Island Pharmaceuticals (ASX:ILA) Funding Announcement

Island Pharmaceuticals Ltd (ASX:ILA) has secured firm commitments for a two-tranche placement to raise approximately A$3.5 million at 7 cents (A$0.07) a share, with one new option attached for every new share issued. The placement is strongly supported by existing and new investors and will fund the completion of the ISLA-101 Phase 2a/b clinical trial in dengue fever, due diligence for the antiviral therapeutic, Galidesivir, and potential acquisition funding.

Executive Commentary on Funding

Island's CEO and Managing Director, Dr David Foster, expressed his satisfaction with the fundraising outcome, highlighting the company's strengthened position to complete the current Phase 2a/b study for ISLA-101, support the due diligence campaign for the Galidesivir antiviral therapeutic program, and provide acquisition funding if the potential acquisition proceeds. Dr Foster also acknowledged the strong support from existing and new investors, emphasizing the significance of the funding in achieving critical inflection points.

Summary of Island Pharmaceuticals Funding Announcement

Island Pharmaceuticals Ltd (ASX:ILA) has successfully secured A$3.5 million in funding through a two-tranche placement, with strong support from existing and new investors. The funds will be utilized to complete the ISLA-101 Phase 2a/b clinical trial in dengue fever, advance the due diligence program for the antiviral therapeutic, Galidesivir, and potentially support the acquisition funding. The company's CEO, Dr David Foster, highlighted the significance of the funding in enabling the achievement of critical, near-term inflection points, emphasizing the support from investors and the potential for advancing clinical assets.