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Investor Update

Dear Shareholder,

We are very pleased to be providing this Investor Update, which details the activities of recent months and plans for the clinical development of Photosoft™ a next generation Photo Dynamic Therapy (PDT) for the treatment of a number of cancers.

During 2017, the focus of Invion was to identify and pursue opportunities to reshape and enhance the Company’s pipeline and business growth. At the AGM held 30 November 2017, the Shareholders of Invion approved a strategic transaction with The Cho Group, which has provided Invion a licence to develop and commercialise Photosoft™ for the treatment of cancers. Invion is now leading the global clinical development of Photosoft™, and retains the commercialisation and distribution rights to Photosoft™ in Australia and New Zealand. The development of Photosoft™ is funded via an R&D agreement with The Cho Group, which sees The Cho Group providing non-dilutive funding to the company covering all development costs to meet pre-agreed development milestones.

Since the AGM, MD & CEO, Dr Greg Collier, and the team have been working hard on the manufacturing and development plans for Photosoft™, and we are now progressing research on a number of fronts. Invion has added some experienced biotechnology senior management to the team as operations have expanded.

We look forward to building on the data and research findings from the initial trial in prostate cancer, conducted in 2017 by Dr Donald Murphy and other experience with Photosoft™. A proteomics analysis of protein samples found in the urine of  the patients in the Murphy study found various immune-related biomarkers were upregulated, with high statistical significance (p<0.001).

Management and the Board remains committed to finding a way to advance Invion’s current respiratory assets – nadolol and zafirlukast – and discussions with potential commercial partners for these assets remain a key focus.

I hope you find this newsletter and update informative. We look forward to continued communications as we progress Invion’s assets.

Yours faithfully,

Thian Chew Chairman


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