-- Firm commitments received for $1.5 million Placement to new and existing institutional and sophisticated investors at $0.020 per share.
-- Commitments from the board and management for an additional $155,000 in the Placement
-- The capital raised will be used to fund Arovella’s cell therapy programs, including advancing the manufacturing of its lead invariant Natural Killer T (iNKT) Cell Therapy therapeutic, ALA-101. in preparation for first-in-human clinical trials.
MELBOURNE, AUSTRALIA 19 January 2023: Arovella Therapeutics Limited (Arovella or the Company) (ASX: ALA), a biotechnology company focused on developing its invariant Natural Killer T (iNKT) cell therapy platform, is pleased to announce the successful completion of a placement of fully paid ordinary shares (Shares) to institutional and sophisticated investors at an issue price of 2 cents per Share, to raise A$1.655 million (Placement). The issue price of the Placement represents a 9.3% discount to the volume weighted average price (VWAP) of Shares traded on ASX over the 15-day period ending 16 January 2023.
Funds raised under the Placement will be used to progress manufacturing of the Company’s lead iNKT cell therapy product, ALA-101, in preparation for first-in-human clinical trials and to advance its DKK1-peptide targeting monoclonal antibody, which expands Arovella’s pipeline to target multiple myeloma and potentially solid tumour cancers. The Placement received strong support from institutional and sophisticated investors, including specialist life sciences institutional investor, Merchant Group.
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