CBio now Invion after completing merger

Invion started trading on the ASX this week after the merger last Friday. The merged company is focused on developing treatments for inflammatory conditions.

US biotech entrepreneur Dr William Garner has been appointed CEO of the combined company, and US pharmaceutical industry veteran Dr Mitchell Glass will take on the roles of CMO and EVP of R&D.

Invion's lead product in development is nadolol, a treatment for inflammatory conditions of the lungs including asthma, chronic bronchitis and cystic fibrosis.

Invion has so far conducted two clinical trials, and is preparing to launch two more studies in 2H12, including a $4 million phase II trial in asthma expected to be funded by the US National Institutes of Health.

The company is also in the development stage for prospective lupus treatment XToll, and last week scheduled a pre-IND meeting to discuss conducting a phase II clinical trial of the product in systemic lupus.

The FDA meeting will take place on 14 December, and the trial is expected to commence in early 2013.

Besides its nadolol and lupus programs, Garner said Invion also aims within the next three years to develop a proprietary selective beta-2 adrenergic inverse agonist, a class of drugs often used to treat asthma and other pulmonary diseases.

The merger was first proposed in July, and CBio shareholders voted to approve the deal in late August. The share swap deal involved CBio acquiring Inverseon for a chunk of its share capital worth around 37.5% of the combined company.

As of around 3.00pm on Friday, Invion (ASX:IVX) shares were trading 10.53% higher at $0.063. When the merger completed on August 31, the share price was $0.050.