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AdAlta’s $4.25 million placement brings lead drug candidate closer to the clinic

Idiopathic Pulmonary Fibrosis (IPF) is an irreversible, unpredictable and incurable disease.
AdAlta is approaching an important milestone

AdAlta Ltd (ASX:1AD) has raised $4.25 million via a placement of shares to sophisticated and institutional investors at a price of 30 cents each.

The funding will support the biotechnology company advance its lead i-body candidate, AD-214, toward clinical development.

I-bodies are a promising, novel class of drugs that offer a new and more effective approach to treating a wide range of human diseases.

AD-214 is being developed for the treatment of idiopathic pulmonary fibrosis (IPF) and other human fibrotic diseases, for which current therapies are sub-optimal and there is a high-unmet medical need.

AdAlta will use the new funds for manufacturing and pre-clinical studies of AD-214 as well as internal research and development of new i-bodies.

AdAlta chairman Paul MacLeman said: “This new funding brings AD-214 closer to the clinic. We are grateful of the support of the institutional and sophisticated investors who participated in the placement.”

AdAlta chief executive officer Sam Cobb added: “Combined with our existing cash position and anticipated refundable R&D tax incentive, the company now believes it has the necessary funds to take our lead program, AD-214 through to the end of manufacturing, an important milestone for the lead ibody candidate”.

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