AdAlta Ltd (ASX:1AD) has completed a $1.25 million entitlement offer, bringing total funds raised to $5 million after the completion of a share placement in December 2021.
The biotech company says the funds will be used to develop its pipeline, which consists of four core programs, and will also provide strategic flexibility to optimise licensing partnerships as new data becomes available.
Read: AdAlta raises $3.75 million to progress key development milestones in 2022
“Funding expands strategic options available”
“The funds raised in the recently completed placement and entitlement offer support progress of AdAlta’s four existing programs,” AdAlta chair Dr Paul MacLeman said.
“We are moving into a strong period of news flow, anticipating important results for our lead fibrosis product AD-214, as well as results from our Carina Biotech and GE Healthcare collaborations over the next six months.
“This funding expands the strategic options available to the company for continued development and partnering of both AD-214 and the i-body platform.
“We are grateful to our existing shareholders who contributed strongly to the entitlement offer.”
About AdAlta
AdAlta is a clinical-stage drug development company using its proprietary i-body technology platform to generate a promising new class of medicines, headquartered in Melbourne, Australia.
The company is using its proprietary i-body technology platform to solve challenging drug targeting problems and generate a promising new class of single domain antibody protein therapeutics.