Invion and Percheron launch preclinical collaboration on Photosoft™ and HMBD-002
Invion Limited (ASX: IVX) and Percheron Therapeutics Limited (ASX: PER) have entered a preclinical research collaboration, effective 20 October 2026, to evaluate Percheron’s anti-VISTA monoclonal antibody HMBD-002 in combination with Invion’s Photosoft™ platform technology.
Photosoft™ is INV043, Invion’s next-generation photodynamic therapy (NGPDT) platform technology. Both assets are clinical-stage, and each has completed Phase 1 studies as a monotherapy.
The announcement states that Invion could initiate a combination approach in humans relatively swiftly upon receipt of promising data. No financial values, study timelines or milestones were disclosed.
Prof Thian Chew, Executive Chair and CEO, Invion
“This collaboration brings together two highly complementary technologies with the potential to reshape how solid tumours are treated…”
When big ASX news breaks, our subscribers know first
Why the combination makes scientific sense
The stated 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’s existing immunotherapy signal
An in vivo study at the Peter MacCallum Cancer Centre (Peter Mac) in 2024 tested INV043 alongside an FDA-approved immune checkpoint inhibitor (ICI), an anti-PD-1 therapy. The combination delivered ~80% control of anal squamous cell carcinoma, compared with ~12% for ICI therapy alone.
| Treatment | Disease control (anal squamous cell carcinoma) |
|---|---|
| INV043 plus ICI (anti-PD-1) | **~80%** |
| ICI therapy alone | **~12%** |
This has led to preparations for a combination INV043 and ICI clinical trial in anogenital cancers with Peter Mac.
Where HMBD-002 fits
Invion indicated that treating tumours with HMBD-002 in combination with Photosoft may also enhance the immune response by blocking VISTA and modulating the tumour microenvironment. Both technologies have potential across a range of solid tumour types.
According to Prof Chew, Photosoft is designed to destroy tumour tissue and prime the immune system, while HMBD-002 targets “an important immunosuppressive pathway in cancer not typically addressed by other immunotherapies.”
Immunotherapy and photodynamic therapy explained
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 is a portfolio of a few hundred patent protected novel photosensitiser compounds, being developed as a next-generation approach that overcomes many of the shortcomings and side effects of existing PDTs.
Immune checkpoint inhibitors are a type of immunotherapy. VISTA is described as a novel immune checkpoint, and HMBD-002 is a monoclonal antibody that targets it.
On the market opportunity, solid tumours 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, according to Data Bridge Market Research.
Key terms and what comes next
Agreement terms
The collaboration is a non-exclusive research arrangement covering agreed preclinical cancer models. The key terms disclosed include:
- Each party will supply its respective therapeutic technology and bear its own internal costs
- Approved external study costs will be shared equally
- Each party retains full ownership of its existing intellectual property
- If new intellectual property is created jointly, the parties will discuss in good faith (but without obligation) appropriate commercial arrangements
- 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, with any commercial rights subject to a separate definitive agreement
- The agreement is subject to standard termination clauses
The announcement does not disclose financial values, study timelines or milestones.
Development path and investment significance
HMBD-002 (minperstobart) has completed a Phase 1 trial. In April 2026, Percheron presented final data from the study in 48 patients, showing the drug was safe and well tolerated, with signals of potential clinical efficacy.
The Phase 1 trial data showed a recommended Phase II dose of 720mg weekly, with 27.5% of evaluable patients achieving disease stabilisation despite a heavily pre-treated population and biomarker readouts consistent with VISTA blockade.
Positive preclinical findings could provide scientific rationale for further development of the combination. They could also broaden the potential opportunities for HMBD-002 in solid tumours and open the possibility of clinical studies in multiple indications.
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…”
The work is preclinical only, and the announcement carries standard forward-looking statement caveats. Outcomes are not assured, and any move to human combination studies depends on the data generated.
Don’t Miss the Next Healthcare Breakout
Join 20,000+ investors getting FREE breaking ASX news within minutes of release, complete with in-depth analysis and the full announcement. Click the “Free Alerts” button at Big News Blast to receive healthcare alerts the moment market-moving news breaks, so you stay ahead of the market.