- Clinical-stage drug developer AdAlta (1AD) has entered a trading halt while it plans and completes a capital raise
- 1AD recently announced positive outcomes from early testing of its AD-214 drug candidate which is being developed for future studies in Idiopathic Pulmonary Fibrosis
- The drug successfully showed it can be converted into fine droplets that enter the smaller airways of the lungs and can remain bound to the target
- It isn’t clear how much 1AD is raising nor where the funds are being spent but these details are expected to be released by December 14
- Company shares last traded at 8.1 cents on December 9
AdAlta (1AD) has entered a trading halt while it plans and completes a capital raise.
The clinical stage drug development company hasn’t revealed any details on the capital raise, such as how much money it hopes to raise nor how it will spend the funds.
Yesterday, AdAlta announced initial testing of its lead i-body candidate, AD-214, exceeded expectations.
The company is developing a lower cost inhaled formulation of AD-214 for future clinical studies in Idiopathic Pulmonary Fibrosis (IPF).
According to AdAlta, an important early step is making sure the drug can be converted to fine droplets or aerosols so they can enter into the smaller airways of the lungs. This process is called nebulisation.
As it turned out, AD-214 successfully nebulised and retained the ability to bind to the target following the nebulisation process.
CEO Tim Oldham commented on the study results.
“Simulations of the dose deposited in these regions exceeded our initial expectations. These results give us even greater confidence that we can deliver an inhaled formulation in time for scheduled future clinical studies,” Dr Oldham said.
The company has begun pre-clinical efficacy studies of inhaled AD-214 have commenced with initial results expected early next year.
1AD expects to come out of the halt by December 14, by which time the details would have been released.
Company shares last traded at 8.1 cents on December 9.