- Arovella Therapeutics (ALA) completes an oversubscribed share purchase plan raising $2.2 million
- This is more than double the original plan to raise $1 million
- ALA CEO and MD Dr Michael Baker says the company is “thrilled” with the support received from investors
- Funds will go toward advancing its phase one trial of ALA-101 treating patients with COVID-19 positive Non-Hodgkins lymphoma
- ALA shares last traded at 4.9 cents
Arovella Therapeutics (ALA) has completed an oversubscribed share purchase plan, raising $2.2 million.
The SPP involved the issue of 49,241,018 at 4.5 cents apiece, raising more than double the original amount targeted.
The SPP was originally announced on June 7 with the hope to raise $1 million.
Arovella’s CEO and Managing Director, Dr Michael Baker, said the company is “thrilled” with the support received from investors.
The fresh funds will be used to advance Arovella’s lead product, funding a phase one trial of ALA-101 treating patients with COVID-19 positive Non-Hodgkins lymphoma.
It will also be used to improve Arovella’s iNKT cell therapy pipeline as well as boost general working capital.
Over the next 18 months, the company plans to achieve multiple major milestones including securing an investigational new drug application with the Food and Drug Administration and Therapeutic Goods Association as well as preparing for multiple phase-one trials for a range of products.
ALA shares last traded at 4.9 cents.