Biotech Invion was flying this morning after telling investors the first tests of its Photosoft cancer fighting technology reveal the technique has the power to wipe out ovarian cancer cells.
The stock jumped 48 per cent from 3.3c to an intraday high of 4.9c in early trade before settling back to 4.4c by 10.40am AEST.
Invion is a stand-out performer in the biotech space. Its share price is up 560 per cent compared with this time last year, while its market cap increased by more than 4000 per cent in the 2018 financial year.
The company also claimed a place among the best performing small cap stocks for 2018.
During this time the company has pivoted from inflammation treatments to fighting cancer, and this morning the company updated investors its photodynamic therapy showed promise during an initial characterisation process with research partners the Hudson Institute of Medical Research.
The Photosoft product is a photosynthesiser made from chlorophyll which is activated at certain light sensitivity levels and produces “cyto-reactive oxygen”, which can kill malignant cancer cells.
Invion says initial testing with the Hudson Institute has shown effective death of ovarian cancer cells in vitro in both human and mouse cell lines, with tests showing 100 per cent cell death minutes after the Photosoft product was activated.
Invion managing director Dr Greg Collier told investors these results lay the ground work for pre-clinical testing of the Photosoft product, with further results of the research to be presented in September.
In the March quarter, Invion burned $613,000 and did not generate any customer receipts. The company had $927,000 cash in the bank. In March, it raised around $2.5 million from existing shareholders.
Invion has been contacted for further comment.
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