INOVIQ (ASX:IIQ) highlighted progress in its diagnostic and therapeutic programs in its quarterly update for the period ending 30 September 2024.
The company specialises in the early detection and treatment of cancer and neurodegenerative diseases. Its EXO-NET technology enables the capture and isolation of “exosomes”, which are are tiny extracellular vesicles released by cells that carry molecular information from their cells of origin, and can be used to identify disease biomarkers.
As of the end of September, INOVIQ held a cash balance of $10.02m, strengthened by a $9.4m capital raise. This funding supports ongoing research, development, and commercialisation efforts across its product pipeline.
Through its distribution partner Promega Corporation, INOVIQ has expanded EXO-NET’s customer base to 29 academic and biopharma organisations focused on developing exosome-based diagnostics.
Another notable advancement was the validation of NEURO-NET, an exosome capture tool that isolates brain-derived exosomes. NEURO-NET has demonstrated efficacy in identifying unique protein markers for early detection of Parkinson’s and Alzheimer’s. These advancements underscore the technology’s potential in creating earlier diagnostic tools for difficult-to-detect conditions.
INOVIQ’s pipeline also includes the EXO-OC test, an ovarian cancer screening tool currently undergoing biomarker validation, with results expected in December 2024. The company’s neuCA15-3 breast cancer monitoring test is being transitioned to a bead-based platform to facilitate high-throughput analysis, with plans to commercialise it in the US by 2025. Additionally, INOVIQ’s CAR-exosome program, which targets the development of tumour-specific exosome therapies, reported progress in preclinical trials, with further data anticipated by the end of the year.
Financially, the quarter saw $52,000 in revenue from EXO-NET and hTERT sales, with a net cash outflow of $1.46m driven by R&D expenses and corporate costs. To support its growth trajectory, INOVIQ is expanding its R&D and commercial teams and forming a Medical and Scientific Advisory Committee to guide development goals.