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.
AdAlta closes oversubscribed $1.65 million raise
