Arovella Therapeutics Limited (ASX:ALA) Raises $20M to Fund Phase 1 Clinical Trials
Funding Secures Phase 1 Completion
Arovella Therapeutics Limited (ASX:ALA) has obtained firm commitments for a $20 million placement at $0.17 per share. This funding fully supports the completion of Phase 1 clinical trials for its lead program, ALA-101, targeting CD19-positive blood cancers.
Financial Position
Following the placement, Arovella’s pro-forma cash and cash equivalents stand at $30.6 million. The funds will also advance the company’s solid tumour programs and armouring technology.
Progress on ALA-101 and Future Milestones
The company continues to advance ALA-101 towards first-in-human studies. Key milestones anticipated in 2025 include securing IND approval, commencing patient dosing, and generating initial clinical data.
Clinical Advisory Board Established
Arovella has formed a Clinical Advisory Board with leading oncologists to optimise the clinical trial design for ALA-101, enhancing the study’s strategic direction.
Additional Funding and Grants
Arovella received a $3.3 million R&D tax rebate and a $150,000 grant from the G-Rex® Grant Program. These funds will support the optimisation of clinical manufacturing processes and further research initiatives.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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