Arovella Therapeutics' $12.5m Placement Announcement

Arovella Therapeutics Limited (ASX: $ALA) has secured firm commitments for a $12.5 million Placement to new and existing institutional and sophisticated investors at A$0.10 per share. The capital raised will be used to take ALA-101 into Phase 1 clinical trials and generate data in patients with CD19+ blood cancers, as well as for the continued development of Arovella's solid tumour products.

Executive Commentary on Funding and Clinical Trials

Arovella's Chairman, Dr Thomas Duthy, expressed, 'This is a pivotal time for Arovella, which continues to be a global pioneer in developing CAR-iNKT cell therapeutics. The level of support for the Placement from well-known, global institutional investors highlights the potential of our highly differentiated cell therapy platform and our significant progress to date. It provides us with the capital to execute our goals, notably to assess the clinical benefit of our proprietary CAR-iNKT cells in cancer patients.' Arovella Managing Director and CEO Dr Michael Baker added, 'We are tremendously excited to take ALA-101 into the clinic and assess its impact on patients with CD19+ blood cancers. This is an exciting time for Arovella, and we look forward to building on our success and creating value for all our shareholders.'

Summary of Arovella's $12.5m Placement Announcement

Arovella Therapeutics Limited (ASX: $ALA) has successfully completed a $12.5 million Placement, receiving firm commitments from institutional and sophisticated investors. The capital raised will be utilized to advance ALA-101 into Phase 1 clinical trials for patients with CD19+ blood cancers and to further develop Arovella's solid tumour products. Over the next 12 months, Arovella aims to achieve critical milestones, including completing scale-up of its CAR-iNKT manufacturing process, securing regulatory approval for clinical trials, and obtaining data from initial CD19+ lymphoma and leukemia patients dosed with ALA-101. The company's executives expressed enthusiasm for the support received and the potential impact of their cell therapy platform on cancer patients.