Light, Healing, and Precision – Invion’s Path to Reinventing Skin Cancer Treatment
- Noel Ong
- Jun 23
- 6 min read
Updated: Jun 23
Announcement:
When it comes to transforming cancer care, true innovation lies not just in killing the cancer, but in seeing it and feeling it less, and healing with more grace. In this quiet revolution, Invion Limited (ASX: IVX) is emerging as a serious contender.
The current initiatives by Samso to move into the other sectors of the ASX are an intent to create a greater spread of content for our platform. The Samso philosophy is that the greater spread and volume of the content will allow more investment thoughts and opportunities for our subscribers and followers.
The Invion review reflects one of these initiatives.
The announcement on the 29th of May 2025 presents one of those early clinical signals that experienced biotech observers know to watch closely. This Phase I/II trial result in non-melanoma skin cancer (NMSC) may seem modest—only six patients—but the implications are anything but. No pain. No adverse events. Early lesion reduction. Visible fluorescence.
In a sector where most early trials focus solely on safety, INV043 is already delivering layered value: as a treatment and as a diagnostic. For those who’ve followed Invion’s Photosoft™ journey, this feels like a critical inflection point.
Safe, Painless, and Visually Striking
The standout here is that INV043—delivered topically—was well tolerated across all six participants. Clinician feedback reported no pain during treatment, a remarkable departure from current Photodynamic Therapy (PDT) treatments, which often cause discomfort and inflammation.
More than just being painless, INV043 appears to work. Lesions treated with a single cycle of the compound showed a visible reduction in size at 15 and 30 days post-treatment (Figure 1). This is while untreated, patient-matched lesions grew in size. The implications here are significant. These early signs support a hypothesis that INV043 doesn’t just offer a less invasive alternative—it may be more effective too.
But INV043 is also illuminating in the most literal sense.
Figure 1: Change in Lesion Size After 15 and 30 Days (source: Invion Limited)
A Theragnostic Leap—Seeing Cancer in a New Light
In what may become a paradigm-shifting approach, INV043 demonstrated its diagnostic potential. Under violet light (405 nm), the cancerous lesions fluoresced, effectively allowing clinicians to see the disease more clearly. This visual contrast could help surgeons better identify cancer margins, removing only what is necessary and preserving surrounding healthy tissue—a known challenge in skin cancer treatment today.
Figure 2: Patient 101-002 at Day 1 of the treatment (INV043 ointment) (source: Invion Limited)
As shown in Figures 2 & 3, the trial contrast between natural light and fluorescence after INV043 application is not just measurable—it’s compelling. This diagnostic capability may eventually become a standard component of surgical planning, improving outcomes and reducing recurrence.
Figure 3: Photos from three different patients in the trial (source: Invion Limited)
CEO Perspective: A Platform Emerging
Prof. Thian Chew, Executive Chair and CEO of Invion, captured the essence of this milestone:
“We are very pleased with the safety profile of INV043 and look forward to exploring other elements that may help optimise the dose regime. It is also exciting to see how clearly and easily INV043 can ‘illuminate’ the cancers.”
And on what’s next:
“The results set us up for the next stages of our clinical program, including the planned Phase I/II anogenital trial as well as the next part of the NMNC trial, where we are seeking to further demonstrate the safety of INV043 and to better optimise the treatment regime in the next group of patients.”
It’s worth noting that the upcoming trial at Peter MacCallum Cancer Centre will explore INV043 in combination with immune checkpoint inhibitors (PD-1)—a tantalising pairing given preclinical data suggesting synergy.
The Road Ahead—Part 2, New Trials, New Frontiers
With Part 1 of the trial completed, Invion is now moving into Part 2—an adaptive trial phase where dose-light intervals and other variables will be refined. The company is also preparing for an upcoming Phase I/II anogenital cancer trial in partnership with the Peter MacCallum Cancer Centre. Here, INV043 may be paired with immune checkpoint inhibitors (ICIs) like PD-1 inhibitors, with preclinical data suggesting this combination could significantly enhance immune responses.
It’s also worth noting the market backdrop. With non-melanoma skin cancers making up 98% of skin cancer cases globally and the treatment market projected to reach US$21.1 billion by 2032, the commercial opportunity is substantial.
Samso’s Concluding Comments
One of the highlights for me as a new player in this sector is the way Invion is going about its work. I have never thought that a simple statement that six patients were tested and no side effects were recorded meant so much. I mean, when you look at it from an average person, does this mean that the process worked? For me, as an investor and a potential patient, it’s a story of how Invion is threading together safety, efficacy, and diagnostic clarity into a single, adaptable topical compound.
What makes this compelling from a Samso lens is the multiplicity of applications unfolding here. INV043 isn’t just fighting cancer—it’s showing us where it is. That opens doors for surgeons, clinicians, and even AI-assisted surgical planning.
Moreover, with the adaptive design of this Phase I/II trial and Invion’s broader strategy across NMSC and anogenital cancers, the pathway forward is smartly structured and well-aligned to investor interests. And with the Photosoft™ platform underpinning it all, INV043 feels less like a product and more like a foundational platform for next-generation PDT.
The market potential—over US$21 billion globally by 2032—isn’t just a footnote. It’s a validation of why this work matters. And if INV043 continues on this path, Invion may just emerge as one of those rare biotechs that not only survives the clinic but reshapes how we think about treating cancer—safely, painlessly, and visibly.
From an investor, looking at IVX with an AUD $10.0M market capitalisation and the above share price, I would be interested in taking a closer look. There was a share price rise around the 26th May 2025, and that looks promising (See Below).
Now, is that a response that may lead to more positive sentiment? Who knows, but I think we may have timed our review well.
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