Key Highlights

  • Invex Therapeutics (ASX:IXC) traded at 9 cents during the 3 November 2026 session, down 10.00%.
  • Invex has agreed to acquire Rekover Therapeutics, a New Zealand company developing nalfurafine for demyelinating diseases.
  • The company plans to raise $10 million before costs, principally to fund the REVIVE study.
  • The S&P/ASX 200 eased about 0.12% to 8,846.20 in the same session.

Share price performance on 3 November 2026

Shares of Invex Therapeutics Limited (ASX:IXC) traded at 9 cents during the 3 November 2026 session, down 10.00%. Over the same session, the S&P/ASX 200 eased about 0.12%, or 10.30 points, to 8,846.20. Invex is a Perth-based biopharmaceutical company developing exenatide for neurological conditions linked to raised intracranial pressure.

Latest development: Acquisition and quarterly report

Invex released its September quarter report and Appendix 4C on 30 October 2026. Subsequent to quarter end, as announced on 26 October, the company entered a binding share purchase agreement to acquire 100% of Rekover Therapeutics, a New Zealand biotechnology company.

Rekover is developing nalfurafine for demyelinating diseases, including chronic optic neuropathy in patients with multiple sclerosis. It has designed a Phase 2a randomised, placebo-controlled study called REVIVE.

Consideration is 45 million shares plus 91.25 million performance rights vesting on milestones, with no cash payable. The company is also raising $10 million, with $900,000 under existing capacity and $9.1 million subject to Shareholder approval at 8 cents per share.

Completion is subject to shareholder approval and an independent expert's report. A general meeting is expected in early December 2026.

Sector context

Neurology and multiple sclerosis Drug Development is a competitive area with a high rate of trial failure. Smaller companies often use acquisitions and share-based consideration to add programs to their pipelines.

Risks

Completion depends on shareholder and expert approvals, and the consideration is largely in performance rights that vest on milestones. The REVIVE study and regulatory pathway are at an early stage. The Placement adds a significant number of new shares to the register.

What to watch next

Investors will be looking for the independent expert's report, the December general meeting and the start of the REVIVE study.

The Final Word

Invex shares traded lower on 3 November 2026. The company's 30 October update focused on the proposed Rekover acquisition and a $10 million raising to fund its program.