AdAlta closes oversubscribed $1.65 million raise
Melbourne, Victoria
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November 08, 2023 12:00 PM Eastern Standard Time
AdAlta Ltd (ASX:1AD) MD Tim Oldham speaks with Proactive following news the company has raised $1.65 million in an oversubscribed placement to institutional and sophisticated investors. The raise, for which the company was initially targeting $1.23 million, was strongly supported by major shareholders and a life sciences-focused institutional investor. The net proceeds will be used to complete the final analysis of the healthy volunteer cohort of the ongoing Phase I extension study of AD-214. It will also assist in progressing partnering and/or licensing discussions for the AD-214 product to help move AD-214 into Phase II studies and beyond.
“This funding provides AdAlta with the capital needed to obtain the strongest result from our ongoing AD-214 Phase I extension study, that will in turn help materially progress partnering discussions for this asset,” said AdAlta chair Dr Paul MacLeman.
“We are pleased to once again receive strong support from existing and new institutional and sophisticated investors. We were able to accept the majority of oversubscriptions and will seek shareholder approval for the subscriptions of our two largest shareholders at a coming EGM,” Dr MacLeman said.
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