Stocks of the Hour: Arovella Therapeutics, Greenwing Resources, Sipa Resources

Company News

by Abbey Phillipps

Arovella Therapeutics (ASX:ALA), a biotechnology company focused on developing its invariant Natural Killer T (iNKT) cell platform for cancer treatment, today announced a collaboration with Imugene (ASX:IMU), using its onCARlytics platform. This will test Arovella’s CAR19-iNKT cell therapy with Imugene’s onCARlytics platform to seek and destroy solid tumours. The read out from the preclinical studies performed through the collaboration is expected in H1 2023. Arovella's CEO Dr Michael Baker, commented, "We are excited to collaborate with Imugene to evaluate potential of our iNKT product in combination with their onCARlytics product for treatment of solid tumours. Imugene's onCARlytics is one of the most promising products to be developed for solid tumours. Shares are trading 29.6 per cent higher at 4 cents.

Greenwing Resources (ASX:GW1) today announced a strategic funding transaction with NIO Inc. enabling Greenwing to accelerate its Argentinian lithium exploration program ,aligning NIO as the Company’s potential joint venture and offtake partner. NIO is a pioneer and a leading company in the premium smart electric vehicle market and is listed on the New York Stock Exchange. Under the deal arrangement NIO has agreed to pay A$12m to subscribe for Greenwing shares at a deemed issue price of A$0.55 per share. Shares are trading 75.5 per cent higher at 43 cents.

Sipa Resources Limited (ASX:SRI) today advised that drill testing of lithium targets at its 100%-owned Skeleton Rocks project is in progress . The commencement of drilling was delayed slightly by wet weather, but the program is now in full swing. Sipa Resources MD, Pip Darvall said: ‘The focused geochemical halos we have identified at Skeleton Rocks are the logical place to commence drilling on a project that is well located in a proven WA lithium province. The program can be adapted as we progress based on results, and it is great to once again be out testing targets at another one of Sipa’s projects.’ Shares are trading 8.5 per cent higher at 5 cents

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