Completion of oversubscribed Share Purchase Plan (SPP)
Arovella Therapeutics is pleased to announce the successful completion of its share purchase plan (SPP) announced on 7 June 2023, and which closed on 6 July 2023.
The SPP was oversubscribed and raised a total of $2.2 million. The Company has elected to accept all oversubscriptions in full.
A total of 49,241,018 new ordinary shares will be issued tomorrow, 12 July 2023, to SPP participants pursuant to ASX Listing Rule 7.2 Exception 5.
Arovella’s CEO and Managing Director, Dr Michael Baker, commented: “We are thrilled with the support that we have received from our investor base. We remain optimistic about our iNKT cell platform and the potential that it holds for cancer treatment across blood cancers and solid tumours. We will continue to strive to accelerate our programs into the clinic and create shareholder value.”
Funds raised under the SPP will be used to advance Arovella’s lead product, ALA-101, towards a Phase 1 clinical trial for patients with CD19-positive Non-Hodgkin’s lymphoma. It will also be used to strengthen Arovella’s iNKT cell therapy pipeline and provide general working capital. Over the coming 18 months, Arovella expects to achieve several critical milestones, including:
Reporting initial animal data on ALA-101 in combination with Imugene’s onCARlytics (H2 CY23);
Optimising and scaling-up its CAR-iNKT manufacturing process suitable for phase I clinical trials, including completing cGMP manufacture of its lentiviral vector (H2 CY23);
Completing Investigational New Drug (IND)-enabling non-clinical safety and efficacy studies (H1 CY24);
Manufacturing clinical batches for phase I clinical trials (H1 CY24);
Securing an Investigational New Drug (IND) application with the FDA and/or regulatory filing with TGA to conduct a phase I clinical trial in Non-Hodgkin’s lymphoma (H2 CY24); and
Commencing a phase I clinical trial in Non-Hodgkin’s lymphoma (H2 CY24)
Arovella’s Chairman, Dr Tom Duthy, said: “This is an exciting time for Arovella and we look forward to advancing this important therapy into the clinic and to creating value for our supportive shareholders.”