Percheron and Invion launch preclinical collaboration combining VISTA immunotherapy and Photosoft
Invion Limited (ASX: IVX) and Percheron Therapeutics Limited (ASX: PER) have entered a preclinical research collaboration to evaluate HMBD-002, Percheron’s clinical-stage anti-VISTA monoclonal antibody, in combination with Invion’s clinical-stage next-generation photodynamic therapy (NGPDT) technology, Photosoft. The announcement was made on 20 October 2026.
The costs of the study are expected to be modest and will not affect Percheron’s cash runway. Both INV043 and HMBD-002 are at clinical trial stage, so promising findings could lead to a potentially rapid development path.
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The science behind the combination
Why pair tumour destruction with immune modulation
The biological rationale is that Photosoft-initiated tumour destruction may create an environment in which an immune-directed therapy could generate additional anti-tumour activity. Photosoft-driven elimination of tumour cells can trigger an immune response, while HMBD-002 aims to enhance that response by blocking VISTA and modulating the tumour microenvironment.
An in vivo study at the Peter MaCallum Cancer Centre (Peter Mac) in 2024 found that INV043, in combination with an FDA-approved immune checkpoint inhibitor (ICI), resulted in superior tumour control compared with ICI therapy alone. That result has led to the initiation of a clinical trial at Peter Mac.
Educational explainer: photodynamic therapy and VISTA
Three terms underpin the collaboration:
- Photodynamic therapy (PDT): uses a photosensitising compound that, when activated by a specific wavelength of light, produces cytotoxic reactive oxygen species and destroys tumour cells.
- Photosoft: Invion’s platform technology, a portfolio of a few hundred patent protected novel photosensitiser compounds.
- VISTA: a novel immune checkpoint that HMBD-002 targets.
Combining mechanisms matters in solid tumours, which represent more than 90% of newly diagnosed cancer cases (Sung et al., 2020). As of 2024, the solid tumour market was valued at $362 billion (Data Bridge Market Research).
Key terms of the agreement
The arrangement is a research collaboration, not a licensing or commercial deal. The main terms are summarised below.
| Term | Detail |
|---|---|
| Structure | Non-exclusive research collaboration in agreed preclinical cancer models |
| Effective date | 20 October 2026 |
| Technology and internal costs | Each party supplies its respective therapeutic technology and bears its own internal costs |
| External study costs | Approved external study costs shared equally between the parties |
| Existing intellectual property | Each party retains full ownership of its existing intellectual property |
Additional terms include:
- If new intellectual property is created jointly, the parties will discuss in good faith (but without obligation) appropriate commercial arrangements, with any agreed arrangements to be documented separately.
- The collaboration does not provide either party with commercial rights to the other party’s technology.
- If results support further development, the parties may discuss in good faith (but without obligation) a potential future collaboration or commercial arrangement, with any commercial rights subject to a separate definitive agreement.
- The agreement is subject to standard termination clauses.
Leadership view and clinical pathway
Percheron Managing Director and CEO, Dr Michael Baker, pointed to the complementary mechanisms of the two approaches.
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…”
Invion’s Executive Chair and CEO, Prof Thian Chew, focused on the clinical pathway.
Prof Thian Chew, Executive Chair and CEO, Invion
“Both programs have already completed phase 1 studies, so positive preclinical data could allow us to move swiftly toward clinical evaluation…”
Background on the two assets:
- HMBD-002 (minperstobart): In April 2026, Percheron presented final data from a phase 1 clinical trial in 48 patients, showing the drug was safe and well tolerated, with signals of potential clinical efficacy.
- INV043: Evaluated clinically in prostate cancer and non-melanoma skin cancers, and also being developed across several solid tumour indications.
For investors, positive preclinical findings could provide scientific rationale for further development of the combination and broaden the potential opportunities for HMBD-002 in solid tumours. The announcement does not disclose timelines for study results or any clinical trial, and any progression depends on the preclinical data.
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