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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.
doctor
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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