Percheron and Invion launch preclinical combination study
Percheron Therapeutics (ASX: PER) and Invion Limited (ASX: IVX) have entered a preclinical research collaboration to evaluate VISTA immunotherapy alongside photodynamic therapy. The studies will test HMBD-002, Percheron’s anti-VISTA monoclonal antibody, with INV043, Invion’s next-generation photodynamic therapy (NGPDT) platform technology, Photosoft™.
The studies will run in agreed preclinical cancer models, with the agreement effective 20 October 2026. The costs are expected to be modest and will not affect Percheron’s cash runway.
This is a non-exclusive research collaboration, not a commercial deal.
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Why combine tumour destruction with VISTA blockade?
The scientific rationale
According to the announcement, Photosoft-driven elimination of tumour cells can trigger an immune response. HMBD-002 blocks VISTA and modulates the immunosuppressive tumour microenvironment, so the combination may enhance that immune response.
Separate preclinical work with QIMR Berghofer found that VISTA expression increases after PD-1/PD-L1 inhibition in previously treated triple negative breast cancer patients, suggesting the checkpoint may drive resistance to existing immunotherapy.
An in vivo study at the Peter MacCallum Cancer Centre (Peter Mac) in 2024 found that INV043, combined with an FDA-approved immune checkpoint inhibitor (ICI), delivered superior tumour control compared with ICI therapy alone. That result led to the initiation of a clinical trial at Peter Mac. The finding relates to Invion’s INV043 only and is not HMBD-002 data.
PDT and VISTA explained
- Photodynamic therapy (PDT): a photosensitising compound, activated by a specific wavelength of light, produces cytotoxic reactive oxygen species that destroy tumour cells.
- Photosoft: Invion’s platform, a portfolio of a few hundred patent protected novel photosensitiser compounds.
- VISTA: a novel immune checkpoint.
Solid tumours represent more than 90% of newly diagnosed cancer cases (Sung et al., 2020 Global Cancer Statistics 2020). As of 2024, the solid tumour market was valued at $362 billion (Data Bridge Market Research).
Dr Michael Baker, Managing Director and CEO, Percheron
“We believe there is a strong scientific rationale for investigating whether these distinct mechanisms can work together to generate enhanced anti-tumour activity.”
Two clinical-stage assets and a potentially swift path
Both INV043 and HMBD-002 have completed phase 1 studies as monotherapies. Percheron noted it could initiate a combination approach in humans relatively swiftly upon receipt of promising data, though this is a potential outcome and not a guarantee.
HMBD-002 (minperstobart) targets VISTA. In April 2026, Percheron presented final phase 1 data in 48 patients, showing the drug was safe and well tolerated, with signals of potential clinical efficacy. INV043 has been evaluated clinically in prostate cancer and non-melanoma skin cancers.
Positive preclinical findings could broaden the potential opportunities for HMBD-002 in solid tumours. Percheron has previously indicated its intention to further investigate HMBD-002 in combination with existing therapies across several different cancer types.
Percheron is already pursuing combination work elsewhere, with the Vanderbilt AML trial set to test HMBD-002 alongside azacitidine and venetoclax in up to 38 patients, with recruitment targeted for Q4 2026.
Prof Thian Chew, Executive Chair and CEO, Invion
“…positive preclinical data could allow us to move swiftly toward clinical evaluation…”
Key terms of the collaboration
The table below summarises the terms disclosed in the announcement.
| Term | Detail |
|---|---|
| Structure | Non-exclusive research collaboration, effective 20 October 2026 |
| Costs | Each party bears its own internal costs; approved external study costs shared equally |
| Existing IP | Each party retains full ownership |
| New jointly created IP | Parties will discuss in good faith (but without obligation) appropriate commercial arrangements |
| Commercial rights | The collaboration does not provide either party with commercial rights to the other party’s technology |
| Future arrangements | Any potential future collaboration or commercial arrangement may be discussed in good faith (but without obligation), with any commercial rights subject to a separate definitive agreement |
| Termination | Standard termination clauses |
Each party will supply its respective therapeutic technology under the agreement.
The next step is commencing the studies and generating data. Dr Baker said Percheron looks forward to this, although the announcement does not disclose timelines for results. It also does not describe any licence, equity or financial return arising from the collaboration.
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