INVION LIMITED — Director's Dealing 2011

Jan 30, 2011

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31 January 2011

The Manager Company Announcements Office ASX Limited 20 Bridge St SYDNEY NSW 2000

Dear Sir,

APPENDIX 3Y

In December the Company announced to the market that entities associated with Dr Michael Monsour were required by the ASX to dispose of shares acquired under the shortfall to the recent Rights Issue, as this issue was in breach of Listing Rule 10.11.

On January 25, entities associated with Dr Monsour acquired 1,134,469 CBio shares. The Company has been advised by the ASX that it was not satisfied with this transaction in the context of the original breach of Listing Rule 10.11 and therefore the ASX required these shares to be disposed of. These shares were subsequently disposed of off-market.

Dr Monsour remains a substantial shareholder of the company, currently holding 6.79% of the Company’s issued capital and has been a significant supporter of previous capital raising activities conducted by the Company.

An Appendix 3Y is attached to this announcement.

For and on behalf of the Board of CBio Limited

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BEN GRAHAM Company Secretary

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About CBio:

CBio is an Australian ASX listed company established in 2000. CBio’s lead product XToll[®] is a potential newgeneration drug therapy which could provide safer and more effective treatment of autoimmune diseases such as rheumatoid arthritis. It is currently being trialled in phase II clinical trials in patients with rheumatoid arthritis (RA). Global sales of RA therapies exceeded US$17 billion in 2008.

Novo Nordisk A/S (Copenhagen: NOVO-B.CO; NYSE: NVO), a top 20 global pharmaceutical company and world-leader in diabetes care, has an exclusive option to enter into a licence agreement for the intellectual property rights relating to XToll[®] .

CBio’s Board includes internationally experienced drug developers including Dr Goran Ando, Vice-Chairman Novo Nordisk A/S (formerly president of R&D at Pharmacia/Pfizer and R&D director of Glaxo Group, UK); Dr Thomas Lonngren (former Executive Director of the European Medicines Agency), Dr Terje Kalland (retired Vice President Biopharmaceuticals Research Unit- Novo Nordisk), Dr Peter Corr, Founder and co-General Partner of Celtic Therapeutics (formerly Senior Vice-President for Science and Technology at Pfizer and Chairman of the Board of Governors, New York Academy of Sciences); and Professor John Funder, AO, Professor of Medicine at Monash University, Senior Fellow at Prince Henry's Institute of Medical Research (formerly Director of the Baker Institute, 1990-2001).

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity          CBIO LIMITED
ABN                     76 094 730 417

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	DR MICHAEL MONSOUR
Date of last notice	3 DECEMBER 2010

Part 1 - Change of director’s relevant interests in securities In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct: Dr Michael Monsour Indirect: Described below
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	1. MP Monsour Medical Practice Pty Ltd Superannuation Fund A/C> 2. MPAMM Pty Ltd 3. Australian Technology Innovation Fund Limited. 4. Australian Biofunds Investments Limited Dr Monsour is a Director and shareholder of the entities identified above.
Date of change	25 January 2011

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

No. of securities held prior to change	1. Dr Michael Monsour 65,464 ordinary shares 2. MP Monsour Medical Practice Pty Ltd Superannuation\ Fund\ A/C> 1,807,629 ordinary shares and 1,490,000 share options 3. MPAMM Pty Ltd 7,384,441 ordinary shares and 1,614,000 share options 4. Australian Technology Innovation Fund Limited 289,118 ordinary shares 5. Australian Biofunds Investments Limited 199,755 ordinary shares
Class	Ordinary
Number acquired	MPAMM Pty Ltd- 156,250 ordinary shares MP Monsour Medical Practice Pty Ltd Monsour Medical Practice Superannuation\ Fund A/C>-978,219ordinaryshares
Number disposed	MPAMM Pty Ltd- 156,250 ordinary shares MP Monsour Medical Practice Pty Ltd Monsour Medical Practice Superannuation\ Fund A/C>-978,219ordinaryshares
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Nil net consideration
No. of securities held after change	1. Dr Michael Monsour 65,464 ordinary shares 2. MP Monsour Medical Practice Pty Ltd Superannuation\ Fund\ A/C> 1,807,629 ordinary shares and 1,490,000 share options 3. MPAMM Pty Ltd 7,384,441 ordinary shares and 1,614,000 share options 4. Australian Technology Innovation Fund Limited 289,118 ordinary shares 5. Australian Biofunds Investments Limited 199,755 ordinary shares
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Off-market trade. Refer to covering letter for further details.

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	n/a
Nature of interest	n/a
Name of registered holder (if issued securities)	n/a
Date of change	n/a
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	n/a
Interest acquired	n/a
Interest disposed	n/a
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	n/a
Interest after change	n/a

Part 3 – [+] Closed period

Were the interests in the securities or No contracts detailed above traded during a + closed period where prior written clearance was required? If so, was prior written clearance n/a provided to allow the trade to proceed during this period? If prior written clearance was provided, n/a on what date was this provided?

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3