss expanding the relationship into broader development activities. These could potentially include additional preclinical studies, regulatory planning and future clinical development pathways.

Photosoft Technology Targets Multiple Disease Areas

Invion’s Photosoft platform is being developed as a next-generation photodynamic therapy (NGPDT) technology.

Photodynamic therapy generally uses light-sensitive compounds, known as photosensitisers, together with light activation to selectively target diseased cells. According to Invion, the Photosoft platform has been designed to use non-toxic photosensitisers while promoting targeted therapeutic activity.

The Company has been developing Photosoft across several cancer and non-cancer disease areas, including infectious diseases and atherosclerosis.

Invion stated that the platform has also demonstrated broad-spectrum potential against bacteria, fungi and viruses, including possible applications in addressing antibiotic-resistant infections.

The Company currently holds the global exclusive licence to the Photosoft technology for multiple disease indications.

International Collaboration Supports Expansion Strategy

The collaboration with SANGMYUNG also reflects Invion’s broader international partnership strategy.

SANGMYUNG was spun out from Hanlim Pharmaceutical in 2022 and continues to focus on the development of ophthalmic drugs and ocular delivery technologies.

Invion acknowledged support from the Victorian Government through the Global Victoria program, as well as Austrade in South Korea, for facilitating introductions connected to the collaboration.

The latest agreement expands Invion’s international development network while introducing the Photosoft platform into a large ophthalmology market with ongoing treatment demand and increasing global patient numbers.

With preclinical studies expected to evaluate the technology’s potential in wet AMD and related retinal diseases, investors are likely to continue monitoring how the collaboration progresses and whether future development opportunities emerge from the partnership.