Arovella has raised $12.5m to advance its lead product, ALA-101,...

Arovella has raised $12.5m to advance its lead product, ALA-101, into phase 1 first-in-human clinical trials.

• Specifically, funds raised will be used to:
• Complete GMP manufacture of ALA-101 for phase 1
• Complete IND-enabling non-clinical safety and efficacy studies to support a phase 1 study in CD19+ B cell malignancies
• Commence and advance phase 1 clinical trial for ALA-101 and generate human data
• Continue development of additional pipeline products including ALA-105, IL-12-TM and future partnerships Offer Details

• $12.5 million Placement (“Placement”.
• The Offer was priced at $0.10 per New Share (“Offer Price”, which represents a:
• 23.1% discount to last close on 21 March 2024
• The Offer includes a 1-for-1 attaching Option with an exercise price of $0.15 and an expiry date of 3 years from date of issue.
• As at 31 December 2023, Arovella had net cash of $4.8 million. Post the offer, the Company will have a pro-forma cash balance (net of offer costs) of approximately $16.5 million. The Company also expects an R&D Tax Incentive receivable for FY24 of ~$3.5 million to be received in Q4 2024.
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$12.5 million fair whack of cash, but guess it'll get joint a long way down road and by then we will know what we know.