AdAlta Ltd (ASX:1AD) CEO Tim Oldham tells Proactive the company has raised $1.87 million through an oversubscribed shortfall facility. The cash flow comes as part of a non-renounceable pro-rata rights offer announced on April 28 and brings the total amount raised under the rights offer to the target amount of $3.15 million, excluding costs. The ASX-lister will channel the funds into a Phase 1 extension study for AD-214, its lead fibrosis asset.
AdAlta eyes AD-214 Phase I extension study
