AdAlta Limited (ASX: 1AD), a drug discovery company, has successfully raised AU$1.87 million through an oversubscribed Shortfall facility. This completes the placement of the Shortfall facility under the non-renounceable pro-rata Rights Offer that was announced on April 28, 2023. The total amount raised under the Rights Offer now stands at the target of AU$3.15 million before costs. The funds obtained from the Rights Offer will be used to initiate a Phase I extension study of AD-214, the company's lead fibrosis asset.
This study aims to gather additional data to inform the design of the Phase II study and advance ongoing partnering discussions, thereby strengthening the commercial value of AD-214. The financing will also support the progress of AD-214 partnering discussions and the evaluation of synergistic technology and product transaction opportunities.The Shortfall was issued at an issue price of AU$0.025 per New Share, accompanied by 1 option (ASX: 1ADOA) for every 2 New Shares subscribed for. The Shortfall issuance resulted in the creation of 74,846,752 New Shares and 37,423,362 New Options.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
