Arovella Therapeutics (ASX: ALA) has received firm commitments from institutional and sophisticated investors, to raise approximately $20 million to further develop its invariant Natural Killer T (iNKT) cell therapy platform.
“This is a pivotal time for Arovella, which is a global pioneer in developing CAR-iNKT cell therapeutics,” Chairman, Dr Thomas Duthy, said.
“The level of support for the placement, driven by a substantial cornerstone commitment from an Australian-based private investor, along with new and existing institutional and sophisticated investors, highlights the potential of our highly differentiated cell therapy platform and our significant progress to date.
“It provides us with the necessary capital to execute our goals, notably to assess the clinical benefit of our proprietary CAR-iNKT cells in cancer patients.”
Arovella Managing Director and CEO Dr Michael Baker said the company will take ALA-101 into the clinic and assess its impact on patients with CD19+ blood cancers.
“The company is well positioned, and we look forward to building on our success and creating value for our shareholders.”
Over the remainder of CY2025, Arovella expects to achieve several critical milestones, including:
- Securing IND approval through the US FDA to conduct a phase 1 clinical trial in CD19-positive non-
Hodgkin’s lymphoma and leukemia;
- Commencing a phase 1 clinical trial;
- Obtaining clinical data from initial patients dosed with ALA-101; and
- Securing proof-of-concept data for its solid tumour programs directed toward gastric and/or pancreatic
cancer.
Funds raised under the Placement will be used to complete and report data from the planned phase 1, first-in- human clinical trial for Arovella’s lead product, ALA-101. The phase 1 clinical trial is for patients with CD19- positive non-Hodgkin’s lymphoma and leukemia. Funds raised under the placement will also be used to strengthen Arovella’s iNKT cell therapy pipeline and advance Arovella’s solid tumour products, and for general working capital purposes.
