Arovella Therapeutics (ASX:ALA) says its previously announced share purchase plan has been over-subscribed.
The company’s two focus areas are oncology and conditions that impact the central nervous system.
It is developing its invariant natural killer T (iNKT) cell therapy platform from Imperial College London to treat blood cancers. It is also developing its DKK1-peptide targeting technology licenced from MD Anderson to be used in conjunction with its iNKT cell therapy platform.
The company said its announced $1.5 million capital raise will be increased to $2 million in response to demand but that it will close with immediate effect (21 February).
It said the funds raised will be combined with the $4.5 million raised under the recent placement to fund the manufacturing of components for the CAR19- iNKT cell therapy, to perform preclinical studies for DKK1-CAR-iNKT, as well as for general working capital purposes.
Managing director Michael Baker said, “We undertook the SPP to give existing shareholders the opportunity to purchase shares on the same terms as our successful $4.5 million placement completed in January to sophisticated and professional investors.
“We have been inundated by shareholder applications and, in light of the applications exceeding $2.5 million, we have made the decision to increase the SPP capacity and close early. I would like to take this opportunity to thank existing shareholders for their outstanding support, which is a strong endorsement of the Company’s strategy and our plans. With a strong balance sheet, the Company is in an outstanding position to generate shareholder value.”
